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New-build buy-to-let investment

Invest in new-build, understanding every figure.

Gross yield, net yield, cash flow before tax: JL HOME selects and compares new-build homes suited to letting, explains the possible schemes to you and supports you through to the handover of keys.

See properties to invest inSpeak to an adviser

Who it's for

  • Savers preparing an income for later
  • Investors ready to tie up their savings for several years
  • Buyers who want a home that needs no work
  • First-time investors who want to compare before choosing
Gross, net and cash yield

Where each euro of rent goes, and what remains to be covered each month.

Adjust the price, rent, charges or credit: the diagram recalculates the three figures that matter, before tax. The starting values form an adjustable example, not a property from the catalogue.

Gross yield
4,6 %
Annual rent ÷ price
Net yield
3,4 %
Rent collected less charges, ÷ (price + fees)
Monthly cash flow
−585 € per month
Before tax: rent less charges and loan repayments
What happens to the rent, every month
Editable example
  1. Rent excluding charges+850 €
  2. Vacance, 1 mois par an, lissée sur l’année−71 €
  3. Non-recoverable service charges−133 €
  4. Monthly loan repayment−1 180 €
  5. Borrower insurance−51 €
  6. To be completed each month, before tax−585 €

Once the charges are paid, the rents cover 52 % of the loan. It remains 585 € to be completed each month: this is your saving effort, before tax.

Housing and rental

220 000 €

Price including all taxes

850 €

Excluding service charges

1 600 €

Per year: co-ownership fees, property tax, non-resident owner insurance

1 mois

Months without a tenant, each year

Financing

10 %

Share of price, soit 22 000 €

3,5 %

Fixed rate, excluding insurance

20 years

In years

Refine the assumptions
2,5 %

Reduced new-build notary fees, as a % of price, soit 5 500 €

0 %

As a % of rent collected, 0 if you manage it yourself

0,3 %

Per year, as a % of the borrowed capital

The calculation assumptions

  • Fictional and adjustable example: it does not describe any home in the catalogue.
  • Acquisition costs of 2,5 % of the price, i.e. 5 500 €. Net yield is calculated on the price including these costs.
  • Fixed-rate amortising loan: 203 500 € borrowed (price and costs, less 22 000 € deposit), 3,5 % of 20 years, insurance of 0,3 % of capital per year.
  • Stable rent of 850 € excluding charges, 1 mois par an.
  • Non-recoverable charges of 1 600 € per year, managed by you.
  • Neither rent increases, nor works, nor resale, nor tax.

What the calculation does not show

  • Vacancy and non-payment. A month without rent directly affects cash flow: test two or three months.
  • Works. New-build warranties (parfait achèvement, biennale, décennale) cover construction defects, not wear and tear or the replacement of equipment.
  • Rents. The local market, rent controls or the caps of a scheme (Jeanbrun, LLI) determine the rent that is actually possible.
  • Resale. The future price is not guaranteed, and exiting a scheme early may result in losing the tax benefit.
  • Delivery. When buying off-plan, rent starts after the keys are handed over; during construction, interim interest may be added.

Before tax. Tax treatment depends on the scheme chosen (LMNP, Jeanbrun, LLI…) and your situation: it may ease or increase the monthly outlay. Your adviser will review it with you based on actual homes.

See properties to invest inReview your position with an adviser

What a new-build investment costs, beyond the price

At purchase

The tax-inclusive price of the home and its ancillary units, reduced notary fees (around 2 to 3 % of the price for new-build property), loan arrangement and guarantee fees, and furniture if you let furnished.

During construction

Le paiement suit l'avancement du chantier, selon un échéancier encadré par la loi. Des intérêts intercalaires courent sur les sommes déjà versées, et aucun loyer n'arrive avant la remise des clés.

Each year

Non-recoverable co-ownership charges, property tax, non-occupying owner’s insurance, management if you entrust it, accounting under the régime réel, and upkeep.

On resale

Capital gains follow the rules of each regime. Under LMNP (real regime), since 2025, depreciation deducted generally reduces the purchase price taken into account. Leaving a scheme early may cost the benefit obtained.

How the investment solutions work

A scheme changes the tax treatment and the constraints, not the quality of the home: location and the rent realistically achievable come before the tax advantage. Here are the main frameworks for a new home, with their key conditions.

Furnished letting

LMNP

You let furnished. Under the actual-expenses tax regime, expenses and depreciation of the home (excluding land) reduce taxable income; under micro-BIC, an allowance of 50 % applies. The status remains non-professional as long as annual receipts stay below 23,000 € or below the household’s other earned income.

Find out more : LMNP
Unfurnished letting, capped rents

Jeanbrun (private landlord status)

A new-build apartment in a multi-unit building, let unfurnished as a main residence for at least 9 years, with caps on rent and tenants’ incomes. Each year, 3.5 to 5.5 % of 80 % of the price is deducted from property income, up to 8,000 to 12,000 € per year depending on the rent level.

Find out more : Jeanbrun (private landlord status)
Intermediate housing

LLI

A 10% VAT rate instead of 20% on purchase, reserved for legal entities (a SCI, for example). The home, located mainly in zone A bis, A or B1, is rented as a main residence at capped rents and incomes for 20 years.

Find out more : LLI
Split ownership

Bare ownership

You buy bare ownership at a price set for the development; a landlord holds the usufruct and receives the rent for a defined period. You receive no rent during that period and regain full ownership at the end specified in the contract.

Find out more : Bare ownership

Depending on your project and situation, certain schemes may or may not apply. Your JL HOME adviser will go through this with you.

Homes to view for investment

A few residences identified for letting, each with a reference home. Eligibility for a scheme is checked home by home with your adviser.

Student Factory Angers - Montaigne, visuel 1Residence image · non-contractual
3 new homes
Angers 49100

Student Factory Angers - Montaigne

€98,040VAT 20% · including all taxes

Managed residence investment: the home is let to an operator. Options for personal occupation depend on the lease, to be checked before purchase.

Property ref. LA008
1 main room (T1, French classification) · 18.34 m²
Floor
Ground floor
Highlights
Aspect South
Floor plan preview for home LA008Layout previewRequest the full plan of this home.

Expected delivery Q2 2029

Discover this home 140 homes available in this development · notary fees on top
View all homes for investment

Your questions about investing in new-build property

Should you look at gross yield or net yield?

Gross yield (annual rent divided by price) is used to compare two homes quickly. Net yield deducts vacancy and charges, and adds acquisition costs to the price: it is closer to reality. For your budget, the decisive figure remains monthly cash flow, i.e. what is left or what must be topped up once the loan is repaid, before tax.

Why invest in new-build rather than older property?

New build offers a home that meets current standards, reduced notary fees, and the 'parfait achèvement' guarantee as well as the biennial and decennial guarantees. In return, the price per square metre is often higher than for existing property, and rents only begin on delivery.

LMNP, Jeanbrun or LLI: which scheme should you choose?

It all depends on the type of letting targeted (furnished or unfurnished), your tax position, how long you can commit for and the property itself. Your adviser compares the options on real properties; for your personal tax situation, the advice of a chartered accountant or tax adviser remains useful.

Do you need a deposit to invest?

Not always, but banks often ask you to cover at least the acquisition costs. A larger deposit reduces the monthly repayment and therefore the monthly effort: try it in the diagram on this page. JL HOME supports the purchase of the home and is not a credit intermediary: the loan is negotiated with the bank of your choice.

How is JL HOME paid?

JL HOME is a new-build estate agency holding the carte T. Its fees are paid by the developer, as stated in the regulatory notice at the bottom of the page. Its role: to select and compare homes, explain their figures to you and support you right up to the handover of keys.

Let's compare real homes, figures in hand

A JL HOME adviser selects with you homes suited to your project, redoes this calculation with their actual figures and explains the scheme that may be available to you.

Review your position with an adviser
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