Jérémy invested in Rouen from Spain
How do you create value on a small apartment in Rouen from Spain? Jérémy bought a 39 m² property that was already let, made from two studios never merged in the land register, to split it back into two student studios. A project of about €135,000 including works, €900 of target rent per month and an 8% gross yield.
Spain
Jérémy tells the story
“There’s always a moment when you want to take the plunge, but when you’re on your own, there’s always a good reason not to.”
Jérémy, who lives in Spain
What Jérémy had to overcome from Spain
FinancingA loan secured very quickly
Everything moved very fast with the bank. Jérémy obtained a 20-year loan, with six months of deferred repayments thanks to the works. His advice: already be a customer of the bank, or start early. What took the longest was the paperwork.
LettingTwo studios for students
The flat is well located: near the station, between the universities and the city centre, in a quiet, protected area. Once divided, each studio can be let to students for €400 to €450, €900 a month in total, against €600 to €650 as it stands. The studios should be ready in October, when students arrive, on long-term lets.
Remote managementBuying without viewing
The property had a tenant: Jérémy could not view it. A close friend who runs a renovation company went for him and sent photos. Jérémy has only seen it in pictures. Locally, he also relies on an estate agent recommended by his family.
Renovation worksDividing the flat back into two
The flat was created by joining two studios, never merged in the land registry. Jérémy will return it to its original state: two studios of about 19 and 17 m². The works, around €35,000, are entrusted to his friend’s company. The six-month deferral covers the renovation: the first real repayment will fall in February or March.
How Jérémy invested in Rouen from Spain
Ireland, then Spain
Preparing for retirement as an expat
Jérémy left France in 2004. After Ireland, he now lives in Spain with his partner, who is not French. For a long time the couple had wanted to prepare for retirement, without knowing how. For Jérémy, it would be France: property there is seen as safe, and it is his mother tongue.
He joins ImmoPourExpat
He discovered ImmoPourExpat on Instagram. What Frédéric said echoed what he already thought; he watched the video several times, did some research, then signed up. He followed the programme almost every day, with a set number of videos. Frédéric called him quickly, and he moved forward with a structure.
The Christmas holidays
The property he could not view
Back in France for the holidays, he viewed two or three properties with an estate agent recommended by his family. The agent mentioned a flat he could not view: two studios joined into one, already let. At the end of the day, it was the only one on his mind. Applying the programme’s advice, he saw its potential to be divided.
The plan
Two studios of 19 and 17 m²
The flat was never merged in the land registry: Jérémy will divide it back into two studios of about 19 and 17 m². The works, around €35,000, are entrusted to a close friend’s renovation company, who also viewed the property for him. Total cost, including agency and notary fees: around €135,000.
The loan
20 years, six months deferred
The loan runs over 20 years, with six months of deferred repayments to cover the works.
October
A target of €900 a month
The studios should be ready in October, for the start of the academic year. Jérémy is aiming for €400 to €450 per studio, €900 a month, against €600 to €650 as it stands. The outcome: an 8% gross yield on long-term lets, and a property that pays for itself.
Today
A property owner three to four months later
Jérémy signed the deed the day before his interview. Between his first contact with ImmoPourExpat and the signing, three to four months went by, whereas Frédéric had seen him hesitate for about ten years. Next steps: the works, the first tenants, then perhaps extending his house.
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