Approaching proceedings in the right manner will ensure you are best able to take advantage of attractive market conditions in France today.
It is something many of us have dreamed about in our lives, upping sticks and emigrating to a far off country with sunnier climes but for one reason or another there is something holding us back.
President Hollande’s draconian reforms on France’s high-income tax bracket have forced many of the country’s rich demographic to move abroad in search of more favorable conditions for their finances. These do not affect property investors from overseas however and wealth of properties on the market at the moment has driven down prices of luxury homes worth more than €2 million by almost 15%. The market conditions have also made sellers more flexible with regard to their demanded price and negotiations can be concluded very quickly. And, combined with interest rates on mortgages that are at their lowest since the Second World War, this is an attractive time to buy a house in a country renowned for its more relaxed way of life and beautiful, sparsely populated countryside
How to Approach Buying Your New Home
The property buying process in France is reliable and thorough but in order to take advantage of the favorable conditions it is important to approach proceedings in the right manner. The Internet contains a wealth of information directing you to reliable bilingual estate agents, and they are vital in helping you to locate the right property for you, and to facilitate a smooth negotiation process. It should be noted though that there are also a few marked differences in legal requirements and customs when compared to the UK and a good French estate agent will clear a passage through these potential pitfalls.
Independent Price Assessments
In terms of the property itself, a real estate specialist can carry out an independent price assessment to reassure you that the price listed reflects the property’s real value. And while there is no law specifying that the technical audit needs to come from your own broker, this assessment can be compared with the one provided by the seller. However, it is also important that you do not rely on the estate agent completely and that you meet with the seller and assess the property first-hand. Furthermore, the agent must only be paid after you have received the keys for your new home to guard against potentially costly mistakes.
Check The Legal History Of Your Property Before Purchasing
You may also have plans to renovate the property after purchase but it is vital to check its legal background and local legislation beforehand, verify the credentials of the contractor and schedule audits, and to receive a full account of the work undertaken afterwards. Your legal representative can administer all this on your behalf, as well as to diligently ensure that all contracted work is completed to the agreed standard.
If you have already taken the plunge and have moved abroad then we would love to hear from you. Please feel free to share your experiences in the comments section below.
About the Author
Tony is a French property specialialist and runs www.countryhomesfrance.co.uk