Renovating Pays – Here's Why
Are you toying with the idea of renovating your house or apartment? There are many reasons to do so. In addition to retaining or increasing value, improved energy efficiency is one of the most important.
One in five buildings in Switzerland will soon be at least 100 years old. Of Switzerland's approximately 1.7 million residential buildings, the majority of these – 86% to be exact – were built prior to 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. Even if these measures are costly, they are still important for retaining the value of your property.
Make Sure You Preserve the Value of Your Property
All elements of a house have an average life span; however, these do not always have to be replaced in their entirety. With good care and preventive measures, the need for replacements can often be postponed.
One example would be window frames made of wood. On average, they last 25 to 35 years and should be painted every ten years. If you have a rooftop garden, you can also extend the lifetime of your roof by regularly checking the growth of plant roots.
Cut Your Energy Costs by Renovating
In older buildings, one of the main reasons for renovating is energy efficiency. A lot of heat is often lost through poorly insulated windows and walls. Not only does this harm the environment, it also has an impact on your finances. In these cases, new thermal insulation is an example of how to make noticeable savings on heating. Energy-related renovations are therefore financially appealing for homeowners.
The Swiss federal government's SwissEnergy program has a calculation showing that improved energy efficiency saves a lot of energy: Renovating a building's façade can reduce energy consumption by up to 30%. If you also replace your heating system, heat water using solar panels, and install a photovoltaic system for generating electricity, your potential savings soar as high as 50%.
Energy Efficiency Receives Government Funding
Do more than reduce operating costs: Profit from installation too. Investments in energy efficiency and renewable energies are supported by numerous government funding programs and subsidies. You can take a look at those available in your area at energieschweiz.ch.
Funding is provided for initiatives that help save energy or reduce a building's CO2 emissions, for example. This might be by insulating the outer shell, improving building technology, investing in renewable energies, or even utilizing heat that is otherwise wasted.
Renovate to Increase Value
Apart from the need for restoration, renovations and upgrades can be motivated by the residents' need for more space or simply by the desire for greater and more modern comforts. Renovations range from a fresh coat of paint to wood flooring to replace wall-to-wall carpeting, or to creating a bathroom that feels like a spa. In many cases, this leads to an increase in the home's value. If you do this, it is worthwhile checking to what extent your planned investments will be financed by the bank.
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.