France is one of the best countries in Europe to buy a property. This is because aside from the low cost of homes and apartments, security is guaranteed. The problem people staying overseas have is a lack of knowledge of the procedures of buying properties in this beautiful European nation. This guide will help you with some necessary information you need before buying a property in France.
How to avoid traveling to France to buy a property ?
You can avoid traveling to France to buy a property if you follow the procedures below.
The preparation for the project
Preparing for the project of acquiring a property in France from overseas takes lots of financial and physical investments. You should know that you will make lots of calls, data and capital.
When you are through with finance and the payment options, you will now have to start looking for affordable apartments in France. Some good online platforms in France are John and tailor, welcome France, Paris housing, and Nest pick. You can get affordable houses in Cannes, Paris, Grenoble, Angers, Sochaux, and Nimes.
Notarial and financial procedures
Whatever capital you have, you will need to contact a “notaire,” who is a legal specialist that draws up contracts for people who want to buy properties.
Please know that contacting a notaire to render your transaction is legal. A notary will charge you 5 to 9% on existing properties, but for new properties expect 12–18% authentic sale.
The deed of sale
After signing the “Authentique de Vente” given to you by the notaire, you could also be made to sign a “Compromis de Vente” to make you committed to the sale. The deed of sale will be published by your notaire in France registry, this is very important, in case there is any dispute on the property.
Usually, it takes about two to four months from when you sign the deed before you get the receipt. The deed of sale is written in French, you would have to get a good translator or trust your notaire advice.
Is it possible to call upon a real estate hunter for his project?
Calling a real estate hunter for your project is based on your discretion. Real estate hunters are people who do the dirty work for you during the house purchase process. Also known as realtors, they will set everything up and give you feedback regularly.
They also suggest reliable Notary and recommend apartments. While independence gives you more experience, engaging a real estate hunter will make your work easier.
Is it more difficult to obtain a bank loan in France for your real estate project?
People buy properties in France every time, with bank loans. Another interesting aspect is that bank loans for real estate projects in France are low. Financing real estate is based on your ability and capacity to borrow.
This is based on your current income, credit score and assets. Real estate loans in France are provided for up to 20 years and sometimes 30 years in exceptional cases. Usually, banks in France will demand you pay at least 20% of the property, although if you get lucky, you could see banks that will finance you 100%.
France is a good place to buy property from overseas, it has low taxes, a simple loan process, and an affordable cost of living.