“It’s the project of a lifetime.” Gaspard, 31, is one of those owners who decided for their first real estate purchase to think big, very big. They acquired barns or old farmhouses and embarked on monumental renovation work. An atypical choice that appeals to some first-time buyers while the real estate market is going through a major crisis.
Access to real estate credit still remains difficult. The number of loans granted for more than two years (-54% from January 2022 to January 2024) has fallen drastically. With tougher borrowing conditions, high interest rates and still high property prices, first-time buyers find themselves on the front line. While some prefer to postpone their project or review their purchase by opting for smaller accommodation others have chosen to get their hands dirty to try to save money.
A 380m² barn for 10,000 euros
This is also the option that Éléanor and Alexandre chose. At only 25 years old, this young couple embarked on the renovation of a 380 m barn2 (280 m2 habitable) in September 2022. An extraordinary project that they share on their social networks.
“We bought the barn from Alexandre’s grandfather for 10,000 euros and the objective is to renovate everything ourselves with a budget of 250,000 euros thanks to a real estate loan,” confides Éléanor, notary’s clerk. Their respective salaries are around 1,800 and 1,300 euros. Both learned on the job to build their “unique” house in the Lot. Éléanor specifies that her partner, a strawberry producer, grew up in a family of handymen, who helps them at the same time.
In 2021, Jennifer (33 years old) and Nicolas (33 years old) also decided to rehabilitate a barn by carrying out the work themselves, “except for the electricity and plumbing”. “After the health crisis, we had something click. We wanted to leave our apartment in Lorraine to afford a big house,” she explains.
At the time without children, the couple found a 150 m2 barn in the same region for 100,000 euros. Work budget: 50,000 euros. “The start of the project was really not easy because I became pregnant. My husband took care of the work every weekend, during vacations and after work. They thought we were crazy,” says Jennifer, who estimates the completion of the work for September 2024.
Underestimated budget
Although this type of project brings a feeling of “pride and happiness”, as Éléanor points out, carrying out such projects is far from easy and can hide some unpleasant surprises… Starting with the cost of the renovation. Rehabilitating an old farmhouse or barn is a leap into the void for amateurs. It is therefore not uncommon for the initially planned budget to be underestimated. Jennifer and Nicolas had to increase their budget by 5 to 10,000 euros to finalize their house.
That of Éléanor and Alexandre could go from 250,000 euros to… 300,000 euros. “At the start of the work, we tackled the roof by replacing broken or cracked tiles. But everything froze again when winter came. We didn’t want to end up with a roof problem in a few years so we called on a craftsman,” she explains. The cost of the roof? 36,000 euros, to be added to the initial budget. “In major renovations, we rarely manage to respect the planned budget. We often get 30% more than the quotes we sign at the start of the project,” assures Nicolas Daumont, general manager of Camif Habitat and Illico Travaux, companies specializing in personalized support for work projects. .
Added to this are the potential work delays, which could disrupt the entire organization of the site. “Our project was 10 months late due to weather hazards but also because several of our craftsmen postponed their arrival on the site,” testifies Eleanor. “Even when you are accompanied by experts, there are always surprises in major renovations,” concludes Nicolas Daumont.
Get support to avoid surprises
To limit the risks of delays and budget overruns, it is therefore advisable to call on construction professionals to evaluate and/or carry out the necessary work as best as possible. Expertise that comes at a price. Generally, the cost of labor amounts to approximately 30% of the cost of the project.
It is also recommended to contact an architect before embarking on this type of renovation. “It really helped us to see things more clearly and he gave us ideas that we would never have thought of,” says Éléanor, who hopes to finish the work in early 2025. Note that it is obligatory to use an architect for a construction project (other than agricultural) greater than 150 m2.
Gaspard has not yet started the renovation work on an old farm of 120 m2 that he bought in 2021 in Burgundy but he has approached the Hellio company to support him in his real estate project . “The idea is to put me in contact with professionals (surveyor, RGE craftsmen…), to explain to me the steps to follow and to take stock of all the financial help that exist,” explains Gaspard, business manager in the catering industry. Not being very handy and living in Paris, Gaspard will have to compare all the quotes that will be offered to him to try to reduce costs.
A project of several years but one that was close to his heart. “I spent all my summers in this region and I couldn’t pass up this opportunity: to be able to build the house of my dreams. It’s a place in which, with my wife, an interior designer, we would like to spend part of our lives,” he explains.