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Finally committing to a long mused over decision to buy a house in France can be hard enough - but without wishing to put you off, this is actually the easiest step in the entire process of finding property to buy in France and navigating the entire property buying process!
But don’t panic because armed with this no nonsense guide to finding property to buy in France, managing the negotiations to purchase, signing on the dotted line and finally seeing your dream of a house in France come to fruition, you will achieve all you set out to with the minimum of fuss.
Stage One - The Decision!
Having a second home abroad, an investment property in the sun or even buying a house overseas as the first step in your bid to making a new life for yourself in France is a commonly shared desire...actually being bold enough to put words into action and make a dream a reality requires guts, strength of character and will. If you truly dream of a place in France then why not sit down with family, a pen and paper and go through all the reasons why you should go for your dream. You will find that you’ll quickly compile a list of compelling reasons to search for property to buy in France and from this point on there should be no turning back!
Stage Two - Initial Research
There are a wealth of books available from Amazon about buying property in France and many magazines for sale in your local newsagents that give you the basic information you need to understand before you begin planning your first viewing trip! We have reviewed a number of these titles for you here or browse Amazon or visit your local library and hunt for books that introduce you to everything from which regions sell which types of property, which parts of France are more expensive, how to deal with taxation, finance and the laws in France etc.
If after reading all this information you’re still committed to finding a property to buy in France the next stage will be choosing a location.
Stage Three - Selecting a Region
Once you’ve narrowed down the parts of France you’re interested in you need to plan a minimum of a two week holiday in each general area. Spend the time getting to know the region, the local towns and which amenities are available in each. Think about how accessible the region is for friends and family, examine options such as schooling and health care facilities if you’re thinking of moving to France permanently and also do research into the weather in the region and any special facts about it which may encourage or discourage your initial choice of this part of France being the perfect part of France for you.
Stage Four - Property Hunting
With a commitment having been made to an area of France the next stage will be planning an additional break to property hunt. Before travelling, search for properties and agents on the internet and make appointments to view as much as possible! Once on the ground in France you’ll quickly get a feel for which properties best suit your needs and budget and which agents are the most helpful. Remember that in France the estate agent works for the vendor (the person selling the property) - this means it is in their interests to get the highest price for a property possible - so negotiate the price. It is also not in their best interests to necessarily draw your attention to anything negative about the property so view with an open mind and if in doubt about anything call in builders, surveyors or an expert to assess open issues.
Stage Five - Affording to Buy
Once you have a budget in mind work backwards and deduct tax, notaire’s fees etc., and take off at least 20% of your budget for all costs. You can then make offers to buy based on the remaining 80%. If you need a mortgage to purchase do not make any offers or firmly commit to a property until you have finance agreed in principal. Various French mortgage lenders, some UK based lenders and various international institutions will lend money on French property but get an offer in place before making an offer to buy.
Stage Six - Legalities
Once you’ve decided on which property to buy in France and had an offer accepted the next stage will be signing a binding contract and paying a deposit of around 10% of the purchase price. It should go without saying at this point that no one should reach this stage in the game unless they are truly wholly committed to buying a house in France! The contract is signed by both the vendor and the buyer in front of a notaire and the deposit is usually paid to the notaire and held while searches, surveys, title checks and mortgage applications are made.
It’s usual to have a cooling off period
of 7 days in the contract during which time you can pull out
if you change your mind and have your deposit returned to
you. After this period of time the contract will continue
to completion at which stage the balance of the payment will
be required by the vendor and title deeds can be transferred
into your name.
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