News and Answers

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Know the 2 Ms of French Property Ownership

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When you own French real estate there are a number of actions you need to take to protect the value of your French property investment.

Here are two. Let us call them the 2 M’s of French Property Ownership

One
Maintenance
Maintenance is like preventive medicine. If you change the filter in the furnace you can help prevent toxic air, if you check the roof for potential damage after a wind storm you can prevent a major roof leak, if you repair leaking taps you can prevent a potential flood when you are away from home.

Tip: Make a schedule of twice yearly or annual maintenance work to make sure all is working as it should in your home.

Two
Make Changes
If you have a older French property they are perhaps many ways you can save on your energy costs, water costs and electricity costs by investing in modern equipment. Make sure you have an annual budget to allow for you to make these upgrades that in the long term can save you money.

Tip: Make a habit to plan ahead your French property renovations and keep track of special government sponsored tax credits and support that can help reduce the cost of your renovation.

If you would like to connect with an English speaking agent in your town of Choice in France please contact us here.

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French Real Estate Cooling off Period May Change with Loi Macron

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French Real Estate Law seems always to be changing.

Case in point: proposed changes that impact real estate are included in the Loi Macron (this is the law – loi – proposed by the French minister Emmanuel Macron).

Changes to the Cooling off Period (le délai de rétractation): 

Currently when you buy pre-owned French residential real estate as an individual (not as a professional) you have a 7 day cooling off period. See the explanation here

One of the new ideas in the Loi Macron is to extend this cooling period / le délai de rétractation to be now 10 days.

The reason we are not sure perhaps it will give buyers more time to have their notary review documentation.

Perhaps, it will make more sellers more hesitant to accept offers since sellers at this time do not have a cooling off period. There home is essentially off the market while the buyer decides if he or she wishes to proceed with their purchase.

Just be sure than when the time comes for you to buy or sell French real estate you know if this new rule has become law so you know how it impacts you.

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The Real Cost of Buying French Property: Avoid Surprise Costs

English speaking French real estate agent

If you are planning on buying French property you need to be aware the cost of the French property will be more than the price of the French home.

There are a number of additional costs to French property you need to know.

Do not wait till you ‘fall in love’ with a French property and sign a contact before you learn more about these items. Do not let them be surprise costs to you.

Below are some examples of ‘things you need to know’ the rest you can learn from speaking directly with an English speaking French real estate agent or by making an appointment with one of our English speaking French real estate specialists for a phone consultation that will save you time, money and stress.

Consider:

You need to know the approximate amount of the agent’s commissions and, if and when it is applicable.

You need to know the tax implication of your French property purchase.

You need know the amount of the French property transfer tax (this is a large amount).

You need to know the total cost of the French notary fees.

You need to take in account currency exchange fees, if applicable.

You need to take into the account the cost of a French property inspection or survey.

You need to be aware of the French local property taxes and how these taxes (yes, plural) apply.

You need to plan ahead for the deposit you need to pay in advance for your purchase.

There are additional items to the above list and then you have to take into account renovation, maintenance, insurance and everyday costs of owning a French property.

We don’t want to scare you we just want to make you prepared so you invest in your French property with as little stress as possible.

We can help you because we are are professionals in the industry of helping make French property buyers and sellers happy. Contact us here. 

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2015 French Real Estate Prices on the Increase Read about it

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According to French notaries, there has been a slight increase in the sale price of French real estate when you compare the first quarter of 2015 to the first quarter of 2014.

The notaries believe this is just a seasonal rise since many families want to be in a new home before the return to school in September.

According to the notaries comparing the first quarter of 2015 to the first quarter of 2014 the notaries of France say that the number of departments posting price drops has reduced from 74 percent to 48 percent for apartments and 56 percent to 33 percent in apartments.

We believe that it looks like there in fact has not been a price increase, just a reduction in price reductions as desirable properties are purchased by buyers perhaps taking advantage of the low rate on French mortgages at this time.

This could also be interpreted as a slight stabilization of the market since there are less prices dropping but no clear indication the prices are going up.

Overall, for the year, according to the article in Explorimmo (in French) the French real estate market has declined by 2.7 percent, indeed, it depends on which area you are considering.

To get an up to date clear picture of the French real estate market whether you are thinking of buying or thinking of selling we can help you connect with an English speaking agent in your area. Just contact us here.

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Your French real estate needs electrical attention

english speaking french real estate agents

Your French real estate needs electrical attention

We are English speaking French real estate agents but we know nothing about electricity in French properties.

We asked a French electrician for some tips to share with you if you are buying or plan on buying French real estate just so you have no shocking surprises.

He offered the following introductory tips:

Dimming or flickering lights
If the French property has a light that goes dim when you turn on an appliance or the lights flicker in a room when you are present this can indicate the house has an overloaded circuit. Just to be sure consult with an electrician

Buzzing in the House
If you hear a buzzing sound when the lights are on in a home this can also indicate that there is a problem with the circuitry.

Exposed and Damaged Wire
When you see wires that are exposed or damaged they can be a fire hazard. So make sure a professional electrician checks out the wires. You don’t know why the previous owner left them exposed.

Earth
Depending on the age of your French property it may still not have property earthed outlets. Check to see if all outlets are earthed with the aid of a qualified electrician.

Personally, I have visited homes that had electrical outlets with the 3 pronged earthed format but once tested the electrician found out the previous owners had never installed an earth in the electrical system.

These are visual and auditory ways of looking for electrical faults in French properties.

We highly recommend that before you buy a French property that you have the property inspected by a qualified electrician or at the very least that when you move into your new place you call an electrician for a review just in case the renovation done was not so good.

For safety’s sake, take good care of yourself and all the occupants of your French property.

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