Buying a property in France, as it would be anywhere else in the world,
is an important undertaking and involves a complex legal process. Under
French law, housing falls under specific legislation which governs all
that is referred to as immovable property, i.e. that which is attached
to the soil. Below we have laid out some tips to help you with the process
of finding the right home. Follow the links for further information relating
to the legal process, to find recommended lenders, currency brokers, for
details of market conditions and for links to more agencies if you cannot
find what you are looking for here.
Define your criteria giving consideration to personal interests, sporting
activities, proximity to airports, towns, restaurants, schools and hospitals.
Research the climate and the geographical, cultural and economic infrastructure
in those areas that appeal. Tip: Areas that are overly touristic in the
summer may close down to a large degree in the off season. This is less
than ideal if you intend to use the property year round.
Define your criteria giving consideration to personal interests, sporting
activities, proximity to airports, towns, restaurants, schools and hospitals.
Research the climate and the geographical, cultural and economic infrastructure
in those areas that appeal. Back up the research with field trips.
Define your budget, and analyse how it will be financed. If a mortgage
is required, decide whether you want to borrow against collateral held
in your home country or whether you want to borrow against the property
you intend to purchase in France. In the first case there are no currency
risks as your repayments will be based on a stirling loan.
In the latter case one would use a French Bank. This is not as daunting
as it may first seem as many banks have multilingual departments specialising
in loans for foreign buyers and many familiar banks, (Abbey National,
Credit Agricole, Barclays...) all have French divisions set up for exactly
this purpose. Speak to a couple of Banks in order that you have an idea
of what they will be prepared to lend as requirements are generally more
rigorous than in the UK.
There are several sources of property which may be worth exploring:
Notaires often have a department dealing with property sales for their
clients. The advantage is that their commissions are lower than those
of Estate agents. Their portfolios are usually limited however and rather
localised.
For sale by owner: This route can produce some savings but purchasers
should have a good knowledge of market values as some properties sold
in this manner have been rejected by agencies due to unrealistic price
expectations from sellers.
Estate agents are tightly regulated within the French system and on the
whole offer a professional service. The system is different to that in
the UK however and the property details they provide are often rather
sketchy and exact locations are withheld. This is due to the legal constraints
imposed on their activity and is compensated for by the level of hands
on service. Allocate at least half a day per agent. The distances between
properties can be substantial. Agents can also be a useful source of information
about areas, market values, local developments, and basic legal issues.
Define the type of property you require, new or old, elegant or rustic,
how rural you want to be, the size of the house, outbuildings and the
amount of land that you require.
Remember that the cost of purchasing a house in France may be significantly
lower that that in the UK but the costs of maintenance may not be all
that different. Assess the costs of restoring a property in order that
you can make an informed decision when you find a property requiring work
bearing in mind that most property will require some degree of work.
Tip: If you don’t have much time to spend viewing in France, use your
web search to cherry pick agents who seem willing to help rather than
cherry picking properties. This is because properties don’t often turn
out the way you expect from details on the web.
Find agents with knowledge of the area, and their properties, and then
let them help with arranging your agenda.
