The reduction in energy bills alone is not enough to make work profitable in the short term. Hervé Degreve, co-founder of Vasco Impact and expert in the renovation market, has observed hundreds of projects for several years, both in individual homes and in co-ownerships. “If we think only in terms of energy savings, we are on a scale of decades: it is always more than ten years“, he explains. In practice, the annual gains observed most often oscillate “between 500 and 2,000 euros per year», an insufficient level to quickly amortize heavy work.
Added to this theoretical calculation is a phenomenon well known to professionals: the rebound effect. Once the home is renovated, households gain comfort and heat more, which reduces the expected savings. “Critics of renovation use it to say that it is useless. In reality, if the bill does not drop as much, it is also because the housing finally becomes livable», underlines Hervé Degreve.
Profitability: the order of work changes everything
The profitability of a renovation does not only depend on the budget committed, but above all on the order in which the work is carried out. Without controlling losses, changing heating equipment often proves ineffective. Conversely, an efficient envelope makes it possible to optimize subsequent investments and improve their performance over time. Insulation, then heating, then ventilation: this sequencing conditions both the energy performance and the economic coherence of the project.
Owner-occupiers are looking above all for increased comfort, while accepting that financial profitability is progressive. Landlords face a double constraint. On the one hand, regulations: energy performance now conditions the possibility of renting. On the other, the market: a thermal strainer still finds buyers, but at the cost of reduced rent. Renovating then makes it possible to secure rentals, to rent at a fairer price… and to avoid a discount on resale.
This approach modifies the reading of profitability. “Stop thinking only in terms of energy savings: renovation must be thought of as a heritage investment», insists Hervé Degreve. Notary data shows that the more degraded a property is initially, the higher the potential for recovery. Between more targeted aid and stricter regulations, energy renovation is no longer a gamble, but a long-term structuring choice, at the crossroads of comfort, rental yield and heritage value.
