Like any real estate project, finding the best value for money is important when undertaking renovation work. Before acquiring the property, it is essential to find the real estate configuration that meets your expectations. Whether it's a house or an apartment for rent, specific criteria must be considered. It is particularly important to assess your financing capacity based on the renovation and construction work to be carried out.
The cost estimate for renovating a house or an apartment depends mainly on the price and quality of materials. However, this price may vary depending on the location of the property. Therefore, the service of a renovation professional is crucial to undertake. So, if you want to renovate a property but have doubts, don't worry. This article will discuss ways to find the best value for money during renovation work.
Setting a Budget to Stay on Track
The cost of renovating a house or building can easily escalate if you lose sight of your goals. By defining a budget or limit, you can focus on the best materials at the most affordable prices. You will be more efficient in choosing the property to acquire, as well as in selecting materials for renovation and hiring professionals.
It is important to note that the average cost for a complete renovation of a dwelling is around 1,000 euros per square meter. As a precautionary measure, you should budget a 10% margin based on the area to be renovated for any potential additional costs. The advice from experts is to prioritize and rank operations for better financial management. You can then separate the work that requires the intervention of renovation professionals.
Defining the Area of the Property to Purchase and Renovate
Defining the area to purchase for renovation is essential in real estate investment. Whether it's a house or apartments, knowing the area to renovate allows for better quality renovation.
The Area for a Good Value for Money
For your real estate renovation project, you need to find an offer that matches the area you need. However, some listings may escape you or may not be published due to high demand. Also, using a professional service can be of great help.
The right value for the area of a property will therefore be the price that seems acceptable to you, but above all, what it is worth on the current market. Hence the importance of having a professional by your side to estimate the property in question. This estimate is generally done per square meter based on the area to be renovated.
A Small Area for a Tight Budget
If you have a small budget, you should keep profitability as the main goal for a property intended for rent. Thus, for a small area, the most accessible housing for this type of budget is a studio apartment. This type of property is more profitable for rent even if the cost per square meter is higher. It has a real estate yield rate ranging from 5 to 7%. Such housing rents out very quickly after renovation, especially in student cities.
For a primary residence, renovating a small house is not easy. To strike the right balance between quality and price of renovation, optimizing every space is necessary. Each room in the dwelling must be redesigned to appear larger and more comfortable. For example, you can save money by merging two spaces like the living room and the kitchen. You just need to choose the right materials based on your budget for quality.
A Large Area for More Options and Stability
Investing in a larger area is more suitable if it is a house. It will be easier for you to choose materials based on the available spaces. Renovation projects in larger spaces are generally easier to manage due to the multitude of options available. You can adjust the estimate according to what you want for the property. For a primary residence, the choice often focuses on the durability of materials.
A larger property is less profitable for rent. However, tenants for larger apartments are usually more loyal. This minimizes the likelihood of vacancy. During renovation, you can opt for mid-range materials while focusing on aesthetics. You will have more options in your choice and reduce your expenses. A more aesthetic property can also facilitate tenant search.
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Getting Professional Assistance for Renovation Projects
A renovation project is an investment in the future. Therefore, it requires the advice and participation of experts in the field. To carry out your work, you can either hire a company or choose the artisans yourself.
For Large-Scale Renovation Projects
If you plan to undertake extensive renovation work in your house or building, you need to enlist the services of an architect. Their presence on-site is mandatory if the work involves load-bearing walls, the facade, the roof, or interior redesign. They are also needed if you plan to expand or construct an additional building. These undertakings are considered major renovation work. Additionally, for proper coordination of the site, an architect's advice is indispensable.
Engaging this professional ensures the quality of each aspect of the project. In addition to advising you on every aspect, an architect also supervises all trades. They act as a guide to artisans to ensure every detail follows the established plan. Typically, they also handle administrative procedures for construction and coordinate work on-site. This can save time and money. Architects usually have relationships with qualified artisans to carry out your work.
In the absence of an architect for your project, you can turn to a building specialized company. This is a good alternative as it brings together a wide range of artisans. Consequently, it saves you from dealing with several individuals in different areas of renovation. This option allows you to strike a balance between labor costs and work quality.
For Simple Renovation Projects
For minor work, hiring a building company is not essential. To minimize labor costs, you can contact each artisan based on the necessary tasks.
You should have the insulation of walls, windows, and the roof checked to prevent heat loss. This step will save energy when using heating. Roof insulation is usually linked to attic conversion for a house. This type of operation can significantly boost heating, especially regarding the building's energy consumption.
After thermal insulation of the property, artisans can check the state of electrical installations and plumbing. The latter is important because water infiltration through walls can cause significant damage. Therefore, it is essential to check the water network and everything related to plumbing inside the building. The bathroom is often the most affected by these renovations.
By proceeding in this way, you can discuss the price of each labor, especially for renovations related to energy performance. Energy-related work and its arrangement are very expensive, so it's important to carefully choose the contractors.
For Layout and Compliance Work
Layout and energy standard compliance work are generally simpler but not less expensive. You should be prepared for a significant estimate for the installation of new equipment. However, this increase in quality and energy performance is a future investment. It will allow you to save on your overall energy consumption.
Insulation and heating installation are the main concerns to avoid energy loss in the building. This can provide a significant boost to reducing your future energy consumption. Artisans can guide you and provide advice on the best equipment.
Creating a List of Renovation Tasks
Before embarking on renovations, it's essential to conduct an assessment by diagnosing the elements of the house or building. You should establish a list of tasks to facilitate their completion. This approach allows you to focus on the essential elements of the project in the future.
Critical renovations involve energy consumption-related work in the house. Heating and insulation are the main focus of these operations. Afterwards, roof renovations can be considered depending on its condition. Interior refurbishment, such as floor covering or facade modification, follows for aesthetic purposes. For all these tasks, knowing the market cost is important to reduce the quote while ensuring quality work.
Choosing the Right Support Program for Your Type of Housing
To ensure you get the desired quality at the right price, you can benefit from various aids or programs for certain works. A grant can be received if you are eligible for various aids offered by the government and environmental organizations.
You can particularly obtain a grant through the energy renovation support program. Indeed, there are aids such as MaPrimeRénov which offer a grant for energy-saving certificates. You can also get a loan with a very low interest rate if you carry out renovations for energy improvement. For example, the zero-interest eco-loan allows you to finance the work with a 0% interest rate upon repayment.
