PARIS: SHOULD I BUY AN APARTMENT TO RENOVATE?
Created
2018-10-04
Created by
agathe
For a non-resident of France, the notion of renovating an apartment in Paris can be
daunting. But smart buyers know how to undertake such a project wisely, and
without the worries stereotypically associated with home renovations.
Several of our English-speaking clients have acquired and partially or fully
renovated an apartment in Paris, with excellent results. They have found that the
cost and anxiety associated with renovation projects is considerably less than
similar undertakings in the United States.
Goals. A well-managed renovation project accomplishes at least two very
desirable goals.
First, properties that need full renovation are sold below market price. Purchasers
who buy low and do quality renovations will get the most value for their money,
both in current and in resale value.
The opposite is true as well. Most buyers prefer turnkey occupancy to undertaking
a renovation project. Sellers know that, and therefore market their freshly
renovated apartments at a substantial markup.
Second, once the project is finished you have optimized all the reasons for which
smart buyers acquire an apartment in Paris: to make a wise financial investment, to
engage with the world’s most exciting city, and to make a quantum leap toward a
richer and more enjoyable lifestyle.
Avoiding trauma. Anyone who has owned a property knows how anxiety-ridden
a home renovation can be. It seems the project always takes longer and costs more
than your architect or contractor told you. Renovations are even more troublesome
when you live in the property being worked on.
Of course you do not have the last problem if you’re a non-resident owner. As for
finishing on time and on budget, the key to these goals is to engage a competent
and trustworthy company to design, price and oversee the project for you. There
are numerous talented and competent renovation teams in Paris with a reputation
for finishing on time and without major cost overruns.
The process. Prior to starting the project you will spend time with the renovation
team, which will prepare drawings for your approval. You will select colors, materials and finishes, and may be called on to make some on-the-spot decisions once the project is underway. But you will not talk to a carpenter, electrician,
plumber, painter, window installer or other provider. Their work is organized and
controlled by the renovation expert who oversees the project. Your chief activity
will be writing checks to pay for the renovations as they progress from one stage to
another.
Selecting a project management team. Obviously, the key to a successful
project is to select the right management team. You want a project manager who
communicates effectively in English, understands your goals, is pleasant to work
with, and has a track record of managing on-time and on-budget renovations .
Just France Sales has worked with well-qualified renovation experts and can help
you select the team most suitable for your project.
Costs. A good-quality renovation in Paris generally costs between 2,000 € and
2,500 € a square meter, all materials and fees included. A top-quality renovation
with premium materials and appliances can run between 2,500 € and 3,000 € per
m2.
The essentials. Of course, the key to a successful renovation project is to start
with a property that has the three indispensable elements that can’t be changed.
These are (a) a good location, (b) a well-maintained building with reasonably
attractive common areas and ideally an elevator, and (c) good “bones” in the
apartment – adequate ceiling height, plenty of natural light, floor materials that will
respond to refinishing, etc. These elements can’t be improved on no matter how
generous your budget.
The payoff. The cost to renovate an apartment with good taste and quality
materials will be amply repaid by its immediate increase in value. Should you
resell, a renovation done in good taste using quality materials will maximize your
chances for a quick sale at a premium price.
Ask us. Just France Sales can help you find an apartment in Paris to renovate, and
then can help you identify a renovation team that is right of your project. Contact
us by phone or email. There’s no cost or obligation.
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