For a real estate investor, interior renovation is a crucial concept. Acquiring a house for renovation or an apartment for refurbishment is a savvy investment. Purchasing at an affordable price allows the investor to enhance the property's aesthetics, making it more appealing to potential buyers. Additionally, according to the French Environment and Energy Management Agency (Ademe), renovating existing structures is preferable to new construction. This approach reduces the project's carbon footprint and leads to substantial savings in resources and energy consumption. Moreover, in a context where reducing energy consumption is paramount, investors may qualify for financial assistance to fund their energy renovation projects. However, the concept of interior renovation encompasses various parameters, detailed in this article.
Interior Renovation: Different Types of Work
Have you recently purchased an old house and are considering renovating its interior? The concept of interior renovation includes various types of services aimed at saving costs and improving occupant comfort.
Interior Thermal Insulation Work
Since January 1, 2023, the Climate Law progressively prohibits the rental of energy-inefficient or thermal sieve properties. To continue making your rental property profitable, consider energy renovation. Thermal insulation inside the property reduces energy consumption for heating during cold weather and prevents excessive interior temperature rise during hot weather. Apply insulation to the inner surfaces of walls, floors, and sloping ceilings.
There are two main methods for effectively insulating your property :
- Interior insulation with frame doubling: Insert insulation between metal or wooden frames, then finish with plasterboard or paneling.
- Interior insulation with glued doubling: Apply a finishing coating to the wall with integrated insulation.
It's advisable to entrust such an energy renovation project to a company with RGE (Recognized Guarantor of the Environment) certification.
Space Layout Works
The current layout of a property may not meet your needs. However, this shouldn't deter you from your project. You can invest in potential space rearrangement to ensure a comfortable living environment.
Property arrangement involves modernizing interior spaces by creating an open kitchen, an Italian-style bathroom, converting attics into playrooms or additional bedrooms, and installing new coverings.
To ensure successful space arrangement, consult with an experienced company and request a quote for their services. Additionally, professional advice ensures optimal furniture placement to enhance the beauty of each room.
Decorative Works
Decoration plays a significant role in the attractiveness of a property for sale, rent, or personal use. As an investor, interior renovation allows you to create a living environment that matches your preferences or those of your clientele.
Applying the Right Paint
Maintaining a house ensures presenting a property in good condition to prospective buyers. However, investing in painting works seems to be a more judicious approach to enhance the property's value. It's worth mentioning that a stroke of paint quickly transforms the appearance of a room, and all at a reasonable cost. For a contemporary décor, opt for subtle colors paired with occasional patterns. Conversely, for a more traditional ambiance, lean towards richer paint tones and prints, complemented by wooden, stone, or fabric furniture.
In terms of décor, a painting session requires time, notably:
- Acrylic paint typically takes between 1 and 2 hours to dry between each coat, with complete drying in 6 hours ;
- Oil-based paint, such as glycerol, requires 6 to 8 hours between coats and up to 24 hours for complete drying ;
As a reference, watercolor can be applied to various supports, including :
- Wood surfaces,
- Metal surfaces,
- Concrete and raw cinder block surfaces,
- Wallpapered surfaces.
To expedite drying time, it's essential to properly prepare the surfaces (cleaning, priming, and sanding), mix the watercolor thoroughly, and ensure adequate room ventilation. For a quality finish, seek professional advice and assistance.
Changing the Tiles
During a renovation, a stunning design can be achieved, and it's also the perfect time to reconsider the tiling. A beautiful floor harmonizes the interior of your home and enhances the existing decor. In this process, you can either remove the old tiles or lay the new ones on top. Keep in mind that different steps require the expertise and service of a professional to achieve superior quality results.
Interior Renovation: Financial Assistance for Renovation
Depending on its scale, renovation can become a significant investment. If you have a rather hefty rehabilitation estimate in your hands, don't be discouraged just yet. There are aids available to support such projects.
PPL (Paris Housing Loan) at Zero Interest
The city of Paris has introduced its own zero-interest loan allowing new homeowners to borrow €39,600. This sum is dedicated to the purchase of old properties in Paris requiring renovation work. Applicants for this funding must not have owned property in the past 3 years and must have been living in Paris for at least one year.
Eco-Loan at Zero Interest
The eco-loan at zero interest is one of the financial aids established by the French government to accelerate energy transition. The amount of the subsidy depends on the project, including :
- Specific renovation (e.g., creating a new window): €7,000 to €30,000,
- Comprehensive renovation (insulation, heating, and ventilation simultaneously): up to €50,000,
- Rehabilitation: up to €10,000.
The eco-loan at zero interest is granted until December 31, 2023.
Tax Credit for Energy Transition
The government encourages tenants, property owners, and occupants to carry out energy-saving projects. This incentive is realized through the creation of the tax credit for energy transition, ranging from €200 to €11,000.
Retirement Fund Assistance
Retirees receive assistance for renovation operations aimed exclusively at improving accessibility for the elderly. The maximum amount of this subsidy is €3,500.
ANAH (National Agency for Housing) Aid
Invest in old real estate through ANAH aids, including :
- MaPrimeRénov’ Serenity: a grant increasing from €30,000 to €35,000 in 2023,
- MaPrimeRénov’ Condominium: an increased amount of 45% reaching €455 million and doubled individual additional bonuses (from €1,500 and €750 to €3,000 and €1,500 for blue and yellow profiles).
In addition to the Maprimerenov’ aid, ANAH offers the comprehensive renovation package. The amount of this package is around €10,000 for households with intermediate incomes and €5,000 for affluent households.
Energy Savings Certificates (CEE) Aid
Energy savings certificates are aids provided by energy suppliers. They are available to all owner-occupiers, landlords, and tenants who are fiscally resident in France.
Interior Renovation: Reasons to Hire a Competent Company
Real estate stands as one of the best ways to create wealth through appreciation or rental value. Employing an expert in interior renovation helps maintain its allure and offers significant advantages.
Avoid Unpleasant Surprises
Many individuals invest in real estate to build wealth. However, the passage of time may necessitate various renovation works for potential sale or rental.
While you may be accustomed to minor maintenance tasks in your home, considering larger projects can be perilous. The requisite knowledge and skills are manifold, and the risks of errors are much higher. Hence, engaging specialized companies in internal space renovation is prudent.
Save on Project Budget
Property owners embarking on internal renovation projects often underestimate financial requirements. By contacting expert companies (RGE-certified), they receive itemized quotes before commencing the work. This enables them to anticipate upcoming costs, qualify for state subsidies (such as energy-saving certificates or interest-free eco-loans), and ultimately save money.
Enjoy Quality Service without Incurring Civil Liability
In the realm of real estate investment, your property deserves the best. This ensures optimal profitability.
Undertaking internal renovation projects yourself could entail civil liability in case of mishaps. However, professionals in the field are well-versed in regulations and strictly adhere to legal requirements for the entire scope of work. Thus, they provide reliable quality service concerning space arrangement, thermal insulation, furniture selection, and more.
Save Time
Relying on expert companies for internal space renovation ensures shorter project timelines. Consequently, you can swiftly enjoy your property, put it up for sale, or even rent it out. Time savings also extend to administrative procedures, as you won't need to spend time visiting your city's urban planning department.
It's worth noting that specialized renovation companies mobilize multiple artisans who work together on the same project. Each participant ensures meticulous execution of their tasks!
