Report building renovation is a viable strategy to ensure the success of your rental property investment. The goal: to optimize rental profitability by improving the rented apartments. But how? You must prioritize operations that make the units more functional, attractive, and comfortable.
Carefully planned and well-executed renovations promise a sustainable occupancy rate. But that’s not all! Improving the building’s overall condition also increases the property’s value. The renovated building will therefore provide you with optimized rental income thanks to higher rents for the units offered.
Although this type of renovation project is expensive, financial assistance can help ease your expenses. From choosing a renovation company to monitoring the project, each step is crucial. So, what are the secrets that will lead you to a successful investment property renovation project? Let’s take a closer look!
What are the key steps to do a report building renovation ?
Improvisation has no place in a project to renovate an apartment building . Everything depends on careful planning. From the diagnosis of the building to be renovated to the definition of the work to be undertaken in order of priority, each step plays an essential role. Hence the interest in having the support of an architect from the first phase of the renovation .
Planning of works and in-depth diagnosis of the building
Are you aiming for a successful renovation to increase the value of your building and maximize the return on your rental property investment? Avoid jumping in blindly! Not all renovations are created equal. A thorough building survey is essential beforehand, but why? This allows you to assess the overall condition of your investment property and prioritize the necessary improvements.
This in-depth building assessment will focus on the building’s essential elements. Every detail counts. The key to ensuring you don’t miss a thing is an expert eye. A company like Reno offers a turnkey renovation that will protect you from unpleasant surprises that could blow your budget.
During this careful analysis, the architect or project manager checks:
- The structure of the building;
- The walls of the dwellings;
- The condition of the building’s facade;
- Electrical installations;
- Plumbing;
- The quality of thermal and sound insulation in apartments.
At the end of the diagnosis, he will be able to deduce the work to be included in your investment property renovation project.
The definition of the budget
Financially fine-tuning your building renovation project is just as essential. Want to boost the profitability of your work? Set a realistic budget! It should include all renovation-related expenses. Estimates for each type of work are essential, from renovating the building’s facade to installing a new heating system and even furnishing the apartments. In addition to the cost of the various services, consider professional fees and administrative costs. Remember to budget for unforeseen expenses .
Have you set your budget? It’s time to choose financing options for your renovation. A bank loan remains the most practical solution. You can supplement this with various energy renovation grants .
The choice of work to prioritize
The work to be carried out in an investment property should not be chosen blindly. Some projects are more profitable than others. Hence the need to prioritize them, just as when planning a home renovation . This is why a diagnosis by a professional or a renovation company remains essential.
- Work relating to the security of the building’s accommodation
Safety is a key consideration for your future apartment tenants. Pay attention to it! The renovation project will prioritize interventions aimed at improving this criterion. During the planning phase, consider upgrading the electrical installations . Consider replacing the plumbing or even roof and facade work.
- Work aimed at improving the comfort of rental accommodation
A comfortable apartment, both thermally and acoustically, commands a higher rent. It effectively attracts tenants. This is why it would be strategic to plan energy renovations in your building. On the one hand, you’ll improve comfort year-round. On the other, you’ll reduce rental costs. This could involve improving the insulation of the walls of the apartments, replacing windows with double glazing, or installing a new heating system.
- Works improving the functionality of the apartments
Are you planning to effectively attract tenants to your investment property? Consider options that optimize the layout of spaces in condominiums. You can easily achieve your goal by rethinking the layout of rooms, increasing the living space, or creating additional rooms like a dressing room or bathroom.
What are the costs of a report building renovation ?
Estimating the cost of building renovations is an essential step. Renovating a building is generally expensive, and the cost is often split among the co-owners. The nature of the work to be carried out and its scope will make a difference in the cost.
The average cost of the work
The price you pay a renovation company varies depending on your project goals. A simple renovation will be significantly less expensive than a complete renovation that includes the facade, insulation, roof, and various installations. While the cost is between €110 and €170 per square meter, a complete renovation can reach double or triple that. A partial renovation of the building, on the other hand, can cost between €170 and €250.
Want to get a better idea of the costs associated with renovating your apartment building? Request a quote from a professional !
Financial aid
Are the costs associated with renovating your building high? Don’t panic! Reduce your costs with the various grants available. These grants specifically cover energy renovation work in your building.
The Ma Prime Renov’ program can be a valuable aid to you, whether you’re a co-owner or a single-owner. You can supplement it with a zero-interest eco-loan (eco-PTZ) to further reduce costs. Local grants can also cover improvements to your building.
Our advice: plan ahead! Find out in advance. Find out the conditions that must be met before finalizing your financing. This allows you to submit your applications in time to avoid delaying the project. Please note that processing your application may take some time.
Return on investment
Even before renovation work begins on the building, consider estimating the profitability of your real estate investment . Many factors come into play in this calculation. In addition to the purchase price, there is the total cost of the work, as well as any grants you may be eligible for. It is also important to consider the potential rent increase after the renovation work .
With targeted work such as improving insulation or heating, you increase the value of each unit in the building, while reducing rental charges.
How to select the right craftsmen and the best renovation company ?
The expertise of craftsmen is crucial to your renovation project. Quite simply, it guarantees the success and reliability of your old building’s renovation. Hence the importance of choosing them with care and attention to detail. Their certifications, experience, reputation, and quality of follow-up are just as essential as the price of the service!
The choice of professionals
Are you looking to hire a construction company to handle your building renovation project? Take your time to find the best one!
Reviews from other customers can be a valuable resource. They help you assess the quality of service provided by a company or professional. If they generate positive reviews, they’re likely trustworthy.
Choose certified professionals . In addition to being a guarantee of competence, certifications are essential for energy work. They require the intervention of RGE professionals.
Also inquire about the experience of the tradespeople . How to do this? Don’t hesitate to ask them for references. This will give you an insight into their previous projects. Look for companies that specialize in renovating apartment buildings to ensure quality results. Finally, also consider the insurance and guarantees offered.
The importance of requesting a personalized quote for work
In addition to the parameters that impact the cost of renovating an investment property, it’s also important to keep in mind that professionals are free to set their own fees. And the difference can be significant from one company to another.
The solution? Compare different quotes ! This document includes several important pieces of information to put into competition. For example, the price of materials should be included alongside the price of labor. Tradespeople should also include the estimated timeframe for completing the project. You should also find the guarantees offered.
Comparing these details will lead you to the best professional in your area! Don’t hesitate to tell us about your building renovation project in detail to get a professional estimate !
Monitoring of the work
Renovating an old building to improve rental properties isn’t just about finding skilled tradespeople. You must ensure deadlines are met and the work complies with industry standards.
To stay up to date on the progress of the project, there is nothing better than regular communication with the craftsmen or the architect.
What are the legal obligations and standards to be respected during renovation ?
Your project to renovate an old building must comply with the imposed regulations. Various regulations must be taken into account to optimize thermal comfort and safety. In addition, renovations may require permits depending on their type and scope.
Regulations applied to renovation
Are you planning to get the most out of each unit in your investment property? Ensure that safety and accessibility regulations are respected in the building’s common and private areas. For example, installing a fire alarm is mandatory.
The request for authorization
Any renovation project inevitably involves administrative procedures. Once the types of work have been defined, you’ll need to apply for the necessary permits depending on the nature of the work.
Any work affecting the exterior or structure of the building requires a building permit . This is the case for a facade renovation. In other cases, a prior declaration of the work may be sufficient.
Remember to contact the municipality for the necessary information depending on your region.
Energy and environmental standards
Energy efficiency has become a fundamental selection criterion for tenants. In addition, the government has taken drastic measures regarding energy-inefficient rental housing.
It’s therefore in your best interest to comply with standards when investing in real estate. Standards such as RT 2012 and RT 2020 must be followed to achieve better energy performance in the various units in your building. By working with RGE-certified contractors, you’ll have nothing to worry about regarding the quality of the work to renovate your investment property.
What mistakes should be avoided when renovating an apartment building ?
Making a mistake during a building renovation project can cost you dearly. Here are our tips for avoiding common mistakes:
- Neglecting the cost of the work: before renovating your property, take advantage of a professional and detailed estimate , including the budget for unforeseen events.
- Ignoring legal procedures: Protect yourself from sanctions by complying with the rules imposed for renting or selling the building’s accommodation.
- Underestimating renovation work monitoring: To avoid delays that affect the profitability of your project, due to inflated costs, optimize the management of the work schedule.
With a professional renovation company like Reno, you can avoid all these risks when renovating your apartment building.
Report building renovation : what you need to know !
Renovating an apartment building is a daunting project. However, its profitability is guaranteed with careful planning. A thorough study and assessment of the building will help you identify every improvement that needs to be made. Professional help will be welcome at this stage. The expert will prioritize the work to be done and prepare a detailed estimate for your project.
Set your budget in advance. Every detail related to the building’s renovation will be as essential as the purchase price of the homes. Want to find the best renovation company? Nothing beats requesting quotes to compare!
Every renovation project has its price! Whether you’re looking to completely renovate a building, partially renovate it, or simply give it a facelift, the budget you’ll need will depend on it. Call Reno! We offer support and advice throughout your project!
