This report provides a practical methodology to support the financial assessment of deep renovation projects in condominium buildings. It combines an investment proposal method with a financial decision tool that helps Integrated Home Renovation Services (IHRS), condominium associations (CAs), and renovation professionals evaluate renovation scenarios using clear and transparent financial indicators. Rather than focusing solely on upfront investment costs, the methodology considers the long-term affordability of renovation through a Total Cost of Ownership (TCO) approach.
The financial decision tool compares living costs before and after renovation by integrating investment costs, expected energy savings, maintenance reserves, available subsidies, financing conditions, and potential increases in property value. The methodology supports the preparation of investment proposals and enables stakeholders to compare alternative renovation scenarios using understandable monthly housing-cost indicators.
Rather than providing a detailed financial appraisal, the tool is intended as a communication and decision-support instrument. It helps condominium boards and co-owners understand the financial implications of renovation, facilitates discussions among stakeholders, and increases confidence in collective investment decisions. Testing within the CondoReno project demonstrated that the greatest added value of the tool lies in supporting dialogue and consensus-building while improving the understanding of the assumptions behind financial calculations.
