Welcome to my hot tips for buying
property. Our chosen country is France, this time. Refer to our list of ten
best countries to live in, and you will find France on the tenth!
My top ten tips:
Before we begin, I must tell you
that buying property in France is fairly straightforward. Also, there are no
restrictions on foreign ownership. Therefore the process maybe a simple one.
Still, there are some things you have to bear in mind.
1.
Know your
French. And know it well. Half baked
knowledge of the language is dangerous. Better still, simply get assistance in
translation.
2.
Select your
region. France is a huge country. So narrow
down your search to which region you might want to invest in. (for more info on
regions, do look up one of our earlier posts --‘Knowing France’ - a three part
series). Also, you must make up your mind whether you want a town house or a
country house.
3.
First, only
a verbal offer. Remember, not to sign any paper or
hand over any money, till you are in front of the notaire to process the sale
and purchase contract. If possible, do some research and appoint your own
notaire. Do ensure you clear your doubts and ask for advice from your notaire.
A notaire’s fee is fixed by law and is non-negotiable.
4.
Research. Do ample research about the property that is of interest to
you. Ask questions, make a couple of visits before you get to the ‘notaire’
stage. It might also be extremely useful to go through all the taxes you might
have to pay -- agent’s fee, notaire’s fee, land registrar’s fee, VAT, registration
fee, and so on.
5.
Preliminary
Agreements. Once you have decided on the
property and agreed on the price, you will need to sign a preliminary agreement
with the seller. You will also have a seven day cool off period, during which
time, you have the right to change your mind. This time is best used for
structural survey and other inspections, if required.
6.
Buying
property with French mortgage. Mortgages
are cheaper in France and offers a whole lot of tax advantages. If you do opt
for mortgages, ask about conditional clauses and incorporate them.
7.
Vendor
obligations. Be sure to know what the vendor has
to provide to you before the sale. The vendor must provide a number of statutory survey reports. Get clarification and help from your notaire on this front and
do not go by the report alone. The vendor is also obliged to make a number of statutory disclosures, which you must verify in front of your notaire.
8.
Laws for
unmarried, married and group of people. There
are different laws and conditions, you must know and bear in mind. Ask friends,
legal experts and read up.
9.
It’s all
about wits. It’s often noticed that when you
buy property in your own country, you keep your wits about you, but when it
comes to buying property abroad, you lose track of where you left it! Often,
it’s your wits that come to your rescue or help you in a situation. Basically,
you must remain calm and be able to think clearly without confusion.
10.
Loads of
luck.
Much love
Milo
P.S. A million thank you to several
informative websites and my French friends who helped me draw out a
comprehensive list.
P.P.S: Our next post: Tips on buying property in Portugal. See you there :)
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