Belgians more open to buying homes in need of renovation

A survey conducted in November by IPSOS on behalf of ING shows that a change in mentality is underway in the Belgian real estate market, with increasing numbers of people open to buying a home in need of renovation compared to a year ago. Due to the high prices of building materials and the time investment required for a thorough energy renovation, many families preferred a ready-to-build home. Thus, we got a sharp dichotomy in the property market, where there was still a lot of interest in move-in-ready homes while the market of energy-consuming properties had a much weaker dynamic.

Here, however, things are starting to change. More and more families are opening up to renovation housing. While a year ago, 49% of respondents said a poor Energy Performance Certificate (EPC) score was a breaking point when buying a house, only 38% do today. Many families are starting to broaden their horizons out of financial necessity. With rising interest rates, it is no longer feasible for some to buy another energy-efficient home. Moreover, the prices of houses with low EPC scores are currently under pressure, making them increasingly interesting financially.

The original article can be found here

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