Everything you need to know about the new “Renovate-Rent” programme

The amount of subsidy, eligible expenses, admission conditions as well as renovation products as well as external thermal insulation solutions to breath new life to your home.

Whereas housing in Athens and Thessaloniki is gradually becoming a major issue for thousands of people, a new government initiative provides a opportunity to tackle the issue and mitigate the current trend. “Renovate-Rent” is a programme that will present 12.500 home owners with the opportunity to renovate dormant houses they have in their possession; to breathe life into them; earn increased revenue through leasing these houses; and contribute to solving the housing issue, since after such renovation, they will remain under the obligation to lease the same for at least 3 years. In particular, the programme provides for subsidizing 40% of house renovation cost up to the amount of Euro 10,000; this means that home owners can save up to the amount of Euro 4,000. Without doubt, this constitutes a remarkable sum helping to retain the value of their real property as well as to offer a habitable house to the house rental market. 

Conditions for admission to the programme
Home owners eligible for the programme are those having the title or the right to usufruct the real property to a share greater than or equal to 50%, where the total surface area of the house is up to 100 square meters and is situated in a residential area. Moreover, the annual taxable family income of home owners - actual or imputed - shall not exceed Euro 40,000; also the total nominal value of their real property shall not exceed Euro 300,000. Furthermore, attention should be paid to the following: The real property should be declared as primary or leased residence; it should be declared as vacant property in the relevant tax form (Ε2) submitted in conjunction with income tax statements of the latest three (3) years. Lastly, excluded from being beneficiaries of the programme are those having already received subsidy for any energy saving programme (electric power subsidy) or for renovation or energy saving for any real estate under their property in the latest 5 years. In other words this should the first subsidy they receive in the latest five-year term.  

Works to be subsidized
The “Renovate-Rent” programme will provide subsidies for materials and labour for the performance of a range of works that can breathe life into old homes; these may have remained unused for years and need to be overhauled to welcome new tenants through their brand new gates. It may be that old grandpa home that needs fixing or an old house built in the 1970s (or earlier), often having clocked more than half a century of existence.
Eligible expenses include among others: bathroom renovation (tiles, sanitary equipment, ceilings), kitchen renovation (all the above plus cupboards), replacement of main entrance and interior doors, repair of structural components and renders, replacement or repair of floorings, electrical and plumbing facilities, overall house paint coating and miscellaneous works. Get ideas and learn about necessary products for repair and renovation through the KRAFT Paints website. Furthermore, expenses may also include social insurance contributions (ΙΚΑ) for renovation and repair construction labour as well as engineer consulting service costs for the issuance of permits or the preparation of designs or the issuance of certificates, if necessary.

Renovation begins with thermal insulation

One of the necessary works that must be done, however, in an old building for its value, energy and aesthetic upgrade is the external thermal insulation. This is a fundamental step for a comprehensive renovation, contributing to energy saving and to improving comfort at home. BIOCLIMA®, under the KRAFT Paints assurance, offers Integrated external thermal insulation systems especially for the particular program. These are tailored to the Greek climate conditions; they are CE-marked and fully meet the requirements of the programme. BIOCLIMA ClimaWall systems represent an ideal solution for old home renovations. Being flexible and customizable, they can be installed in any home, irrespective of age, location or other particular attributes. These are Certified Advanced Energy Building Systems intended for installation on masonry, designed for the Hellenic environment, being rich in microclimates and a multitude of architectural traditions. External thermal insulation is essentially the first step towards a comprehensive renovation as well as a more habitable home. In fact, with the cost of operations subsidized under the “Renovate-Rent” programme to a rate that can be as high as 40% of the total budget, external thermal insulation using BIOCLIMA ClimaWall system becomes the natural option. Adding the virtually unlimited range of KRAFT Paints shades for all house surfaces, as well as all ancillary products (sealants, repair products, microcement etc.), it becomes evident that KRAFT Paints and the “Renovate-Rent” program are the ideal combination that really makes a difference.   

Useful Details

• Launch of the program is expected soon.
   
• 50% of the total subsidy amount granted to beneficiaries can be disbursed in advance. Disbursement will be immediate upon application. A necessary prerequisite is that invoices for project expenses are paid online and certainly, applications are filed online through www.gov.gr site.
   
• Settlement of the eligible expenses is obligatorily and exclusively performed online, with respect to to expense submittal. Such settlement should be effected within a period of 6 months following the date of approval. If this is not the case, the advance payment will be revoked and claimed as unduly paid amounts.
   
• Should the lease be terminated, the beneficiary is allowed to conclude a new lease within three months, for the remaining term. This can be carried out twice at most).
   
• The Authority (DYPA, the Greek Public Employment Service) is entitled to perform sample audits to ascertain compliance to the procedures and the terms of the programme. With respect to the house rental tern requirement,  DYPA is entitled to conduct audits at regular intervals within the stated three - year period which is the minimum lease term.