Whether it is to make a nice added value or to fit it out to your taste, buying a property with works can be a great opportunity. What are the advantages of this type of purchase, how can you make sure you don’t make a mistake and what kind of help are you entitled to? Follow our guide to make your purchase a success!
You have a real estate project and you hesitate between a turnkey property and a property with works? Make visits to see the feasibility of the project and the different properties on the market. Some properties with works can be real bargains. But be careful before you start.
What are the advantages of buying a property with works?
Most of the time, when one turns to buying a property with works, it is in the hope of making a good deal. Properties with works are often sold cheaper than others because of the amount of money required to restore them to their original state. In addition, the notary fees will be lower since they correspond to the percentage of the purchase price (from 2% in the new property to 8% in the old one). And if you’re a do-it-yourselfer, you can still lower the bill by doing some or all of the work yourself.
However, remember to have the amount of the work properly evaluated before signing the preliminary sales agreement. Don’t hesitate to make the visits with your craftsman to estimate the cost and possible schedule of the work.
Fitting out the property according to your tastes
Another reason that often pushes to turn to a property with works, is the desire to fit out a home in one’s own image. Indeed, if there is everything to be redone, you will be able to give free rein to your imagination to ensure that this new home is perfectly suited to your tastes. And in the latest decorating trends. In addition, the quality of the work and the fittings will eventually give more value to your property when you resell it.
How to optimize this real estate purchase?
In order for this property purchase to be a really profitable acquisition, it is necessary to evaluate the cost of the work. Especially those that are particularly expensive such as a floor to be redone, bathrooms, the installation of double glazing or the installation of an IPN if you want to break a load-bearing wall.
Before you start, check the feasibility of your development projects. Indeed, your property may be subject to the co-ownership system and, in this case, you will need to obtain the agreement of the other co-owners for large-scale work affecting the structure of the building. If you buy a commercial space to convert it into a dwelling, for example, you will also need authorization from the municipality.
Renovation assistance if you buy a property with work
Numerous financial aids can lighten the bill for the work. In some cases, the amount of the work can be included in the property loan, which will save you from paying high interest on a work loan (consumer credit) .