The upgrading of existing buildings and houses becomes necessary
“A renovation really can change people’s lives significantly. However, it has an equally important impact on the economic value of the property for the owner. In the coming years – sooner than 2030, a property that does not meet very strict standards of energy consumption and sanitary facilities will be burdened with duties that will make its use almost unviable. Considering that, the upgrade of existing buildings and residences becomes vital, increasing the value of the property as well”, reports CEO of EPIKYKLOS construction company Iosif Arabatzis, whose motto is “man changes space and space changes the man”, to Athens-Macedonian News Agency.
A key question that troubles many real estate owners is whether the investment of a renovation will pay off if it is rented or sold. “The answer to this particular question is very relevant, as it is influenced by many different factors. The area plays a very important part. Renovated apartments in neighborhoods chosen by middle- and high-income tenants can actually command a much higher rent, recouping the investment made. On the contrary, neighborhoods with low rents, below 6 euros per square meter, hardly pay off, but we can certainly say that they give the owner the opportunity for a better deal, while attracting more consistent and stable tenants”, says Mr. Arabatzis.