In the same area and market segment, these two properties are at opposite ends of the spectrum. The choice between a high-standard refurbished property and a flat to personalise is not just a matter of taste; it changes the way you experience the purchase and the home itself.
In Milan, those looking for a mid-to-high-end home often find themselves faced with two options: a finished property that is efficient and ready to move into, or a flat with unpolished potential and a rich history.
The choice is not merely a matter of taste or financial convenience. It hinges on how much time you have available, how much control you wish to exercise over the process and how much uncertainty you are prepared to tolerate. Renovating a high-end property involves taking on a complex project, including finding a capable architect, coordinating a reliable contractor and managing a building site that could last for months, not to mention making hundreds of decisions along the way. For many buyers, this prospect is off-putting, not because they lack taste, but because it is not a process with which they are familiar or that falls within their area of expertise. For others, however, it is precisely the opportunity they are looking for.
Renovated to new: certainty as a value
Renovating a property offers something that is often underestimated: certainty. You can move in whenever you like, without having to wait for building work to finish. Certainty of costs: the price is fixed, with no unexpected additional costs during the renovation. Certainty of the result: what you see is what you get, with personalisation limited to the furnishings.
In the high-end segment of the Milanese property market, renovated properties have evolved far beyond the concept of 'upgraded second-hand'. Renovations of this calibre transform a property, bringing it up to construction and technological standards that often surpass those of new builds. The properties are situated in historic buildings in established locations within mature urban settings.
Renovation: freedom as a value
On the other hand, a property in need of renovation offers something different: the chance to create something that does not yet exist. You can choose the materials, layout, finishes and details to create a home that fully reflects your personality and lifestyle.
This involves a financial investment, as well as time and attention. It means embarking on a complex journey which can last for months, requiring a clear vision as well as the support of reliable professionals. However, for those willing to undertake it, the end result can be a home built around their own needs.
In the Milanese property market, prestigious period properties characterised by high ceilings, prime locations and iconic features represent a heritage that is difficult to replicate. This is why they retain and increase their value over time.
The financial comparison
The question of cost-effectiveness requires a more precise answer than is generally realised. The purchase price of a property in need of renovation is just the beginning: to this, you must add the cost of the renovation work. In Milan's high-end property market, this can range from €2,000 to €3,500 per square metre, depending on the project's complexity and the quality of the finishes selected. Design, project management and, as is often the case with work on period properties, a contingency allowance must also be taken into account.
Therefore, a comparison with a completely refurbished property, where the price is all-inclusive, is more balanced than it seems at first.
Therefore, there is no single, universally better financial solution, but rather two different ways of investing in one’s future home.
SERVIGO REAL ESTATE’S PERSPECTIVE
In the Sempione neighbourhood, just a stone’s throw from one another, we now have two properties that perfectly embody this comparison. Via Monviso 32 is a two-level penthouse completed in 2017 to Class A energy efficiency standards, with over 120 square metres of terraces and a breathtaking view of the Milan skyline: a home ready to be lived in, without compromise.
Piazza Sempione 4 on the other hand, is a 300-square-metre flat, overlooking the Arco della Pace directly, set within a prestigious period building. A property to be reimagined and personalised, offering rare flexibility in its layout and a simply unrivalled address.
Two profoundly different properties, united by the exclusivity of their features. Two ways of interpreting luxury living in Milan.
Our role is to guide each client through the selection process, helping them to recognise not only the value of a property, but above all the value it can hold for them personally.
