An F-rated apartment spotted at a good price, a loan to negotiate, renovation work to estimate even before signing the preliminary agreement: in 2024, embarking on a real estate project means juggling constraints that didn’t exist three years ago. The regulatory timeline on energy-inefficient homes, the volatility of rates, and the reconfiguration of prices according to energy labels change the game for any purchase, whether it is a primary residence or a rental investment.
EPC and rental ban timeline: what it means for a purchase
Since January 1, 2025, all homes rated G on the EPC are banned from rental on new leases and renewals. F-rated homes will follow in 2028, and E-rated homes in 2034. For the overseas territories, the timeline is shifted (G in 2028, F in 2031).
One might see this as a simple problem for landlords. In practice, this timeline redefines the financial viability of a rental project. Buying an F or G property to rent without planning for energy renovation means acquiring an asset that will become unlettable in the short term.
Before signing, one must obtain the EPC, identify the necessary work to achieve at least an E rating, and incorporate their cost into the overall financing plan. Many buyers consulting the site immo-4.fr for real estate are specifically looking to cross-reference listings and energy data to filter properties compatible with a sustainable rental project.
The EPC has also become a ground for litigation. Tenants are now suing landlords based on a diagnosis deemed inaccurate. Checking the reliability of the EPC provided by the seller, or even ordering an independent audit, is no longer an excessive precaution.
Discount on energy-inefficient homes: negotiating a coherent purchase price
Cross-referenced data from Notaires de France and price observatories confirm a clear trend for 2024-2025: F or G-rated homes are experiencing a significant discount compared to better-rated properties. This discount varies according to local markets, but it is now systematic.
For a buyer, this situation creates a window of opportunity, provided they know what they are buying. The reasoning unfolds in two steps:
- Estimate the actual cost of energy renovation (insulation, heating system change, ventilation) to reach the targeted class, by requesting quotes before making an offer.
- Ensure that the acquisition price, plus the renovation budget, remains lower than the price of an equivalent property already renovated in the same area.
- Incorporate the renovation timeline into the profitability calculation: during the months of construction, the property generates no rent and ties up cash flow.
If the price gap does not cover the cost of renovation, the discount is just a mirage. A profitable purchase of an energy-inefficient home is prepared with quotes, not approximations.
The trap of recalculated EPC
In 2024-2025, some homes benefited from a change in the method of calculating the EPC that moved them out of the G category without a single wall being insulated. A good news in appearance, but feedback varies on this point: a property that moved from G to F through recalculation remains energy inefficient in real thermal terms. Energy bills, however, have not changed.
Mortgage in 2024: borrower profile and negotiation margin
Mortgage rates have experienced marked fluctuations since 2022. After a rapid rise that excluded some households from the market, the recent trend is towards stabilization, or even a slight easing according to institutions.
The borrower profile weighs more heavily than the displayed rate. Banks remain attentive to the debt-to-income ratio (capped at 35% of income, including insurance) and to the personal contribution. A file with a comfortable remaining living allowance and residual savings after contribution will obtain a better rate than a tight file, even with equivalent incomes.
Three concrete levers to improve loan conditions:
- Pay off ongoing consumer loans before submitting the application, which frees up borrowing capacity.
- Put at least three banks in competition or go through a broker, not to haggle for a few basis points, but to compare insurance conditions and application fees.
- Negotiate early repayment penalties: in case of resale or future renegotiation, this clause can represent several thousand euros in savings.
Loan and renovation: two files or one
For a purchase with energy renovation work, some banks offer a single loan that includes the cost of the work. Others require two separate lines of financing. Combining purchase and renovation into a single loan simplifies management and can improve the overall rate, as the bank finances a property whose value will increase after renovation.
Sale price estimation: avoiding biases before making an offer
Real estate estimation remains the starting point for any negotiation. In 2024, the gaps between listed prices and actual sale prices have widened in many medium-sized cities. Sellers are slowly adjusting their expectations downward, while buyers have wider negotiation margins than in a tight market.
To anchor an offer on solid data, one should cross-reference three sources: the square meter price databases from notaries (real transaction data, not listings), online estimates (useful as a rough guide, not as a sole reference), and on-site visits that reveal what no algorithm captures – noise nuisances, the state of the co-ownership, voted work not yet completed.
A purchase offer supported by recent comparables in the same neighborhood is more likely to succeed than a lowball proposal without justification. The seller is more likely to accept a discount when it is based on documented facts.
The real estate market of 2024 rewards prepared buyers. Those who incorporate the actual cost of energy renovation, who calibrate their financing in advance, and who negotiate based on verifiable data transform a context perceived as difficult into a concrete purchasing leverage.
