Buy and Renovate a House in México City
If you want to buy and renovate a house in México City, you will need an architect to evaluate the viability of the project, because It is not always a good idea to make the investment in an old house.
It’s necessary to check if the construction is in good conditions or if it has some historical value that can give it added value.
Estudio Orduña
Consultorio Del Valle
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When is it better to remodel and when is it better to demolish?
Sometimes it is better to demolish, sometimes to remodel, how to decide?
When is it better to remodel?
- It is advisable to remodel when the property has historical value, since over time the construction will gain value.
- When the construction has a construction system that does not degrade over time, such as stone, steel or adobe.
When is it better to demolish?
- When the structure is made of concrete and is over 40 years old. This is because this type of construction degrades over time. In theory, its useful life is 50 years. If you want to check it, check with the banking institutions that grant credit.
There are many other factors to take into account, but these are the main ones that you should take into account.
Where can I find buildings with historical value in México City?
There are few places to find buildings with historical value in CDMX, it was until 1903 that there was an urban expansion plan outside the historic center and Chapultepec.
This urban Plan covered áreas such as Condesa, Roma, Col. Juárez and Santa María La Ribera, it is these areas where you can find Porfirian houses, eclectic houses, a few Art Nouveau and a little more modern, Art Deco.
The buildings built at that time (before 1940) were generally was builted with stone, and that is why they will remain in good condition for much more centuries.
After Art Deco, humanity advanced towards modernism, which although they may have historical value, were built with cement and we don’t know what behavior it will have over the centuries.
The problem here is to know how to identify the historical fakes, that is, constructions that appear to be from a time that they are not.
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Demolish? but pre-existing doesn't increase the value?
At first glance it seems ridiculous to buy something to demolish it, but when assessing the price of a house, two totally independent factors are valued one from the other:
- Home
- The land
While the land maintains or rises in value, the house can fall in value if it does not meet certain criteria.
That is, the pre-existence does not always influence the monetary value of your purchase, to know for sure you will have to hire an appraiser, which will cost you around $200 USD, but i’m going to explain to you some factors that are taken into account:
- If the construction is over 40 years old and the structure is made of concrete, it contributes very little, you will be paying a small extra amount for a construction that will be devalued in 10 years.
- When the construction is 50 years old or older, it has practically no bearing on what you are going to pay, it will be little more than buying a vacant lot.
I want to buy, renovate a bit and live there, is it convenient?
Yes, in this specific case it is very convenient, because if you buy a house that is 50 years old, you will be buying it at the price of land, but with a house that you can live in.
But you must be aware that you will not obtain any capital gains for the investment you make in the remodeling.
So, if your plan is to renovate, live there for a few years and sell, you should know that everything you invested in the renovation will not be recovered, the property will be valued as if it were vacant land.
If you have any questions you can write to me at [email protected]
Greetings.
Arch. Alejandro
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