Renovating an Older Property: Costs, Grants, and Profitability

Why Renovate an Older Property?

Buying an older property to renovate is an increasingly popular strategy in Belgium. With growing EPC obligations and generous regional grants, renovating often allows you to acquire more space for the same budget while creating value. However, a poorly planned renovation can quickly become a financial drain. Here is how to approach it smartly.

Typical Renovation Costs in Belgium (2025)

Light Renovation (Refreshment)

Budget: 300 to 600 euros/m2. Works: painting, floors, basic kitchen and bathroom, minor repairs. For a 150 m2 house, expect between 45,000 and 90,000 euros.

Medium Renovation (Bringing Up to Standard)

Budget: 600 to 1,200 euros/m2. Works: window frame replacement, roof insulation, new boiler, complete kitchen and bathroom, electrical wiring up to standard. For a 150 m2 house, expect between 90,000 and 180,000 euros.

Heavy Renovation (Complete Transformation)

Budget: 1,200 to 2,000 euros/m2. Works: complete insulation (roof, walls, floors), new room layout, roof, complete heating-plumbing-electrical installation. For a 150 m2 house, expect between 180,000 and 300,000 euros.

The Optimal Order of Works

The order of works is crucial to avoid redoing what has already been done:

• 1. Structural work: stability, roof, waterproofing. Solve structural problems first.
• 2. Insulation: roof first (best cost-effectiveness), then walls, then floors.
• 3. Window frames and glazing: after insulation to properly size ventilation.
• 4. Technical installations: heating (sized according to insulation), electrical, plumbing, ventilation.
• 5. Finishing: plastering, floors, kitchen, bathroom, painting.

Grants and Aid by Region

Wallonia: The Housing Grant

Wallonia offers the Housing Grant (Prime Habitation) covering insulation, heating, and ventilation works. Amounts vary by household income:

• Low income: up to 70% of costs, capped at 14,000 euros per item.
• Medium income: up to 50% of costs.
• Higher income: up to 30% of costs.

Mandatory condition: complete a PAE2 housing audit (cost: approximately 800 euros, of which 600 euros subsidized). The audit determines priority works and accessible grants.

Brussels: Renolution Grants

Brussels offers Renolution grants with attractive amounts:

• Roof insulation: up to 50 euros/m2.
• Wall insulation: up to 65 euros/m2.
• High-performance window frames: up to 150 euros/m2 of window.
• Heat pump: up to 4,500 euros.

Amounts are increased by 10% to 50% for low-income households. An energy audit is not mandatory but recommended.

Flanders: Mijn VerbouwPremie

Flanders offers Mijn VerbouwPremie:

• Roof insulation: 8 to 12 euros/m2.
• Wall insulation: 8 to 12 euros/m2.
• High-performance glazing: 60 to 120 euros/m2 of window.
• Heat pump: 4,000 to 5,400 euros.

Important reminder: in Flanders, the buyer of a property with an EPC below label C has 5 years to reach label C.

Renovation Profitability

Impact on Property Value

A well-executed energy renovation can increase a property's value by 15 to 30%. Going from an EPC label G to label B on a 200,000-euro house can add 30,000 to 60,000 euros in value. This gain often covers a significant portion of the work costs.

Energy Savings

Annual energy savings can be substantial:

• Roof insulation: savings of 500 to 1,500 euros/year.
• Boiler replacement: savings of 300 to 800 euros/year.
• Double-glazed windows: savings of 200 to 600 euros/year.
• Wall insulation: savings of 400 to 1,200 euros/year.

Return on Investment Timeline

By combining property value increase, energy savings, and grants, the return on investment timeline for energy renovation typically ranges between 8 and 15 years. With Walloon or Brussels grants, this can drop to 5-10 years.

Practical Tips

• Get the audit before buying: if possible, request an energy audit or work estimate before making an offer.
• Include renovation costs in your total budget: some banks will finance renovation works within the mortgage.
• Apply for grants before starting: in most cases, the grant application must be submitted before works begin.
• Choose accredited contractors: this is a condition for most grants.

Check EPC scores by municipality on Immolytics to identify areas where renovation offers the best value-creation potential.