THE KNOWLEDGE
ORGANISING BUILDING WORKS FROM AFAR
W
e have a holiday home in Normandy and want to
make some changes to it before we arrive next summer – extending the kitchen, renewing the bathroom and adding a dining terrace outside. We’re not comfortable liaising with builders from the UK and are considering using someone to manage the project for us. Can you explain how it works?
Alternatively, if you think
the market might move in your favour and you’re not averse to taking on the 50:50 risk that it won’t, a ‘market order’ might suit you better. These allow you to track a desired rate and make the transaction automatically, in the knowledge that you are exchanging at your preferred rate, often maximising your budget if the order is fulfilled on time. These can be used
with a ‘stop loss order’, which means your transfer will again be made automatically before the rate goes below a certain level, preventing you from losses outside of your particular comfort zone. It’s advisable to speak to
a specialist well ahead of any payments so you can protect your budget from any negative foreign exchange fluctuations.
FLORE DE COURTIVRON of La Concierge de Flore (
laconciergeriedeflore.com): It is a challenge to maintain a second home when you live far away. Furthermore, your holidays are precious and you don’t want to spend them trying to get your renovation work done. You don’t always have the local network to find reliable service providers, and they may not be available to do the work when you are there. Painting, electricity,
insulation, carpentry, plumbing, landscaping, furniture restoration… working with second home management companies enables you to get the work done prior to your arrival, so you can fully enjoy your holidays in your second home. How does it work ? First
of all, we take the time to understand your projects. We then call upon our network of
a resident usually only requires a down payment equivalent to 10%. The maximum debt-to- income ratio of 35% applies even to expatriates. The bank may also require
a real guarantee to secure the loan: they may request the establishment of a conventional mortgage on the property in question. The bank may also require the applicant to subscribe to another profitable financial product, such as a savings account or life insurance. To conclude, here are the key
main borrowing conditions: Approved loan amount (LTV): Between 70% and 90%
of the property value. Required personal contribution: 10-30% of the property price, depending on the bank and associated costs. Associated costs: Fees relating to the notaire, agency, bank, guarantee and brokerage. Loan term: Between 20 and a maximum of 25 years, depending on the application. The purchase can be under a personal name or through a company (SCI or SARL). Interest rates: These vary depending on the bank and the duration but expect between 4.50% and 5.60% over 20 years excluding the loan insurance.
Flore de Courtivron
local artisans, communicate your needs to them, organise on-site meetings, collect estimates and so on. Once the project has been
approved, we can agree on a works calendar with the artisans, make sure the area requiring work is prepared and your belongings protected, hand over the keys to the builders, and follow up on the progress of the work. Once finalised, we meet
on-site to assess the work and then provide you with a detailed report. Concierge companies can
go further to make sure you enjoy your holiday to the full. We can facilitate deliveries of wood, gas or furniture, organise an aperitif-themed basket with local produce, prepare the house for Christmas, shop for essentials, have a fire ready to be lit in the fireplace, and even provide homemade meals waiting for you in your fridge!
Get in touch!
Ask your questions about French property or life in France... Email:
karen.tait@francemedia.com Alternatively, you can post your question on our Facebook page
FRENCH PROPERTY NEWS: November/December 202391
© SHUTTERSTIOCK
© SHUTTERSTIOCK
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