Buy a property with work.
Buying a property with work to be done can be a wise choice: the property purchased will be cheaper than an equivalent property completely renovated and often with a better margin of negotiation on the purchase price. In addition, you will add your personal touch to your future home, according to your tastes and needs.
Works, yes... but at what cost?
You must absolutely be sure that your initial budget is respected by integrating the amount of work. The best is to call on several professionals to quantify the amount: you will have a precise idea of the sums to be committed to which must be added a small margin of precaution to deal with any unforeseen events.
Energy renovation work is a priority
Redoing the insulation, changing the windows, installing double glazing, choosing a more efficient heating will allow you to lighten your heating bill. This will immediately increase the value of your home. Ditto for the work of upgrading to electrical standards which will be essential in case of resale of the property or if you buy it to rent it.
Check if you can benefit from financial aid.
See if your work is eligible for the Zero Rate Eco Loan, which is an interest-free loan of up to €30,000 over a 15-year term. Do not forget to consult the National Agency for the Improvement of Housing (ANAH), the Regions and the General Councils which can also grant financial aid.
Think about the different administrative authorizations
For some work, it will be necessary to make a prior declaration or obtain a building permit, especially for those carried out in a detached house: drilling a window in a roof, enlarge by adding a veranda ... check that you comply with the regulations and inquire with the urban planning department of your future municipality.
Do some work yourself
If you have time and feel able to do so, you can save a lot of money. Do the painting yourself, lay tiles may be possible but be careful with certain positions: it is necessary in any case to use professionals for electrical and plumbing work, who must respect certain standards.
Nicolas MOULIGNER
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