How much will we pay today to finish a new apartment in developer standard? It turns out that even though the prices of building materials have stabilized, people who plan to buy an apartment are not aware of the costs they will incur.
Unrealistic plans
Otodom, in cooperation with Skanska Residential Development Poland, asked Poles planning to buy an apartment about what means and forces they intend to use to finish the purchased property. It turns out that nearly half of potential buyers have no idea how much it will cost. The amounts they indicate for renovating and furnishing a new apartment, with today's prices, may be difficult or impossible to realize.
23%, plan to spend only up to PLN 1,000 per square meter of housing. 19% indicated an amount between PLN 1,000 and PLN 2,000 per square meter. In turn, 6% said they intend to spend between PLN 2,000 and PLN 3,000 per square meter, and only 5% of respondents plan to spend more than PLN 3,000. However, as many as 47% admitted that they don't know yet how much money they will need for finishing and furnishing.
Nearly half of those surveyed don't know how much money they will need to finish their apartment
© Freepik
How much does it really cost to finish an apartment these days?
Recently, the prices of building materials have stabilized at a high level. At current rates, furnishing a new apartment to a basic standard will cost average about PLN 2,000 - 3,000 per square meter. This means that finishing a small apartment of 30 square meters can cost between PLN 60,000 and 90,000. As recently as in 2021, we had to pay only half of that amount. It's also worth remembering that an exclusive finish with wooden flooring, designer accessories and high-quality kitchen equipment can raise the cost to PLN 4,000 - 5,000 per square meter.
On your own or with the help of professionals?
Respondents were also given the opportunity to comment on how they plan to finish their apartment. 29% of respondents said they had not yet decided on this issue. 22% of buyers plan to finish the apartment on their own, with possible help from friends and family. 18% want to do the renovation on their own, with the support of hired subcontractors. 13% of respondents intend to use a finishing company of their own choosing, while 7% said they would like to use a finishing company recommended by the developer. In addition, 11% of respondents indicated that they intend to purchase an apartment that is already finished by the developer, i.e. a so-called turnkey apartment.
Currently, furnishing a new apartment can cost an average about PLN 2,000 - 3,000 per square meter
© Freepik
Consequences of inexperience
What are the consequences of problems with estimating the needed budget? According to experts, for many people, especially those with no prior renovation experience, the process of finishing an apartment can remain unclear. Failure to stick to a budget, lack of knowledge about the scope of work or unrealistic ideas about the necessary work can lead to a significant underestimation of costs. At the purchase stage, focusing on the emotional aspect of the new apartment often obscures the need to carefully consider the expenses associated with the finishing touches. At this point, the purchase of an apartment is often seen as a major financial achievement, which can introduce the perception that the bulk of the investment has already been made. As a result, the decision on the exact cost of finishing can be put off until a later stage.
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