Accommodation. Can it be beneficial to buy an “energy sieve”?

Since August 24, owners of rental properties whose energy performance diagnosis is classified as F or G can no longer increase the rent. A consequence of the Climate and Resilience Act passed in July 2021.

And this is just a first step. As of 1 January 2023, a G-home can no longer be rented out to a new resident. Class F homes will follow on January 1, 2028. And all class E homes will follow on January 1, 2034.

A major clean-up is being prepared on the real estate market. The chance to set the record straight, according to Étienne Duhot, project manager at Hellio, specialist in energy saving: “Renting energy-intensive housing is indecent. » Indecent for the tenant facing galloping inflation, indecent for the planet at a time when we need to limit our greenhouse gas emissions.

Hesitant owners

A change that will not be an easy task. Housing F and G represent 17% of the main residences, ie 5.2 million of the 30 million main residences in France. The figure even rises to 7.2 million, or more than 19% of the total stock, if we add second homes and vacant homes.

Not all homeowners are ready to begin insulation work, which can be costly. Olivier Colcombet, president of Digit RE Group, a real estate valuation company, distinguishes two scenarios: “The young investor, who sees the long term, can put €15,000 to €20,000 in energy renovation, but the over-65s who had this property to improve their retirement will think twice. »

He has already started that. Étienne Duhot confides in reception “a dozen requests a day from owners who have not yet decided to sell, but are asking what can be done. We are also very popular with property managers and brokerage networks.”

Also read: MAP. Housing: how many energy screens are there in your department?

Soon homes for sale?

What do those who cannot or do not want to work do? Some still hope for some adjustments in the calendars, or even deviations. “Someone who proves with a solid case that renovation is impossible without losing too much rental space, who knows”, suggests Étienne Duhot, thinking, for example, of the maid’s rooms in Paris.

Landlords can also decide to take their property off the market or rent it out on tourist platforms such as AirBnB, which are not subject to the DPE. “This can cause rental tensions in certain sectors”, says Oliver Colcombet. We’ve already talked about the girls’ rooms in Paris, we can also think of some old houses on the coast…

Last option, and good deals can be found here, owners can sell their property even if it means selling it. “For now, we don’t see any massive arrivals on the market. But a majority of owners are not yet aware of the deadlines.” notes Olivier Colombet.

Also read: TESTIMONY. “Owner, I need to do insulation work, my property is classified as G”

Real estate professionals agree on one point: So far, there has been no premium for well-planned energy homes or depreciation for crippled ducks. “But in a few months there may be opportunities. Until now, the sellers have had the upper hand, but the balance of power is being reversed. Everything will depend on the tension in the market”, adds Martin Menez.

Obviously a thermal sieve will give less discount depending on location. “In Paris, in Haussmannian buildings, you have nothing like E. An apartment in Place des Vosges, even in F or G, it doesn’t move”notes Martin Menez. Other way around, some owners will have to lower prices in less attractive sectors. One thing is certain: “In ten years’ time, the price difference between a good with a good energy balance and a bad one will be significant,” warns Olivier Colcombet.

Assess the discount-work ratio well

To get the right deal, you need to pull out the calculator. Bevouac is currently estimating the energy renovation works carried out on properties that the company has recently sold. “So far fifteen buildings have been analysed. This does not give an exact figure but rather an order of magnitude. It amounts to €280 of work per m² to go from G to D and about €400 per m² to go from G to B”, details Martin Menez.

In order to be profitable, it is therefore necessary to estimate the discount-work ratio correctly: the discount simply has to be greater than the work done. For example, a property sold so far for € 3,000 per m² must show a decrease of more than € 400 if we want to bring it to a B. “The most important thing is to carefully measure what you are buying, to look at the condition of the property, to make a return visit with a trusted craftsman before signing the compromise,” adds Martin Menez.

Étienne Duhot also insists on the type of purchase: “You do what you want in a house. With an apartment, you can depend on what the condominium decides when it comes to external insulation. And then it is better to avoid an apartment on the ground floor or top floor and prefer a completely adjacent living space. »

Due to these precautions, there is no shortage of pitfalls: rising material costs, labor availability, increasingly complex bank loans, especially in rental real estate, possible supervision or ceiling of rents depending on the sector, etc.

ECD, “an obscure science”

And then, once the work is done, let’s hope we don’t run into any nasty surprises with the DPE. An overview of What to choose? points the finger at the quality of the energy performance diagnostics (EPD) of homes, sometimes with very large deviations.

“I wish I could tell you there’s no risk, but it’s still hard to rationalize. It sometimes feels like ECD remains an obscure science,” admits Martin Menez. Even “a substantial investment (insulation of the walls, the attic, changing the window frames, etc.) should make it possible to avoid unpleasant surprises. »

Olivier Colcombet also notes that the DPE is now enforceable – that is, a buyer can oppose the seller andnot in order the diagnostician if the diagnosis is incorrect – including an indicative assessment of the work.

For Etienne Duhot, “An energy audit, performed by a thermal engineer, in addition to the DPE is essential. It is even mandatory before you start. For the purchase of an energy sieve to prove to be a good deal, the project must be well anticipated and supported. »