Chamonix studio renovation - build thread

[Marcellus]

Our Bank is in St Gervais as we lived further up in Les Contamines for a year.

I like St Gervais as it's well placed to go to Chamonix, Megeve and then on to other smaller resorts towards Albertville.

It not as busy as Chamonix so nice and peaceful which is a good thing but it too is open pretty much all year and there were some nice restaurants there too.

HTH.

[Gruffy]

Four different people have been in touch about having me renovate more properties for them and the first one committed this evening. I'm genuinely quite excited about designing more apartments.

I'm getting married in the valley on the 5th September and after a short mini-moon in the Dolomites I'll be shipping Mrs Gruffy back to the UK and sticking around to manage the renovation(s). With luck one or two more will commit and I can tackle a few in succession.

I spent some time last week talking to local agents and have found two more properties that I think are priced well for the potential they have. One of them is a 25sqm studio at €98k which I could be tempted with myself if none of the guys I'm talking to go for it.

Exciting times.

[LDN]

Gruffy, can I ask a few questions. We are planning to purchase a couple of studios to do a similar thing but in our preferred area of Morzine and the surrounding PDS region. We have just bought a second home here that we can't bring ourselves to ever rent out; and so the studios will be seperate properties that are purely for rental and that we wil never stay in... does this classify the income as a more commercial venture? Do you know if this affects the tax owed on income?

I'm trying to gather all the info but I seem to be comjng up with a figure of 20% to the French and then the income still has to be declared in the UK... but; the UK will take into account what you've already paid tax wise. Is this right? Is this in any way affected by whether the owner does use it sometimes or not? (I'm not talking the equivalent living / owner tax - purely income)

Apologies if this has come up in the thread previously and thanks for any advice!

[Gruffy]

You have it right. There's tax to the French and then UK taxes to be paid when you bring it back, less what you've already paid in French taxes. I don't belive a particular level of owner-occupancy changes the numbers though, but I'm not 100% sure on that.

[jonny996]

Snow time is near and just wanted to bring this great thread back to life to remind us dreamers it is possible

[Gruffy]

The place has been booked solid most of the year. We used it briefly when we got married in Chamonix in September and now we have tenants using the place from Sept-Dec until the winter season begins. Christmas and NY week are already gone and now that winter is arriving I'm expecting the peak weeks to start getting picked off.

I've had a few enquiries from other owners about doing similar renovations again. I was a bit gutted it didn't quite work out this year but we'll see.

We're off to Whistler for Christmas & NY and I'm researching for a Japan trip in Feb. We may not even get to visit Chamonix this season. Totally cool with that though as it simply makes the place easier to let out. It more than pays for itself if you manage the letting well.

Here's hoping El Niño gives us a great winter, wherever you're all spending it!

[HotJambalaya]

Aaaaargh, this thread is painful for me as one of the people that couldn't quite get it together last year...

[jonny996]

Gruffy, can I ask why you used IKEA in Geneva rather then the Lyon one? Was it because it is closer or is the Swiss one cheaper? I notice that the French ikea is a lot cheaper than the UK one.

[Gruffy]

It's considerably closer. The prices vary quite a lot between countries. Appliances in Switzerland were frighteningly more expensive, but the units were cheaper, assuming you weren't asked to pay the TVA top-up when crossing the border back into France.

[jonny996]

Gruffy, do you happen to know if Ikea Geneva will supply & fit in French Alps, or is it best to go to Lyon.

[Gruffy]

If I remember correctly they won't even deliver to Chamonix, despite being closer.

[littleT]

Hi. My mate shared your link.

Do you rent your apartment out. Looking for next year?

[Gruffy]

Yes, the apartment is rented out on airbnb throughout the year.

https://www.airbnb.co.uk/rooms/4120521

[Gruffy]

After three years the apartment is, reluctantly, for sale http://www.agence-montagne.com/offer-vente-355 It's been a hit on airbnb and is paying for itself quite handsomely, even with us using it at peak times. As much as I'd like to keep it I'm going to need the money for my next project: a four-storey early Victorian townhouse renovation. That build thread has just started. I'm sticking to design and project management this time around, so it may contain less swearing than this thread did. We'll see.

[jonny996]

This is a pity but from me, thanks for the inspiration & ideas it did help us decide on buying.

[Gruffy]

Now on Rightmove, because I have a whopper new project in London.
http://www.rightmove.co.uk/overseas-property/prope...

[RC1807]

I shared your link with a few I know who regularly drive down to Chamonix.
This was an amazing transformation, as I'm sure your Peckham mansion will be

[Gruffy]

I had a Facebook message from somebody relating to this, but it's disappeared into the ether. Whoever it was, feel free to reach out again; I'm not ignoring you.