Buying a property in France

So you want to find that perfect hideaway in France? You may have already decided on a specific area or you may have a French region in mind, having been there on holiday. Finding a property in France is a similar process to that in most other countries. There are many estate agents in France (agents immobiliers) who will put you in touch with people selling property. Indeed, we have links with many of them ourselves.

Many home buyers are attracted by the fact that property prices in France appear to be much lower than, the UK for example. There are reasons for this and before you start you should be aware of the following points:

French domestic property is not usually bought as an investment. Apart from some very fashionable or highly sought-after areas, prices usually just rise in line with inflation. Therefore, you would need to own a home for at least three years to recover the high fees associated with buying, even without accounting for any maintenance or improvement costs.

France has a similar population to the UK but is three times the size. There is therefore less pressure on land and hence lower prices. Many rural areas can be very isolated with people moving away to the cities.

That isolated farm/cottage set between fields of vines next to a running stream may sound idyllic, but may require major renovation and improvements. It might not have the same appeal to a French family, hence the lower price; and you should consider the possible difficulties with resale in the years to come.

We do not want to put you off of "La bonne vie en France" but it is essential to start with the realities before embarking on the buying process. One of the most common mistakes made by people buying an old property in France is to underestimate the cost of restoration and modernization. If the property needs work doing to it, then get accurate estimates from a master builder (maitre d'oeuvres) before signing any form of contract. Better still, have a structural survey completed. This can be expensive and is not normally done in France (the term "surveyor" does not have the same meaning), but it will provide reassurance if you have any doubts at all. This can be arranged on your behalf.

In many ways, the French purchase process affords a certain amount of protection to the buyer. A formal contract is entered into at an early stage. This could even be on the day that you see the property and agree a price with the person selling it subject to a statutory seven day cooling off period. This initial contract makes it difficult for the vendor (seller) to pull out without financial penalty, thus reducing the risk of someone coming in with a higher offer. It is also difficult for the buyer to withdraw as well without forfeiting their deposit.

A more recent development is the "Leaseback Scheme", which is an investment on new build properties where the purchaser can save up to 20% of the purchase price of the property by leasing it back to a rental company.