Financial Assistance for Property Renovation
Thursday 01 November 2007
Buying an old wreck to restore in France is the dream of many international buyers.
Not only does it provide access to the property market at a generally modest price, but it is also an exciting personal adventure.
However, property renovation is not necessarily a cheaper option than buying an already restored property.
Most who tread this path underestimate the costs of renovation, and often leave themselves in financial difficulty.
Accordingly, great caution is needed, and it helps if you can get some financial assistance towards the project.
We have prepared a review of the different forms of financial assistance that may be available to you.
In particular, property renovation benefits from a lower rate of VAT, but the rules have been tightened, so not all projects are eligible.
There is also tax relief available for measures of home energy conservation.
Similarly, if you are disabled or elderly, you may be able to benefit from both tax relief and grants available to carry out home adaptations.
If you are resident, you may also be entitled to an improvement grant to bring the property up to a habitable condition. However, the system has a tough test of resources, and the amounts available not generous.
The pages will also be of interest if you are proposing to let property in France, as there are grants available to landlords prepared to let at a controlled rent, as well as those proposing to run a bed and breakfast or gite business.
You can read more in our Guide to Financial Assistance for Property Renovation.