Get Two More Months When You Take One Year…
You might remember that a year ago I decided to take my own advice.
I purchased a sweet little studio apartment on rue Charlot that I affectionately call “the baby” although it’s official name is “Le Provençal.” At a mere sixteen and one-half square meters, it’s just large enough to accommodate a small, but complete kitchen including a washer/dryer, a bath with shower, built-in storage, TV/DVD/Internet and all the luxuries of a much larger home. Three windows facing a lovely Marais courtyard with southeast exposure allow for the light to pour in, but the noise to stay out.
The renovation work took TWO months…to expose and repair the 18th-century wood beams, create an exciting mosaic bath and kitchen and prepare it for furnishing. One month later, every detail was complete and the rentals began.
A 50% occupancy rate is all it needs to more than cover the mortgage and expenses. Everything over that is pure “gravy” and meanwhile, the property is appreciating (Paris property appreciated 14.1% on the average in 2006!).
From the beginning, the apartment has been more than a rental success. It is already yielding a 75% occupancy rate, even this first year! You might say I am pleased…so pleased that I am in the process of purchasing another studio apartment, not only in the same neighborhood, but actually in my own building of approximately the same size, and this time with a terrace.
I learned a lot with Le Provençal. There is no question the added expense of the original mosaic work and luxury furnishings were well worth it. In spite of the small space, the ambiance is sheer heaven. The bath is small, but it’s completely luxurious and delicious. It was very satisfying to create the most charming and inviting 16.5 square meters one could possibly imagine in the heart of Paris.
And I will do it again. But, this time…in the theme of “Saint Tropez.” What does that mean? Imagine blue and green tiles, sandy tones, palm trees, wicker or canvas furnishings, and chic, chic, chic. I want to lie on a chaise on the terrace and believe I’m on the beach of Saint Tropez…warm, sunny and bronzed all over! Nothing could be more relaxed and pleasant…right here in “Gay Paree,” sometimes a rather “Gray Paree.”
The ability to purchase these properties is 100% the result of the apartment I purchased more than seven years ago — the apartment in which I live. It has more than tripled in value in that time, providing me with enough of an equity release to purchase not only one, but two little studios.
There is no doubt that these are good investments. These properties will provide the financial security I’ve always dreamed of and perhaps the ability to afford even more sometime in the near future, growing a valuable portfolio that will provide an income during retirement and eventually leave to my daughter.
In the last six years, since discovering the world of real estate in Paris (and throughout all of France), my carefully formed team of property professionals and I have helped hundreds of people realize the same dream…at Living and Investing in France Real Estate Conferences, through one-on-one consultations, providing property searches and purchase assistance programs and through our various publications.
Seven years ago when I made that first property purchase in Paris, I was pretty naive. Not any more. Now after years of working within the industry, there’s very little about the property purchase process I don’t know, and what I don’t know, I know who to ask and how to find out. In fact, I’ve made it my business not only to know, but to share this information with you.
P.S. Of course, if for any reason you are not completely satisfied with your subscription to French Property Insider, you have my personal guarantee. You can cancel at anytime for a pro-rated refund, no questions asked.
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