THE KNOWLEDGE
can get the best deal for you. Note that the mortgage market has become more challenging in recent times and help in navigating the information you must provide will be beneficial.
8) USE A CURRENCY SPECIALIST Foreign exchange specialists are cheaper than high street banks and offer tools such as forward contracts so that you can lock in the exchange rate (read more on page 92). Even the smallest fluctuations in the exchange rate can make a huge difference to the actual amount you pay for your property so this is an area where you really should use a specialist. You can use currency companies to make regular transfers too, such as for mortgage payments.
9) MINIMISE ONGOING COSTS Make sure you fully understand how much your property will cost once you have the keys in your hand. Find out how much the property tax is, the taxe foncière (and taxe d’habitation if it’s to be a second home), as this can vary from area to area and from city to country. If you’re buying an apartment or home within a development, how much are the service charges? Don’t forget to factor in utilities and shop around for insurance. Will you want to pay
budget for the work, of course! You should also increase the property’s value in the long term. Be realistic about the costs and timescales involved with a project. Would you want to do all the work at once, or might you be able to renovate part of the property and save the rest for later when you have more funds? If you can do all or some of the work yourself, you will obviously save money. Be aware that the cost of materials has risen over the past year or so in France, as in the UK, and if you’re using artisans, be prepared to wait for good ones. How you will communicate
with your builder and other trades if you won’t be on site yourself? You may need a
project manager or maître d’oeuvre, which can add costs. Any project over 150m2
needs
the services of an architect too. To help save money, check if
any grants or tax incentives are available, especially for energy- efficient renovations.
6) GET A SURVEY DONE Avoid expensive surprises further down the line by having a survey done before you buy (in fact, before you sign the first contract, the compromis de vente, or before the 10-day cooling-off period expires). Although surveys aren’t common in France, several British surveyors offer their services there. Alternatively, you could take a trusted builder
with you. You may even be able to use some of the findings in price negotiations.
7) SHOP AROUND FOR MORTGAGES If you require a mortgage, compare offers from different lenders to secure the best interest rate and terms. Small differences in rates can have a significant impact on your overall expenses over the loan term. Use a broker familiar with all the French lenders, who
someone to keep an eye on the property while you’re absent? The added cost may be worth it for peace of mind and can even save you money if they spot a water leak, for example.
10) MAKE YOUR PROPERTY PAY Even if you haven’t considered renting out your holiday home, it’s worth thinking about it as it can cover some or all of the running costs. It can also be beneficial not to leave your home empty for long periods of time. Bear in mind the added costs though of employing someone to do the changeovers and managing the rentals. ■
MORE ONLINE
READ MORE ARTICLES ABOUT FINANCE AT
FRENCHENTREE.COM
FRENCH PROPERTY NEWS: July/August 202387
© SHUTTERSTOCK
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