Sell an apartment with tenant in place often seems reassuring: no rental vacancies, rent already received, sometimes even visible profitability. However, in reality, selling busy almost always means selling cheaper. Many owners still underestimate the real impact of this situation on the transaction.
When a home is available, it can attract a buyer by main residencea rental investor or even a second home buyer. When busy, the market is reduced almost exclusively to investors. The number of potential buyers is decreasing sharply, which mechanically weighs on the selling price.
“ When we sell an occupied home, we will exclusively target investors. And given that we are targeting a market share that is quite low in terms of buyers, we will inevitably have a lower price. », explains Vincent Jos, manager of the Vincent Jos Immobilier agency. On average, it observes a discount of 15%which can reach 15 to 20% in Île-de-France .
A logical discount… unless profitability is attractive
This drop in price is explained by the constraints taken up by the buyer: tenant already in place, existing lease, rents, neighborhood or even the actual condition of the property. The investor not only buys an apartment, but also a rental situation.
“ We have to make sure that he is a good payer, that the situation is healthy, that there are no problems with the neighbors. All these constraints mean that we have to reduce the price to be more attractive. », underlines the real estate agent.
The reasoning is above all financial: net returnco-ownership charges, property taxes or even work to be planned are immediately included in the profitability calculation. “ From 5% net profitability, it is generally considered that the investment becomes attractive », specifies Vincent Jos. The absence of rental vacancy and a history of regularly paid rent can then reassure certain investors.
Empty or furnished lease: the tenant’s rights change everything
The point most often poorly anticipated concerns the right of priority of the tenant to purchase the property. It all depends on the type of lease.
According to the rules recalled by ANIL, in empty rentalthe owner must respect a notice of six months before the end of the lease, with a priority right granted to the tenant. In furnished rentalleave for sale must be given at least three months before the end of the lease and the tenant does not benefit from this same right.
The tenant then has two months to accept or refuse the offer.« The mistake owners often make is that they don’t meet these deadlines. Some see the end of the lease coming too late, others sell without mailing », alerts Vincent Jos. If notice is not given correctly, the lease continues automatically and the purchaser becomes the new lessor.
Another point often overlooked: without valid leave, an investor who buys an occupied property starts a new full lease period. A empty three-year lease with one year remaining can thus be renewed for three new years. The rental situation must also be clearly communicated to the notary : type of lease, amount of rent, security deposit, possible unpaid bills, notice given or not to the tenant, etc. The notary checks in particular the regularity of the lease, the validity of the notice for sale and compliance with the right of pre-emption in order to legally secure the transaction.
Visits can significantly slow down sales
The organization of visits often remains the real blocking point. The owner cannot freely enter the accommodation, nor keep a duplicate key without agreement. The slots must be provided for in the lease. “ Often, tenants retain. They feel good and don’t want to leave, so they do everything to delay the sale », notes the professional.
THE DPE can also affect the price. Classified housing E, F or G are already suffering a significant reduction, which can be added to that linked to occupation. “ we generally rely on the estimate of the cost of the work in the diagnosis and deduct it from the sale price », explains Vincent Jos.
His advice remains simple: unless there is a financial emergency, it is better to wait until the end of the lease. “ We always sell better empty, that’s the reality, and faster “, he says. The real arbitration is therefore not only legal, but patrimonial: sell quickly with an immediate discount, or wait to sell better.
