Tips to Purchase a Property in France
Buying property in France is likely to be a daunting task for most people as it is a completely different process compared to Ireland or the UK.
Following are a few tips as to how you can look for properties.
Make a trip If purchasing a property is seriously in your interests, you should go there and spend some time to see how you like it in France.
While you're there, try and look for properties as well, so your trip will be worthwhile.
Don't just stay there for a couple of days and make a rash decision purchase a property in the country.
Making a weekend trip will not be helpful as the real estate agencies will be closed on Sundays, and a Saturday alone is not good enough to tell you anything about the properties or the market.
Stay for a good ten days at least and go around looking for places in as many cities or towns as you wish to.
Negotiation is key If you've found a property, assess its market value and see if the vendor is selling it for a reasonable price.
If you believe the property is worth lesser than what's being charged, don't hesitate to negotiate.
You can get between five and ten per cent off on the price based on the location and the state of the market.
Get a structural appraisal As in England, the popularity of surveyors in France is not that great.
Most of them live in Paris and their focus is on commercial property.
Doing it the French way, you can ask the local architect or builder to appraise the property.
Once they do that, you can hire one of the many British surveyors and ask them to check for any defects in the property.
If it's clean, you may take negotiations to the next level and proceed with buying property in France.
If not, you may withdraw without a penalty.
Sign the initial sales contract Both, the vendor and the buyer are protected by the initial sales contract.
When you make an offer, the agent will ask you to sign the compromis de vente (initial sales contract).
Don't panic - this is how it works in France.
Once both of you sign the contract, the property will be taken off the market during the time the appointed notaire performs the required checks.
Get the mortgage approved Before you make your trip to France, make sure you have the resources to pay for the property.
If you need a mortgage, apply for one, get it approved, and only then head out to purchase the property.
Following are a few tips as to how you can look for properties.
Make a trip If purchasing a property is seriously in your interests, you should go there and spend some time to see how you like it in France.
While you're there, try and look for properties as well, so your trip will be worthwhile.
Don't just stay there for a couple of days and make a rash decision purchase a property in the country.
Making a weekend trip will not be helpful as the real estate agencies will be closed on Sundays, and a Saturday alone is not good enough to tell you anything about the properties or the market.
Stay for a good ten days at least and go around looking for places in as many cities or towns as you wish to.
Negotiation is key If you've found a property, assess its market value and see if the vendor is selling it for a reasonable price.
If you believe the property is worth lesser than what's being charged, don't hesitate to negotiate.
You can get between five and ten per cent off on the price based on the location and the state of the market.
Get a structural appraisal As in England, the popularity of surveyors in France is not that great.
Most of them live in Paris and their focus is on commercial property.
Doing it the French way, you can ask the local architect or builder to appraise the property.
Once they do that, you can hire one of the many British surveyors and ask them to check for any defects in the property.
If it's clean, you may take negotiations to the next level and proceed with buying property in France.
If not, you may withdraw without a penalty.
Sign the initial sales contract Both, the vendor and the buyer are protected by the initial sales contract.
When you make an offer, the agent will ask you to sign the compromis de vente (initial sales contract).
Don't panic - this is how it works in France.
Once both of you sign the contract, the property will be taken off the market during the time the appointed notaire performs the required checks.
Get the mortgage approved Before you make your trip to France, make sure you have the resources to pay for the property.
If you need a mortgage, apply for one, get it approved, and only then head out to purchase the property.