Do you want to get into rental investment and are you interested in aging and energy-intensive housing, in other words a “thermal sieve”? First thing to know: the rental of such a property is doomed to disappear. Housing with an energy performance diagnosis (DPE) of the letter G will indeed be withdrawn from the rental market in 2025, F in 2028 and E in 2034 (excluding seasonal rentals), according to the Climate law. Measures aimed at limiting greenhouse gas emissions and achieving energy savings, knowing that 23% of these emissions are generated by the building sector. In addition, a rent freeze has already been introduced, on August 24, for all these dwellings.
Buying a “strainer” and then renting it as is is absolutely not a good plan. But what if this takeover is accompanied by an energy renovation? Financial windfall or risk taking? 20 minutes asked the question.
An attractive purchase price
Investing in a “strainer” means first of all having access to a lower purchase cost than for standard housing. “Landlords who do not want or do not have the means to carry out this work will put their property up for sale”, explains Stéphane Fritz, president of the network. Guy Hiccup Real Estate. But what percentage reduction can we expect? It’s hard to say, but “the price of real estate will drop in general”, predicts the specialist.
Why ? On the one hand because of the large number of goods put up for sale on the market, following “deaths and divorces” during the Covid-19 pandemic, he explains to 20 minutes. On the other hand, interest rates rise, wear rate are falling, and it is more difficult for banks to grant loans. This means fewer candidates for purchase, therefore fewer goods acquired, therefore more goods on the market, and therefore falling prices. On its website, the start-up specializing in rental investment Invest in the old specifies that it is possible to acquire a “strainer” 20 to 30% cheaper than a house already up to standard.
But there is currently “no massive sale of this type of property on the market”, nuance Yann Jéhanno, president of Laforet Real Estate. Stéphane fritz confirms this: “we are rather counting on 1 million transactions on “strainers” this year than 1.2 million, like last year”, explains the business manager.
Is it possible to become a winner on the rental yield?
Is buying a “thermal sieve” profitable for landlords? As much to tell you right away that it is impossible to answer yes or no. “It’s to be dealt with on a case-by-case basis,” says Eric Allouche, executive director at Era Real Estate. “If we have to redo the insulation from the inside, that can reduce the living space. And when you know that the price per square meter is 11,000 euros in Paris, there can be a significant shortfall,” explains Yann Jéhanno.
Two visions then oppose each other. According to Stéphane Fritz, the goal of renovating a property with energy is to ensure that it “keeps its value”. But for Eric Allouche, it is above all a question of “constituting a good yield”. In other words, the best there is. On “strainers”, Lior Pardo, co-founder ofInvest in the oldpromises for its part yields “of up to 10%” after the work.
Many aids to finance the works
To carry out this renovation, which will therefore ultimately be a must, Eric Allouche advises first of all to “have a energy performance audit “. Thanks to the latter, the renovations to be made will be targeted and costed.
Are you tempted by “homemade” work? Eric Allouche does not advise against this option, since they can save labor costs, “if the buyer is a handyman and feels capable of carrying out the work”. Works that oscillate between 15,000 and 60,000 euros. On the other hand, only recourse to RGE approved professionals allows access to aid. “And this is where it becomes interesting, because in addition to the advantageous cost of purchase, aid and loans prevent the buyer from taking out the money right away,” says Eric Allouche. CEE, “Ma Prime Rénov”, energy check, “Living better serenity” from the National Housing Agency (Anah), zero-rate eco-loan… As many financing solutions cumulative, ranging from 49 to 50,000 euros.
However, there are not enough renovation companies. “Do we have enough RGE companies available today that can renovate your home? According to reports produced in recent weeks, we know not,” says Yann Jéhanno. An observation that could slow down renovation projects for a certain number of dwellings.