Avoid mistakes. Understand how the French real estate buying process works with ESREA France
French real estate tip of the day: One of the most important steps you need to take BEFORE making an offer on a French real estate property is to completely review the diagnostic reports. If you don’t know what these are you need to read this article on what diagnostic reports you get when you buy a French property.
We also suggest your read this warning.
And get yourself a copy of this
Buying mistakes can happen easily if you are not in the know.
Sometimes a ‘super deal’ purchase is in fact a mistake. For example, if the seller is foreign and is looking for a quick sale, ask questions. Why is he or she so quick to sell? What exactly is the real market value of this property? What can I do if there is a problem and the seller has left the country?
Read this article to learn more about how to know if a property is a good deal or not.
We also have a 110 Tip French real estate buyer’s guide available visit here
The changes in the French notary fees as made into law by the French ‘loi Macron’ will mostly have a serious impact on the cost of small purchases made by the French property buyer.
For example, a French property buyer who is buying a parking space, garage or a storage area should have the fee reduced significantly. These transactions now have a notary fee maximum of 10 percent of the purchase price of the property. For a garage sold for 2000 euros the fee now is 200 euros when before it could have reached 880 euros in the past.
Contact your English speaking French notary here to verify details.
Source in French: Explorimmo
The French banks are getting anxious because of a new law that will require the banks to make changes in how they will serve the French real estate property buyer using a French Mortgage.
This French law connected to European law is to come into effect by July 1st 2016 and the banks feel they do not have enough time to prepare.
Sample of Pros and Cons for the consumer
Pro
The bank will be required to educate more the consumer on the nature of the credit including using a standardized information form. This will enable the buyer to compare more easily credit that is being offered by different banking institutions.
Con
Buyers may be required to have an evaluation of their property prior to receiving credit. This could mean that a buyer who wants to borrow 200 000 Euros to buy a property with 100 percent financing and the property is appraised to be worth only 160 000 Euros. The buyer will have to make a down payment of 40 000 Euros to cover the difference.
This negative in our opinion is a positive since it will help French real estate buyers avoid buying over priced property.
Find out more details about these changes with the guidance of an English speaking French mortgage broker. Contact us here for guidance to a specialist in your area.
Sometimes it can be full of clutter.
Sometimes when sellers clear out the clutter from their home they decide that some of the larger items like furniture have to go in the garbage or at least in storage since they do not look so good. This can lead to some big open space in the home that may not create a nice ambiance.
The solution
We have learned from staging experts the solution is to borrow furniture from friends who can spare a table or two. In fact, some staging companies even have furniture for rent or fake furniture that looks real.
Above is a bedroom without any staging. The owner disposed of the bed. Below is one that has been staged. Nice.
What is amazing is that the staged bedroom contains an air mattress and not a real bed but it looks so much nicer than the room displayed above.
After the apartment that was staged was sold the seller gave back the furnishings he had used to stage the apartment. Very economical.
The above image is of a loggia. An external balcony that is closed in. Prior to marketing the property this space was full of old items. Then the owner removed the items and with the aid of a staging expert made it look like how it does in the photo. Did the property sell? Yes, in fact, a buyer asked to buy some of the displayed items.
The above information is taken from our guide book
50 Tips on how to sell your French property for the best price click for details
If you are looking for an English speaking home staging expert we can help you find one. Contact us here.