Money column
Karen Tait suggests 10 ways to save money on buying and owning a French property
B
uying a French property is likely to be one of the biggest fi nancial outlays you
will make in your life. Saving money here and there during the process will help to ensure you make a sound investment and may even free up some euros to make improvements to the property or spend while you’re there. Here are a few ways you can be canny with your cash.
1) PAY THE RIGHT PRICE While you can usually rely on your estate agent to advise you on local prices, it makes sense to do your own research fi rst. With so many online property portals and agency websites, it’s easy to check out values in the areas you’re interested in. Compare prices of similar properties to identify areas where you can fi nd better deals. You may be expecting
diff erences between regions – Paris or the French Riviera will be much more expensive than a rural backwater, of course – but you may be surprised how much prices vary from village to village within a small area. Locations closer to the
coast or a big city or popular town will be more pricey, or even with easy access to the motorways, a TGV station or an airport, as will touristy areas. Once you’ve found a
property, don’t be afraid to negotiate on the price. Be mindful that manners matter here as they do everywhere else; you don’t want to off end the seller but a reasonable off er is usually welcomed, especially if the property has been on the market for a while. You may be able to use your market research on pricing here. Cash buyers will naturally be in a favourable position,
but having a mortgage off er in principle will also show you're a serious purchaser. Be prepared to walk away if
the price is not right, but don’t cut off your nose to spite your face! We’ve all watched those TV property programmes where people lose out on their dream property by being so determined to get a good deal!
2) CONSIDER LESS POPULAR AREAS The chances are that you fell in love with France while on holiday, so you were likely to be in a touristy area. Perhaps you looked in estate agency windows and thought prices were favourable compared to the UK. But, of course, popular holiday destinations will be more expensive than places off the beaten track, so be prepared to look a little further afi eld. You don’t need to go far to
fi nd lower prices. A half-hour drive may take you into an area with cheaper properties, or if you don’t need lots of amenities, a quieter town or village may be more aff ordable. Rural properties will usually be cheaper than town or city homes, but could still be close to amenities and attractions. Even better if you can buy
in an up-and-coming location where prices may be more aff ordable and your property will actually increase in value!
3) BE FLEXIBLE Being willing to compromise with your wish-list may open up more aff ordable properties. Do you really need all that land or so many bedrooms? Will you only consider detached houses? Does it have to be perfectly decorated or are you happy to do a little painting? Are you set on one type or style of property, or would you look at old and
86 FRENCH PROPERTY NEWS: July/August 2023
“Compare prices of similar properties to identify areas
where you can fi nd better deals”
new, stone or half-timbered? Also, can you be fl exible with the timing of your purchase? It can sometimes be cheaper to buy off -season, especially if a property has been on the market for a while.
4) BUY DIRECT Estate agency fees are high in France compared to the UK, usually ranging from around 5-10% of the purchase price. So buying direct from the seller in a private sale will save you
a considerable sum. However, before you go down this route, consider whether you really want to go it alone, especially if you’re not fl uent in French, or whether you’d prefer to have the assistance of an agent. You can ask if the agent’s fees are neogotiable too.
5) BUY A FIXER-UPPER If you have a limited budget, properties in need of renovation might be the solution – as long as you
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