Posts Tagged ‘buying property in France’
Top 5 Tips to Consider When Buying Property in France
January 21, 2012 | 
Author A recent phenomenon in the European real estate market is the marked increase in the numbers of foreigners buying property in France. British buyers account for a significant percentage of these foreigners, most probably because of the favourable exchange rate between the Euro and the British Pound; and the lower prices of property in France compared to Britain.
Purchasing property in a foreign country is always fraught with difficulties, mainly because of the different language and the plethora of property laws pertaining to the foreign locale.
It is therefore imperative that the following top 5 tips to consider when buying property in France are taken into account. Being armed with this information will make the entire buying process so much easier and enjoyable.
Tip number 1 is that once you have decided on a budget for the property, the next thing to do is to decide exactly which area you like best. When this aspect has been decided, you need to travel to the area in person to check out what properties are available in your price range; and to see if there is a property that you would really like to purchase.
Tip number 2 is that if there are properties of interest, you need to check all the estate agents in the area to see which one is offering the cheapest price, as all agencies have different prices advertised. The advertised price of a property in France includes the estate agent’s fee, which generally ranges from 6%-10%, and is paid by the buyer. The only cost not included is that of the notary, whose fee is also around 6%-10% (and includes land registry costs and government taxes). The notary is a government official who is impartial – and it is accepted practice for him to represent both sides in a property deal.
Tip number 3 is that even once you have selected an agency, you need to ensure that there is an English speaking agent – or at least one who has a very good knowledge of English – unless, of course, you are fluent in French. Misunderstandings through lack of understanding between the parties account for huge numbers of deals falling through and, in worst case scenarios, getting involved in legal proceedings and/or losing all ones investment.
Tip number 4 is to know that you will have to sign three documents – the first is for the estate agent, stating that you will not approach the seller behind the agent’s back, or buy the same property from another agent. The second is an offer to purchase, which is also signed by the vendor in acceptance of your offer. The third is a legal statement of intent to purchase, at which time a 10% has to be paid. There is then a 7-day cooling off period when either party can rescind its offer. Should the deal fall through, your 10% deposit will be returned to you.
The above information should make buying property in France an easy and pleasurable experience.
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Successfully Buying Property in France – Part 1 of 2
French property buying guide for buyers
Researching Property.
Spend some time thinking about:-
What location are you looking for?
Weekendable or half-terms and main holidays?
Within reach of a ferryport or near to an airport?
A mild, warm or hot summer climate?
A mild winter climate or snow and skiing?
Near the coast, rolling countryside or mountain views?
Town, village or rural?
What type of property are you looking for?
A holiday home, a permanent home, income producing or
“get-away-from-it-all”?
Lots of land and lots of upkeep or a small garden and low maintenance?
A restoration project (and the end of carefree holidays)
or renovated and more expensive – bear in mind that property prices in France are cheaper because land is
cheaper, building and restoring costs can be as expensive as in the UK.
Personal use or space for gites
- they say the average gite can make £4,000 per year but a lot depends on number of bedrooms,
off season use (central heating) and marketing, etc, and there are running costs to consider.
Choosing your Property.
There are two methods of choosing your property.You either choose a SPECIFIC property from
our website database (which is automatically updated as and when we are informed of changes) or you choose
the TYPE of property that interests you.If you choose a specific property, you MUST be prepared to drop
everything and get to France as quickly as you can. Whilst we employ the speed of the Internet to keep you
informed and to update our systems, ensuring we are always ahead of printed brochures and magazine adverts
(which have a minimum 4 week leadtime), it should be appreciated that because in France the buyer pays the agency fees
rather than the seller (as in the UK), some owners will put their properties on the
books of more than one French Estate Agent and whilst every effort is made to ensure availability with
our offices, it could be sold by another agent the day after an appointment is made. This is true for everybody
working with French properties.
If you choose the TYPE of property that interests you then this is not a problem.
The Viewing Appointment.
You can have an organised itinerary, reasonable journeys each day and good “value for money”
accommodation waiting for you each night or you can skid up and down the country exhausting yourself – and
France is a big country.Trying to squeeze in 3 or 4 appointments a day, an hour here, a late arrival there
might seem like the best way to cover ground – but mostly, that’s exactly what you’ll achieve – covering ground
and you won’t endear yourself to the French agencies.
Once we understand the property TYPE you’re seeking and the amount of viewing time you want us to
fill, we brief the agents in your chosen area(s). They confirm availability of a number of suitable
properties and we book the amount of time necessary for you to view the selection. This can range from
half a day to 2 full days, depending on the number of properties to see. We then arrange the whole itinerary
into the most efficient travel and accommodation circuit, ask you to confirm that
you are free to accept the appointments and, finally, firmly confirm your appointments with the agents
concerned.
If you are not free to accept the appointments, if you’re waiting for other agency confirmations,
if you have “rest” days in mind, please tell us beforehand. It is far more
preferable to accommodate your needs from the start than begin cancelling confirmed arrangements later.
Having numerous agencies tripping over each other, producing double bookings and cancellations, might
seem like the best way of organising your trip but you really are reducing your chances of success and
when you need to return to France for a second time, you may find you’re not treated as seriously as
you’d like.
We at http://www.frenchways.com maintain over 3000
properties on our website and our offices have over 35,000 more on their books thus ensuring there is always
a selection of the type you like, available for you to view.
Grace Turner is a Director of www.mortgage-calculator-group.com [http://www.mortgage-calculator-group.com] – the website for mortgages in Europe.
For more information about living in France plus thousands of properties for sale throughout France visit www.frenchways.com
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Buying A Property In France – Pleasures And Pitfalls
Buying a property in France should be a pleasure, an absolute joy, but too often people come here short on information. When you’re talking about the sort of serious money a house costs, of whatever size, it’s up to you to take due care. If you end up choosing a French house that’s got problems you’re the one who has to live with it.
So how can you take the pitfalls out of buying a French property?
Well first off, learn to speak French. I don’t mean be fluent in the language, we certainly weren’t, but learning a few words and phrases will do a couple of things. It will increase your confidence when dealing with people – and the French will recognize it. They’ll also treat you better because you’ve taken the trouble to make the attempt, however haltingly. The French are big on being polite and speaking their language is the ultimate example of this.
They’ll also be wary about what they say. Now don’t get me wrong, the French aren’t all out to pull the wool over your eyes when you’re out searching for your French property, but if they know you can’t speak the language some of them, a minority, might say things they wouldn’t otherwise. Speaking a bit of the language puts you on their level.
No, it’s not easy, but it is worth it.
Now no amount of expertise in French is going to have you understanding the processes and paperwork for buying a property in France. It will certainly help, but you need to do some research as well. The French do love their paperwork.
Fortunately the internet is a great help. There are dozens of sites offering advice on French property buying, French mortgages, Notaires (kind of a solicitor but not), in fact every facet of finding and buying your place in France.
Make sure you check multiple sources though. It is clearly in some people’s interests to promote certain things or give particular information. It’s not necessarily deceptive but a lot of them are doing this for a living, after all.
Then eventually you’re going to find yourself here in France. You may or may not have the help of an interpreter, consultant or an English-speaking agent. It’s another area you need to research. Interpreters and consultants can be a big help but they can also be expensive. What services are they offering? Would a French estate agent be doing a lot of these things anyway? These are the sort of questions you need to ask.
And when you’re buying a property in France what checks do you need to make on the building? What about planning regulations? Rights of access? For instance, if it’s a rural property does a local farmer have any rights? Does the local maire have a right to buy? It’s the sort of thing that exists in France that you may not be aware of.
None of this information is hidden from you. None of it is secret or particularly difficult to find out but the French property buying system is different so you need to make sure you know what’s going on. A French agent may quite understandably assume that you know what you’re doing. Their French clients would, why not you?
However, they are also very helpful. If you don’t know, ask. If you’re not sure, ask again. Re-phrase it perhaps. French property agents get well paid, make them work for it!
In general, to turn pitfalls into pleasures when buying a property in France, all you have to do is ask questions and make sure you understand the answers. It’s easy to get drawn into the atmosphere and the excitement and forget common sense. Don’t. This is far to big a decision to be made without all your wits about you.
Jeff Seems is an Englishman living in France. He is author of The French Property Buyer’s Guide which is vital reading for anyone thinking of buying a property in France.
For info and six free lessons to learn French, try Rocket French.
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