Buying a Property in France is Easier than You Think!

If you've always wanted to buy an apartment or a house in France, but hesitated, thinking it must be very difficult for a foreigner, it's time to think again. The process of buying a property in France is much easier than most people believe. Here are some basic factors that you should consider if you are really interested in buying property in France.

1. It is more difficult to buy a property in France and the US

Despite the popular image of a complicated Napoleonic legal code, French property modern laws, it is easy for anyone, even a foreigner to buy property. Thank you to the Notary system, government regulation of the closing costs and reliability of bills of sale, the process of buying property in France can be less stressful than operations in other countries.

2. The Notary system is a key factor in all French property transactions

Notary's French lawyer, trained specifically in the area of ​​real estate law French, which prepares the sale agreement (purchase agreement) and all other documents, including the final sales act on the transfer of property in France . Without exception, all buying and selling property in France should be done under the auspices of a notary. Notary System is the main reason why real estate transactions generally go so well in France.

3. You do not need to speak French to buy property

France has changed much over the past thirty years. France changed this parochial attitude, and the change is particularly visible in real estate.

An acquisition of the relevant property company can provide bilingual staff to help you buy a property in France. On behalf of the buyer, the company may also hire a lawyer who is fluent in English and experienced, with purchases by foreign buyers.

4. You must open a bank account in France to buy property

To buy a property, you must have an account with a French bank, ideally with a bank that can accept and convert the currency of other countries. The account must be a normal current account, so that you can arrange automatic withdrawals to pay recurring expenses, such as utility bills and mortgage payments.

It is difficult to open a French bank account.
 
5. You can get a mortgage in France

If you need a mortgage, you can get from a French bank. Buying a good real estate company can suggest qualified lenders who are used to working with foreign buyers.

Interest rates are currently around 4-4.5 percent on a fixed rate loan. This price includes the cost of life insurance for the loan. For this reason, buyers over 60 years pay a slightly higher rate.

A strategy to finance the purchase of a property in France is to take a second mortgage on a property on your own and then use the proceeds to pay your property in France.

6. Property taxes and insurance are not higher than in the US or UK

Property taxes in France are generally lower - in some cases considerably - than those paid by the owners in the United States.

For example, the annual taxes (including property taxes and taxes of a local inhabitant) in a property worth 600,000 euros in Provence, in the Vaucluse department is about 1400 euros per year. Taxes vary by local jurisdiction.

Similarly, insurance costs are also reasonable. House in Provence with pool and contents insurance for 40,000 euros. The annual premium is about 800 euros. In the 7th arrondissement, with contents insured for 25,000 euros is 650 euros.