We would like to tell you about our latest reference for a couple who called upon our services in late 2020 and for whom we have just finalised the deed of purchase. Having received a precise request from them and analysed the possibilities, we decided to opt in favour of investing in a building suitable for letting, to the clients’ great satisfaction.
First contact during an information session
An initial information session gave us an opportunity to discuss the various possibilities. At first, our clients wanted to buy two apartments in the south of Brussels, a growing area. We assessed their request and given their budget, we suggested that, instead, they think about buying a building suitable for letting.
The clients hadn’t considered this possibility, but after discussing the matter they thought it was a very interesting idea. Just one week after signing the search agreement in November 2020, we found a suitable off-market property in Boulevard De Smet de Naeyer, in Laeken, for € 635,000, which was perfectly within our clients’ budget.
The building was in a good location, comprised three housing units and was handed over ready to use at the start of 2021.
A fast transaction after analysis and negotiations
Given the qualities of the opportunity we had identified, we acted immediately. The tricky part of our analysis was to forecast exact rents, because the property was still being renovated. We also had to submit an offer subject to compliance with town-planning requirements, as we still had some doubts about the duplex in this respect. After short but positive negotiations, all for a gross return of 4.2%, the offer was accepted, to the delight of our clients. A month later, we dropped the suspensive condition.
We also reached an agreement with the seller to move forward with renting the apartments once the work was finished. Two of the three apartments were rented out before completion at the price we had forecast in our valuation.