Purchasing an apartment is only the beginning of expenses. Its finishing costs a fortune

Mr. Adam is a financial analyst in one of the capital’s corporations. For several years, the man rented a studio apartment in Warsaw’s Białołęka district, from where he commuted to work every day. In July this year, he fulfilled one of his dreams and bought a two-room apartment on the primary market. He recalls that when he looked at the property a few months ago, it cost PLN 600,000. PLN, but later the price increased by several dozen thousand zlotys.

Higher real estate prices are the result of both the reduction in interest rates and the huge interest in the government program “Safe 2% Credit” – I was counting on a discount, but I had to pay extra. I couldn’t wait any longer with the decision, because the offer of apartments on the developer’s website was shrinking day by day – says.

Real estate is getting more and more expensive. Finishing an apartment costs a lot

In this way, he purchased an apartment in Warsaw, but lost most of the money from the pool that was intended for finishing the premises. He spent the remaining part, approximately fifty thousand zlotys, on purchasing and laying floors in the apartment and painting the walls. – I also furnished the kitchen and finished the bathroom. It’s modest for now, but it has to be enough – he says. To save everything financially, he gave up his holiday at the seaside. There was also an overdraft on the account.

In the bedroom, apart from the bed, a cabinet and a bedside lamp, there are still unpacked boxes. When stacked one on top of the other, they create something like tall cabinets or a chest of drawers. – By the end of the year I want to furnish the bedroom, and then I will start on the living room – he adds. He hopes that in a year, or at most two years, the apartment will look the way he dreamed.

Finishing the apartment. “You have to set a budget and plan everything.”

“How to finish a new apartment?” – this question is most often asked on social media by people who are happy owners of four walls. They don’t have to wait long for Internet users’ response. “First, we need to set a realistic budget at our disposal, and then calculate and plan everything carefully” – suggest Internet users who had to deal with this topic themselves some time ago. In their opinion, choosing and purchasing your dream property from a developer is only the first stage of a difficult road that must be traveled.

“I bought a four-room apartment two years ago. I thought that with the money I had I would do everything as I planned. And I built a kitchen, two bathrooms and a living room when finances dropped to zero. I did the rest of the rooms as I went. To reduce costs, I bought paints myself after work, and on subsequent weekends I painted walls and ceilings in the rooms. – says Mr. Krzysztof, who willingly shares his experiences online. “Small jobs take forever. I felt like I was living on a construction site all the time. Only now am I closing this beautiful but very expensive project of mine.” – he adds.

Apartment owners have no idea about the renovation costs

Many people admit that all their savings were spent on their own contribution. Others add that they had no idea how expensive finishing an apartment could be. Several or several dozen thousand zlotys, which they usually borrow from their family, are enough to buy basic things. Experts speak in a similar tone, based on numerous studies on renovations.

Skanska asked Poles planning to buy an apartment about their preferences regarding the means and resources they intend to use to finish the purchased premises. Nearly half of potential buyers had no idea how much it would cost them. According to the report prepared by Otodom on behalf of the investor, the amounts indicated by them for furnishing the new apartment had nothing to do with real prices.

Every second person does not know how much money they will spend on finishing their apartment

Almost every fourth respondent (23%) said that they would spend PLN 1,000. PLN per square meter of the apartment. Another 19 percent respondents indicated that they planned to spend from 1 to 2 thousand PLN per square meter. According to the authors of the study, only a few people who plan to buy an apartment have knowledge about the real costs of both construction materials and labor. Only 6 percent respondents declared that they intended to spend up to PLN 3,000. PLN per square meter, and another 5 percent plans expenses above this amount.

Most people, almost half of the respondents (47%), admitted that they did not yet know how much money they would need for finishing and furnishing. According to experts, this may suggest a certain level of uncertainty, lack of a specific financial plan or ignorance.

Finishing a studio apartment costs a lot

– At the current rates for building materials, furnishing a new apartment to a basic standard, calculated per square meter, will amount to approximately PLN 2,000-3,000 on average. zloty. This means that finishing a small apartment of 30 square meters may cost from PLN 60,000 to PLN 90,000. zloty – says the architect, Izabela Kucharska. In her opinion, the current amounts are much higher compared to 2021, when the costs were up to half as much.

Currently, you have to spend at least one tenth of the price of the apartment on its finishing. Exclusive finishing of an apartment with a wooden floor, designer accessories and high-quality kitchen equipment is much more expensive and can increase the cost to PLN 4,000 – PLN 5,000. PLN per square meter.

– These differences show that buyers have different expectations and budgets, but the survey results suggest that many people are interested in more economical home finishing options. – adds the architect.