Mistakes When Buying A French Property – Part 2
The Mistakes People Make When Buying A French Property
Part 2
This continues the article highlighting the common mistakes made by foreign buyers of French Property. We hope that by sharing this information, which we have gathered over the 30+ years experience of working in the French Property market, we can help you successfully buy a French Property. If you have set your expectations correctly and chosen the right area to suit your needs then it’s time to move onto the next important considerations.
The Right Location For Your French Property
Many of us think that buying a lovely secluded cottage in the middle of beautiful countryside will be the ideal location for a French holiday home or full time French residence. Whilst the desire to find somewhere peaceful in which to live or holiday is easy to understand, this kind of location needs to be carefully thought about. For a holiday home it may work well, with a possible downside being that if your family and friends arrive without a car you may have to spend a lot of time driving your visitors to the same old sights that you took the last lot to! If you choose a location where there is a bus route then your visitors will be able to travel around a little on their own. However, for full time living a secluded rural setting needs to be thought about carefully.
With both holiday and full time homes it is worth thinking about how you will mix with the local community so that you feel at home in France. The more secluded your property the less likely you are to make local friends. Being located in a village will get you known and the invites will begin to come in so that you can socialise with local people. Another major problem of an isolated location is the access to the boulangerie for the morning bread and to the bar for the evening aperitif. Basically, if you choose to buy a French property in a situation where you will need a car to move away from the house, think carefully if that suits your needs now, and if it is for a full time home, think about the future when driving may get more difficult.
An idyllic, secluded situation may seem ideal as you start looking for French Property for sale but do think about how you want to live your life in France, and make sure that you are not being tempted by a dream which could turn into a nightmare.
The right condition and size for your French Property
A very common mistake made by people when they buy a house in France is to take on a property that is too large. With French property prices being so inexpensive compared to U.K. house prices and with large houses often being cheaper than small ones, the temptation to buy something too big is very great. It’s good to remember that financially it’s not just about buying the house but also about running it. Utilities, rates and maintenance costs are likely to be higher the larger the property. Unless you really need something large then this is certainly a case of ‘small is wonderful’.
Many people who plan to buy a house in France, especially for full time living, are keen to have a ‘project’, so they look for a house that needs some updating or even extending. Whilst this is the right decision for some people it is not always right for everyone. Most building works cost more than you ever estimate and take longer than you anticipate. As you work away busily on your new home in France you have little time to meet new people and begin to be part of the community and you slowly watch your savings diminish.
The property renovation dream in France
Don’t Forget To Pre-Arrange Your Finances
Having thought carefully about the type of house and the area of France in which you want to buy it is time to head out to France to look at properties you have identified on the internet, or better, by talking to the people who know the house. Before you go do talk to a currency broker to discuss your options in securing an exchange rate that means that the price you agree to pay when you find the house will be as close as possible to the one you end up paying when you sign the final purchase contract. Fluctuations in currency rates can make a substantial difference between the euro price you agree for the purchase and the final price that you have to pay on completion. It can be wise to fix the rate at the level it was when you agreed the purchase, this wy nasty surprises are avoided.
If you need to raise finance for the buying a French property it is wise to look at a French mortgage and to get an ‘offer in principle’ before you head out to view properties. This offer will not only let you know how much you can spend but it is also a useful piece of paper to have when you come to negotiating the purchase price of your chosen property.
Buy your dream house in France with a French mortgage
Buy With A French Mortgage
Talk to a member of the Healey Fox team for all the advice you need before buying a property in France……. Our service is FREE as we share commission with our partner agents if and when you buy a house using their service. Our knowledge and experience span more than 30 years, make use of us!
