Renovating: The most important facts about refurbishing or renovating in a nutshell
A new kitchen, the renovation and insulation of the exterior walls, or solar panels on the roof: Refurbishing and remodeling come in many forms. Find out why a renovation can be worth it and what you need to bear in mind during the renovation process.
Renovating preserves value
One in five buildings in Switzerland will soon be over 100 years old. And the majority of the 1.7 million or so residential buildings, 86% to be exact, were built before 2001. This is the figure provided by the official Swiss Buildings and Dwellings statistic. Many of these houses require age-related renovations, even if the building structure is still in good condition.
This is because older buildings will lose value if they are not renovated. Therefore, one of the main reasons to renovate your home is to retain its value. This could, for example, involve putting a fresh coat of paint on the façade or sanding parquet floors. In addition, individual components of a house have to be replaced regularly. Wooden window frames, for example, last on average 25 to 35 years. Even if these measures cost money, they help preserve the value of your property.
Several reasons for renovation
Sometimes, however, the purpose of the modernization is to make the property more comfortable, regardless of its age. For instance, a new coat of paint, new tiles in the bathroom, or an entirely new kitchen. A renovation might also be necessary because the family is growing. A loft conversion or ground-floor extension can provide more space.
Last but not least, tax benefits can also be a good reason for renovating your apartment or house. If planned carefully, you can deduct property maintenance costs from your taxes.
Renovate and cut your energy costs
However, the building structure is not the only thing that must be maintained. Especially for older houses, renovations that improve energy efficiency are worthwhile. Not just for the sake of the environment, but also from a financial point of view. For example, new insulation can specifically help to conserve heating energy. You can also reduce your heating costs by renewing the heating system. Hot water can be generated with solar panels. Over the years, investments in energy efficiency pay off.
Energy-related refurbishments are also subsidized. Depending on the canton of residence, there are different subsidy programs and subsidies to increase energy efficiency. It is advisable to look at the guidelines for incentives and subsidies early on and possibly factor them in at the planning stage, as in some cases it may be too late to request financial assistance once you have already started renovating.
Successfully planning renovations and financing
Good planning is essential, regardless of the reasons for the renovation. What and how, specifically, do you want to renovate? Do you need a specialist to coordinate the work? Is a building permit required? There are a number of factors that need to be considered when planning your renovation.
After drawing up a rough plan, it is necessary to clarify the financing. By now, at the latest, it is worth getting in touch with the bank. Depending on the property value, existing mortgage, and available equity capital, a cost ceiling is determined for the planned renovation. A sustainable financing model is an essential part of your planning. After all, you want to be able to enjoy your new kitchen or solar installation on the roof for many years to come, without having to worry about financial difficulties.