Buying a home in the French Riviera or any area of France is a complicated process when you don’t know how it works. You can make your purchase of a French home less stressful by reading over the following guidelines.
One
Location of your French property
Reduce your stress as you search for your property in France by deciding on the location that suits your needs best. If you are buying a French vacation property you need to consider carefully the location so you have easy access and less travel time (and more time to relax). Some areas are more isolated that they may first appear on a map. In essence, the first step is for you to decide which of the 22 regions in France you wish to buy in. Is it the French Riviera? Do you like the Sun or do you prefer a cooler climate? Will you be driving or flying to where your new French home is located? Think of the location of airports or the auto route for access. Are there shops and restaurants close by?
Two
Finance for your French property
To buy a home in France with a mortgage you will need to find out if you can borrow money to make the purchase in your home country or do you qualify to borrow in France through a French bank. This is a crucial step so make sure you take this step before you start to visit properties. Once you know what is your buying power and the cost to you the process will be less frustrating. Nothing is worse than finding, then visiting a French property, having an offer accepted and then finding out you lost the purchase due to the lack of financing you could obtain for an international purchase or the cost was more than anticipated.
Three
Payment for your French property
When you have got your financing organized for your dream home purchase in France you will often need to have a special currency account to bring your money into the country. You can use your own bank or you can potentially save a lot of money by using a non-bank foreign currency exchange provider who is very competitive with their rates. You can even have an agreement to purchase euros at a set rate for the future.
Four
Contact an agent who lives and works in France
If you already know an English speaking agent in the area of your choice contact them to get as much information as you can before a visit. One hour call from your home country can save you days when you arrive.
Five
Plan your Visits to French Property
On the French Riviera, for example, many agencies are not open on Sundays and may only be open by request on Saturdays. In addition, many are closed by 6 pm and during lunch time from 12 to 2 pm. So if you think you can just show up and go to agencies to find out details on properties you will have to time your visits. You also need to be aware that properties may be with multiple agencies at different prices so you may have difficulty researching a property.
Six
Available French Properties
Once you have located your English speaking agent on site you can ask them to preview French properties for you and report back to let you know if the property suits your needs before you drive or fly to the location.
Seven
Visit your French property with a Camera and Note Pad
A lot of times agents selling properties for sale in France will not show all the pictures of the property to avoid other agents identifying the property and approaching the owner direct. So when you make a visit you will want to take pictures of the outside of the French property (and maybe some extra ones from inside) In addition, a notepad to write down all the things you like and dislike about the property is very helpful. We have a special checklist which will help remind you to note the special details like ‘Taxe Foncière’ and ‘Taxe de Habitation’.
Eight
Make or Making an Offer on your French property
When you have found the right new French property for you get ready to make an offer. Your offer is best made in writing. Then once you have an agreed on price in general you make an appointment with the notary to create a purchase contract called ‘compromis de vente’ in French. It is advisable to have your accepted price and included equipment agreed to in writing by the seller to help the notary create the contract.
Nine
Negotiating the Best Price
How the negotiating process works in France is often seen as very different from a buyers or sellers experience in other countries like Canada and the US. The process can be days or weeks and not hours and as a buyer you can lose your advantage of being the first buyer. Unless you have the assistance of an experienced English speaking agent.
Ten
Compromis de Vente and your French property
In general, the notary will create a draft of the compromise de vente called the Projet which will form the foundation of the contract. The buyers and sellers review this to make any changes and then once the draft is amended the compromis de vente is signed as the first formal and legally binding stage in the property purchase process. The compromis de vente includes several steps including deposit of funds, a retraction period, suspensive clauses etc. It is best you speak with a English speaking French notary to get details on the process . It is complicated and you need to know your responsibilities and rights to avoid any stress and challenges.
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Note: Details on our 110 Tip electronic French real estate buyer’s guide plus checklists is here.