When we undertake a renovation project, we work with a space that has hosted many events. Over time, its elements have been enriched with these stories and unique experiences, which we can physically appreciate in discolorations or cracks, and together they create a valuable rustic atmosphere.
In addition to respecting our own history, renovations have a smaller ecological footprint and contribute to creating emotional spaces*. (The City of Care, Izaskun Chinchilla)
However, renovations are not simple or straightforward processes; we often encounter unexpected issues that need to be resolved on the fly. In most cases, it is less costly than new construction: for example, according to IVE data for August 2024, the unit cost for a new mid-terrace single-family home would be 30% higher than 603.17€/m2, while for the same type in renovation it is 462.94€/m2. However, this difference can be reduced if we need to repair structural elements or if we find any construction defects or pathologies that are difficult to fix.
Therefore, the decision on whether or not to renovate should not be based on cost savings, but rather on the values we discussed at the beginning of this reflection.
In most historic urban centers, this is no longer an option, as regulations require at least the original facades to be maintained if the building is in a protected area. Similarly, the value of the historical footprint is always an added value, also from a commercial standpoint in real estate developments.
The scarcity of free land for building and the tax advantages and subsidies, along with the rise of real estate operations like “Build to Rent” or co-livings, are two factors that are making developers, traditionally specialized in new construction, reconsider. There are already some very interesting full renovation projects of old residential buildings under this umbrella.
The Olive Press, an English-language newspaper published in Spain, with great coverage among tourist residents and foreign investors, has featured our renovation of Casa 1927, and you can read it here.
