Beginners Guide to Buying French Real Estate
Originally posted on & updated on 16th July, 2024
When clients contact us for advice on buying a home in France, we always start by asking about their primary goal. Are they looking to move permanently or retire, find a second home for family holidays and occasional rentals, or seek an investment property in a town or city? Understanding this early on is crucial, as everyone’s needs and objectives will differ. Here are our Top Three MFH tips to guide you through the early stages of house hunting in France:
M is for Maps
It’s easy to get carried away with online maps and all the social media hype, but nothing beats an old-fashioned map to get an eagle-eyed view of the country. France is a large place, and most people underestimate the distances involved when driving from visit to visit. If you have a paper map in your car, take it out and lay it flat on a table so you can place pins, write notes, or colour certain areas with marker pens, for example. Our website offers a handy interactive search map to help narrow down your search areas. This tool allows you to draw and focus on specific areas, making it easier to search potential properties.
F is for Finance
Setting your budget is a fundamental step. Learn about the costs involved, such as legal fees and property taxes, and make detailed notes to plan effectively. If you need financing, apply for a decision in principle from a French bank or broker as early as possible; the criteria for mortgages are very strict. If you need to sell a property elsewhere, try to coordinate the timing of listing your home with your visits to France. Additionally, research currency transfers as the rates are volatile, and learn about the buying process and how to make an offer or when to pay your deposit; these will differ from your home country.
H is for Housing Market
Researching the housing market is essential. Prices vary significantly depending on the location and may not be as cheap or expensive as expected. Some buyers still harbour the dream of finding a chateau to renovate or a farm in Provence for the price of a terraced house in the UK, but this is usually unrealistic. The good news is that in most French regions, property prices have been reducing over the past few months as the national market cools while the country’s politicians are trying to form a government, further to the surprise recent election results in June and July.
BONUS TIP: It’s YOUR French Life!
When buying a property abroad, it’s vital to prioritise your desires over the preferences of others. One of our clients shared his story of buying in Spain to please his family. “My family pressured me to buy a villa in Marbella instead. Of course, once they’d visited a few times, they wanted to explore new places. It’s far fancier than I need, so I’m selling it now. Still, lesson learned. Buy somewhere for you, not for the once-a-year your kids will visit!”
This is a valuable lesson for anyone house hunting in France: your property should meet your needs and dreams. By following our expert tips, mapping out your areas of interest, sorting out your finances, and researching the market, you are giving yourself the best chance to navigate the local property landscape and successfully find your dream home in France. If you’re starting your search, we recommend signing up to receive property alerts based on your criteria and staying updated with the market.
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