Whether you are buying property as a home or an investment, there are a number of precautions to take. Follow these essential tips before making any decision to purchase property.

• Clearly define your property purchase plan and reasons for investing: whether you are buying a new home or buying for pleasure, whether you are planning to sell in the short term or long term, etc.

• Determine your personal financial capacity and borrowing opportunities

• Identify the essential characteristics of your new property, and rank deterring factors (building floor level, orientation, noise, etc.) by order of importance

• Prepare questions to ask the seller and the real estate agency in advance

• Check the various property inspections carried out by the seller, the latest minutes of the general assembly of the co-owners association (planned or past construction work, building maintenance, etc.), payments of building charges and property taxes.

• Check that all facilities (drainage, heating, water, electricity, etc.) are in working order and that all windows are doors open and close properly

• Visit the neighborhood and area in which the property is located at different hours of the day and night: distance from shops, public transportation, school, etc.

• For houses, check the entire roof, the wall sealing, chimneys, nearby road access and transportation and any nearby construction work projects, etc.

• Not everything is negotiable: any negotiations (on price or terms of acquisition) should be based on specific, factual and well-reasoned arguments. Check whether the advertisement matches the property, whether any work may be required, etc. Express your own comments and arguments without being aggressive, but rather simply and concisely, and then state your offer.

• Draft your purchase offer by stating the terms and conditions of the acquisition, the duration of the offer and any reservations (building permit, loan, property inspections or certificate of compliance required, etc.)

* Factor in €500 to €700 per square meter for small-scale renovation work, €800 to €1,200 per square meter for large-scale renovation work and over €1,500 per square meter for major construction work using high-quality materials. The cost of completely re-roofing a house can be estimated at between €12,000 and €15,000.

All property buyers have a 7-day reflection period after signing the preliminary sale agreement during which they can withdraw from the sale with no penalty fees.

New! French Law Increases the Limit for Building Extensions (Without Planning Permission) from 20 sq.m to 40 sq.m

Since January 1, 2012, French law has increased the limit from 20 sq.m to 40 sq.m for adding extensions to existing buildings located in urban areas, without obtaining planning permission. Known as the “Urban Planning Project” reform (“Urbanisme de projet”), this new law will simplify property owners’ lives by giving them the opportunity to perform construction work, which they may have been deterred from carrying out in the past due to the costly and administratively burdensome procedure. Real estate agents will also be able to better advise their clients on the acquisition of property requiring an extension. Property owners are now only required to file a “prior declaration” before carrying out this type of work. If the entire building (existing part plus the extension) exceeds 170 sq.m, the project will require the involvement of an architect. This also applies if any changes to windows are planned. However, as long as the project complies with all applicable planning regulations in force, only a prior declaration is required, rather than applying for a building permit.

Contact : Claude Olivier BONNET

Tel. : 09 71 26 01 13 - co.bonnet@actifdev.fr