Like any real estate project, finding the best value for money is important when carrying out renovation work . Before purchasing the property, it’s important to find the real estate configuration that meets your expectations. Whether for a house or an apartment to rent out, specific criteria must be taken into account. It’s 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 apartment depends primarily on the price and quality of the materials. However, this price can vary depending on the location of the property. Therefore, hiring a renovation professional is crucial when undertaking the project. So, if you’re looking to renovate a property but have doubts, don’t worry. This article will discuss ways to find the best value for your money during renovation work.
Set a budget so you don’t get lost
The cost of renovating a house or building can easily escalate if you lose sight of your goals. By setting a budget or limit, you can focus on the best materials at the most affordable prices. This will make you more efficient in choosing the property to purchase, as well as in choosing renovation materials and professionals.
It’s important to note that a complete home renovation costs an average of €1,000 per square meter. As a precaution, you should allow a 10% margin, depending on the surface area to be renovated, for any additional costs. Expert advice is to prioritize and prioritize operations for better financial management. This will allow you to separate out the work that requires the intervention of renovation professionals.
Define the surface area of the property to be purchased and renovated
Determining the size of the property to be purchased for renovation is essential in a real estate investment. Whether it’s a house or apartments, knowing the size of the property to be renovated allows for a better quality renovation.
The surface for good value for money
For your property renovation project, you need to find a listing that matches the size of the property you need. However, some listings may slip through your fingers or not be published due to high demand. Therefore, hiring a professional can be a great help.
The right value for money for a home’s surface area will therefore be the price that seems acceptable to you, but above all, what it’s worth on the current market. Hence the importance of having a professional at your side to make an estimate of the property in question. This estimate is generally done per m2 based on the surface area to be renovated.
A small space for a tight budget
If you’re on a tight budget, you should keep profitability as your primary objective when renting out a property. Therefore, for a small space, the most affordable accommodation for this type of budget is a studio. The latter is more profitable to rent, even if the cost per square meter is higher. It has a real estate yield rate of between 5 and 7%. This type of accommodation rents out very quickly after renovation, especially in student cities.
For a primary residence, renovating a small house isn’t easy. To strike the right balance between quality and cost, it’s essential to optimize each space. Each room in the home must be redesigned to make it appear larger and more comfortable. For example, you can save money by merging two spaces, such as the living room and the kitchen. You just need to choose the right materials based on your budget to ensure quality.
A large surface area for more options and stability
Investing in a larger space is more appropriate if it’s a house. It will be easier for you to choose materials based on the available space. Renovation projects in larger spaces are generally easier to manage due to the multitude of options available. This allows you to tailor the quote based on your desired home design. For a primary residence, the choice often falls on the durability of the materials.
A larger home is less profitable to rent. However, tenants of larger apartments are generally more loyal, which minimizes the likelihood of vacancies. During renovations, you can opt for mid-range materials while focusing on aesthetics. This will give you more options in your choices and reduce your expenses. A more aesthetically pleasing home can also make it easier to find a tenant.
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Get support from renovation professionals
A renovation project is a project for the future. Therefore, it requires the advice and participation of experts in the field. To carry out your work, you can call on a company or choose the craftsmen yourself .
For a large-scale renovation project
If you’re planning major renovations to your home or building, you’ll need to hire an architect. Their presence is mandatory if the work involves load-bearing walls, the facade, the roof, or interior renovations. They’re also required if you’re planning to expand or add an additional building. These projects are considered major renovations. Therefore, for proper project coordination, the advice of an architect is essential.
Hiring this professional will help ensure the quality of each project. In addition to advising on every aspect of the project, an architect is also responsible for overseeing all trades. They will guide the craftsmen to ensure every detail follows the established plan. Typically, they also handle the administrative procedures for construction in addition to coordinating the work
on the construction site. This can save you time and money. An architect usually has relationships with qualified craftsmen to carry out your project.
If you don’t have an architect for your project, you can hire a construction company. This is a good alternative since it brings together a wide range of tradespeople. This will save you from having to contact several people in different areas of renovation. This option will allow you to find a happy medium between labor costs and the quality of the work.
For a simple renovation project
For light work, hiring a construction company isn’t essential. To minimize labor costs, you can contact each tradesperson based on the work you feel is necessary.
You should have the insulation of your walls, windows, and roof checked to prevent heat loss. This will help you save energy when using your heating system. Roof insulation is usually linked to attic conversion in a home. This type of work can provide a real boost to your heating system, especially when it comes to your home’s energy consumption.
After thermally insulating the home, contractors can check the condition of the electrical and plumbing systems. The latter is important, as water infiltration through the walls can cause significant damage. It is therefore essential to check the water system and everything related to the plumbing inside the building. The bathroom is often the most affected by these renovations.
By doing this, you can discuss the price of each job, especially for renovations related to energy performance . Energy-related work and its development are very expensive, hence the importance of choosing the contractors carefully.
For development and upgrading work
Renovation and energy efficiency upgrades are generally the simplest, but not the least expensive. You should be prepared for a significant quote for installing new equipment. However, this improvement in quality and energy performance is an investment for the future. It will allow you to save on your overall energy consumption.
Insulation and heating installation are the main factors involved in preventing energy loss in the building. This can significantly help reduce your energy consumption in the future. Tradespeople can guide you and advise you on the best equipment.
Make a list of the work to be done
Before you begin renovations, you should conduct an inventory by assessing the existing features of the house or building. You should create a list of the work to be completed to facilitate its completion. This approach will allow you to focus on the essential elements of the project in the future.
Essential renovations are those related to energy consumption in the home. Heating and insulation are the main areas of concern. Afterward, roof renovations can be considered depending on its condition. Interior improvements, such as flooring or facade modifications, follow for added aesthetics. For all these projects, knowing the market price is important to reduce the estimate while ensuring quality work.
Choose the aid system adapted to the type of accommodation
To ensure you get the quality you expect at the right price, you can benefit from various grants or incentives for certain projects. A bonus may be available if you are eligible for various grants offered by the government and environmental organizations.
You can obtain a bonus through the energy renovation assistance program. There are programs like MaPrimeRénov that offer a bonus for energy saving certificates. You can also get a loan with a very low interest rate if you carry out renovations to improve your energy efficiency. The zero-interest eco-loan, for example, allows you to finance the work with a 0% interest rate on repayment.
