Why Buy Property in France?
Why Buy Property in France?
France is immensely popular among second home buyers, whether from UK, USA, Germany or from Asia and the Middle East. What’s great about France is the “old world” atmosphere it still retains, while having all the amenities of modern life.
Second home buyers love everything about France, the French culture, the slow pace of life in the country, the perfect climate, the exotic French cuisine, the ever popular French wine, the vintage countryside, the perfect roads, the first world infrastructure, the polite and friendly people and vast open spaces – what’s not to like about France?!
Some of the coastlines in France are stunning, so are the natural surroundings, with gushing rivers with clear, blue water, the lovely hills covered with greenery, the charming little towns and villages – we could just go on!
For those who would like a touch of romance in their lives, buying property in France is the way to do it. All types of homes are on offer as well, from lovely cottages to modern apartments, from large bungalows to condos – and they cost a lot less than what an equivalent property would cost you in the UK or the USA. So, take a chance, buy property in France!
Are you Eligible to Buy Property in France?
If you are citizen of any of the countries belonging to the European Union, buying property in France is the easiest thing in the world. You will have the same rights over property in France as a French citizen. If you’re from outside the EU, do consult your local embassy and find out more about the rules and regulations on buying property in France that relate to buyers from your country.
Buying Property in France – The Essentials
How to Find a Property in France?
There are a plenty of real estate portals online where you may look for French properties for sale. Look for ads in real estate magazines. You may want to attend property trade shows as well. Also, you may want to contact major property developers or real estate agents by email as well.
The Financial Aspect of Buying Property in France
In addition to the actual purchase price of the property, you will be required to pay an additional 7 to 8% of the property’s value as Notary fees, depending on the size of the property. The Notary fees comprise of Property Transfer tax (4 to 5%), Notaire or Solicitor fees (1 to 3% of the property price) and cost of certificates (0.5%).
The Value Added Tax or VAT to be paid is fixed at 19.6% if the property is new, and less, if old. If older than 5 years, VAT does not apply to the property.
# Importance of Hiring a Real Estate Agency
You should hire multiple real estate agencies with the hope that one would click. A real estate agent in France is well aware of the current market scenario, local property prices and the best houses on sale. He is likely to be of great value in your quest for a French property. Contact Worldwide Group we have helped clients source many properties at any budget in France.
# Importance of Hiring a Translator
A French translator is important as he or she would read out the documents and contracts, translate every word, so that you don’t get taken for a ride. The translator acts as a buffer in your talks with property owners, government officials and estate agents, translates everything that is said in a negotiation which has several parties involved.
#Importance of Hiring a Solicitor in France
It’s important to have a reputed solicitor by your side while buying property in France and it would be very helpful is the one you hire speaks English. Many solicitors speak English well in France, so this shouldn’t be too hard. On identifying a property, you will be required to sign a binding contract called "Compromis de Vente" or "exchange of contracts", with a deposit of 10% of the property price. The solicitor sits by your side during the contract signing and ensures that the contract has been correctly worded without anything missing or against your will.