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Why buy an apartment or a house and renovate it?
Summary
Buying a property to renovate is a unique adventure, full of challenges and opportunities. Whether you're dreaming of a city-center apartment or a charming house to transform, purchasing a property in need of renovation offers the chance to create a home that truly reflects you — and to make a smart investment. Buying a fixer-upper often means negotiating a lower purchase price, accessing attractive financial incentives, and eventually enjoying strong added value. But make no mistake: turning this dream into reality requires good preparation. In this article, we’ll walk you through everything you need to know before taking the first step in your renovation-ready property journey.
The advantages of buying a property to renovate
Buying an apartment or a house and doing some work on it offers several advantages. This allows:
- to take advantage of a good location,
- to negotiate the selling price downwards,
- to arrange the interior of the property as you see fit
- to increase real estate value and realize added value on resale
Take advantage of a better location
If you're targeting a prime location in the city center or looking for a high-yield rental investment, buying a property that needs renovation can be a smart choice. Newer developments, often located on the outskirts, simply can’t compete with the charm and convenience of a well-located older property.
Location becomes even more crucial if you’re buying to rent. Older properties typically offer excellent access to public transport, shops, and everyday amenities — key features for attracting tenants. Whether you're appealing to young professionals or seniors who prefer to avoid using a car, a renovated home in a central neighborhood is far more desirable.
Benefit from a lower selling price
Because of the renovation work required, older properties are often listed at more affordable prices than new builds or recently renovated homes.This price difference can represent significant savings — sometimes 10 to 20% less, or even more if major renovations are needed.
Notary fees for an older property are higher than for a new one — typically around 7 to 8%, compared to 2 to 3% for new builds. That said, renovation costs are not included in the calculation of notary fees, which can represent a significant saving in the overall cost of your real estate project.
Arrange the interior according to your tastes
Buying a property to renovate gives you the freedom to transform the space and create a home that truly reflects your style.You can design each room according to your personal tastes and break away from the standard layouts seen everywhere.The result? A home that feels like you — a cozy retreat after a long day, or a space you’re proud to share with friends and family.
The goal of any renovation is to unlock the full potential of the property, striking the right balance between originality and practicality.
If you're short on ideas or need a bit of guidance, Maison Kyka is here to help. Our interior design studio will work with you to create a unique space that reflects your style — with that special touch that makes all the difference.
Increase the real estate value of the property
Renovating a property increases its appeal — and its value. Unlike new builds, a home that requires work has strong potential for capital gain once the renovations are complete. If you ever decide to sell, the property may be worth significantly more.
For example, upgrading the energy efficiency of the home — and improving its energy performance rating (DPE) — is especially worthwhile, as this has a major impact on market value.
If you're considering a rental investment, buying a property to renovate can also help you avoid some of the limitations of the new-build rental market — such as rent caps.
With an older property, you often have more flexibility when setting the rent, except in certain regulated areas like Paris, Lyon, or Marseille.
Even with these restrictions, a well-renovated property tends to be more attractive and profitable over the long term.
With Maison Kyka, you're supported by real estate professionals at every stage of your investment project:
- Real estate hunt : our project managers help you find and negotiate the selling price of the property of your dreams,
- Architectural design : our interior design studio helps you determine the most interesting work to do,
- Carrying out the work : the launch and monitoring of the renovation are ensured by one of our project managers,
- Layout : we help you find and install the most suitable furniture for your project,
- Resale : if you decide to resell your property, we are in the best position to help you maximize your added value. Photos, publication of ads, visits, Maison Kyka takes care of everything.
"My experience with this team has been exceptional. My architect fully understood my expectations and the project team was always attentive. My project was delivered on time and the end result is fantastic. I am very satisfied with the service received."
Lyrod Levy
What you need to know before buying a property with construction
The purchase of real estate requiring work attracting more and more buyers. However, if the renovation is poorly anticipated, this real estate purchase can become a source of stress, with financial and technical unforeseen events. Here are three tips to know everything you need to know before buying an apartment or a house:
- Familiarize yourself with real estate diagnostics,
- Inspect the home and plan the work to be done,
- Promote the quality of materials and equipment.
Learn about real estate diagnoses
Above all, the evaluation of the property involves the analysis of real estate diagnoses which provide valuable information on its general condition. These diagnoses make it possible to anticipate the work to be carried out and to better understand the extent of the site.
Here are the most common real estate diagnoses according to the type of property:
- Energy Performance Diagnosis (DPE) : Mandatory for all homes, it assesses the insulation of the property as well as its energy consumption.
- Diagnosis: Carrez law : It measures the exact area of the apartment, excluding non-living areas such as those where the ceiling height is less than 1.80 m.
- ERP diagnosis (State of Risks and Pollutions) : Indispensable to provide information on the natural, technological or pollution risks to which the property could be exposed.
- Termite diagnosis : Required in risk areas, it is valid for six months and allows the presence of these xylophagous insects to be detected.
- Asbestos diagnosis : Mandatory for goods built before July 1997, it provides information on the presence of this dangerous material.
- Lead diagnosis : For buildings built before 1949, it detects the presence of lead in paints.
- Electricity and gas diagnosis : Mandatory for electrical and gas installations over 15 years old, they are valid for three years.
- Sanitation diagnosis : If the property has a non-collective sanitation system, this diagnosis is essential.
Inspect the home and plan the work to be done
During the viewing, it’s essential to thoroughly inspect every part of the property — from the basement to the roof. No detail should be overlooked: check the condition of the walls, insulation, windows and doors, as well as electrical and plumbing systems. Knowing the right questions to ask during a visit can help you avoid costly surprises later on.
To make this process easier, consider preparing a checklist of what to look for in the apartment or house — and don’t hesitate to take photos during the visit.
It's highly recommended to bring someone with you, especially if renovations are needed. By signing a property search agreement, you can benefit from the technical insight and experience of a professional. At Maison Kyka, our property hunters are trained by an interior architect, so they can spot what’s worth improving (or not) and help estimate the renovation budget during the visit.
Finally, keep in mind that depending on their complexity, renovation works can take several months to complete. This timeline should be factored in whether you plan to buy the property as your primary residence or as a rental investment. Also, don’t forget to include a contingency buffer in your budget to cover unexpected expenses, which are almost inevitable in renovation projects.
Promoting quality
It can be tempting to cut costs by choosing cheaper materials or equipment. However, opting for quality materials is often more profitable in the long run.
Indeed, low-end materials can lead to recurring problems, even disasters, which will cost you much more to repair. By choosing durable and efficient materials, you reduce the risk of disasters that can affect the aesthetics and value of the property.
To guarantee the comfort of the occupants and the sustainability of the home, it is better to invest in materials, equipment and manpower with a good quality-price ratio, or even high-end.
If you do not have experience in renovation or if you do not feel able to manage a construction site, it is recommended that you use a renovation company or qualified craftsmen. Of course, this represents an additional cost, but it assures you that the work will comply with current standards and that you will benefit from solid guarantees, in particular thanks to the ten-year guarantee from craftsmen, which covers possible construction defects.
To find out more about the tailor-made support we offer, make an appointment with one of Maison Kyka's project managers.
"I have just purchased my second property and Maison Kyka took care of everything from A to Z. From research to work, the architect managed to transcribe my need as I imagined but better! Thanks again, I highly recommend it!"
Adrien Balikdjian
Existing aid to finance renovation work
To reduce the investment associated with Buying an apartment or a house in need of work, several financial arrangements exist, such as:
- The Zero Interest Loan (PTZ) for first-time buyers
- The Eco-Loan at Zero Rate (eco-PTZ)
- The conventional loan
- MaPrime Rénov'
- Energy Saving Certificates
- The home savings loan
- The tax deduction thanks to the land deficit
- Exemption from property tax
The PTZ for first-time buyers
The Zero-Interest Loan (PTZ) is a government-backed scheme designed to help low- to moderate-income households purchase their first home. This loan makes it possible to finance up to 40% of the purchase and the work, with no interest to be repaid, provided that the amount of the work represents at least 25% of the total purchase cost.
In addition to this, the PTZ covers a wide range of works, such as:
- thermal and sound insulation,
- energy renovation,
- space planning,
- improving accessibility.
It is an ideal aid to transform an old home into a modern cocoon, while limiting the financial weight of the project. The loan is repayable over a period of up to 25 years, and can be combined with other loans.
Eco-loan at zero interest rate (eco-PTZ)
Unlike the PTZ, the Eco-loan at zero interest (eco-PTZ) is open to a wider public, including not only owner-occupants, but also landlords.
This loan aims to finance energy improvement works in main residences; eligible works include in particular the insulation of the roof, exterior walls, the replacement of windows or the heating system.
The budget allocated can vary from €10,000 to €30,000, depending on the extent of the work, with a repayment period of up to 15 years. To benefit from this loan, it is imperative to entrust the work to companies recognized by RGE (Recognized Environmental Guarantor).
Conventional loan
The conventional loan is another interesting financing solution for buyers of real estate with work to be done. It covers up to 100% of the cost of the operation, including work, with repayment periods ranging from 5 to 35 years. No income criteria are required, making it an option open to everyone.
Many works are eligible for a conventional loan: this ranges from energy improvement to interior design, including the expansion of housing.
This loan can also be combined with other grants such as PTZ or eco-PTZ. Its main advantage lies in its great flexibility and the absence of restrictions on household income; but be careful to compare bank offers before making a commitment.
MaPrime Rénov'
Since 2021, the energy transition tax credit (CITE) has given way to MaPrime Rénov', an aid that facilitates the carrying out of energy renovation work for all owners, whether they are occupants or landlords. Insulation, ventilation or even the replacement of outdated boilers can be financed by this bonus.
Its amount is calculated based on the applicant's income and the expected energy gain through the work. This assistance makes the most expensive renovation projects more accessible. However, it is important to meet certain spending limits to maximize assistance.
Energy Saving Certificates (CEE): the help of energy suppliers
Les Energy Saving Certificates (CEE), commonly known as “energy bonuses”, are a system set up by the State to encourage energy suppliers to help their customers save energy. This assistance can take various forms: from a simple bonus to support in carrying out an energy diagnosis, including loans at subsidized rates.
Nearly 200 types of work are eligible, ranging from wall and roof insulation to the installation of more efficient heating systems. To benefit from these subsidies, it is necessary to go through RGE certified companies and the home must have been built for at least two years.
Home savings loan
If you have a Housing savings plan (PEL) or a Housing Savings Account (CEL), you can take out a loan to finance buying and renovating a main residence. This loan can go up to €92,000, with repayment terms extending over 2 to 15 years.
It is a good option for those who have taken the time to save and now want to invest in improving or expanding their home.
Rental investment: deduct certain works from taxes
If you buy a property with works to rent it, know that it is possible to deduct certain work expenses from your taxes thanks to the property deficit mechanism. In concrete terms, the costs incurred to rehabilitate or improve a rental property can be deducted from your property income and thus reduce the taxable amount.
The works concerned are those aimed at maintaining the property in good condition, without however changing its layout or structure. This includes renovating the roof, replacing the heating system or repairing electrical installations, for example.
Exemption from property tax
Finally, some municipalities offer a temporary exemption from property tax for owners carrying out energy renovation work. Depending on the local authorities, this exemption can be total (100%) or partial (50%) for five years.
To benefit from it, the total amount of the work exceeds €10,000 to benefit from it, and it is necessary to apply to the tax service. Once the five years have passed, a new application can only be made after a period of 10 years.
Examples of homes renovated by Maison Kyka
Valentin's 95 sq. m apartment in La Muette
In Paris, in the La Muette district, Valentin purchased a typical Haussmannian style apartment of 95 sq. m. Originally designed with rooms in a row, this project required a real overhaul in order to adapt to the modern lifestyle.
The authenticity of classical elements, such as moldings and fireplaces, has been enhanced by contemporary touches, offering a perfect symbiosis between past and present. Each piece exudes elegance while integrating practical solutions for everyday life.
Bertille's 32 sq. m apartment in Batignolles
In this attic apartment, we have combined the two original rooms with a separate service bedroom to recreate a real cocoon.
Benefiting from three magnificent balconies, the 32 sq. m enjoy a beautiful light. The whole thing has been redesigned around a vision of the 70s and its bright colors.
Perrine’s 26 sq. m artist’s studio-style apartment
Perrine bought a 26 sq. m and Maison Kyka renovated it in an artist's studio style, inspired by the colorful works of Henri Matisse and the mythical Villa Majorelle in Marrakech. In this compact space, every detail has been designed to maximize visual effect and functionality. The walls feature vibrant colors, with intense blues reminiscent of the famous “Yves Klein”, creating a unique and dynamic atmosphere.
To separate the bedroom from the living room while maintaining the omnipresent luminosity, a sliding glass door was installed, allowing both rooms to take advantage of natural light while maintaining elegant and subtle privacy.
