Buying a property in Paris hides many pitfalls which may turn purchasing a property in France into a nightmare, read on from the experts.
Paris is a city where there is a huge demand for real estate and where there are many choices and competition.
Before buying a property in Paris, as elsewhere, many questions need to be asked: what type of property do you want to buy, for what purpose? The neighbourhood in which to buy a property will also have an impact on the steps to be taken.
Do you want to buy an existing property, new or old, or a property on sale off-plan (sale before completion)?
The steps involved in buying such a property and the legal regulations of the sale are somewhat different.
The people you will be dealing with, who are often also different, professionals or individuals, will not offer you the same levels of legal or financial guarantees.
Another possibility is to buy a property for an annuity. In this case, the seller sells the property to a buyer who will pay him a life annuity until the day of his death, which is unpredictable.
The regime for such a purchase of real estate is different from those listed above.
The nature of the real estate property is truly of great importance.
The property may also be of a commercial / professional nature.
Another important question that should be asked before acquiring a property is the purpose of the property: do you wish to buy for yourself, to live in it or to rent it out and thus receive monthly rent, a supplement to your income?
There are different types of rentals and the question that will arise will be the advantage that such a rental can bring you i.e. your objectives.
You can take out a furnished, tourist or seasonal lease (daily, weekly, or monthly rental), a mobility lease (1 to 10 months’ rental) or an unfurnished lease. You can also rent your acquired property in the form of a commercial or professional lease.
It is therefore essential to carry out a preliminary analysis of your needs and aspirations and to assess the financial risks involved by carrying out a market study, which will take into account prices, tax, environmental and urban planning constraints in particular, and to take into account the different liability legal regimes that characterise the nature of the planned acquisition (new, old, annuity, professional / commercial) and therefore your commitments.
Notaries, lawyers (Avocats) and even real estate agents are there to help you, to explain the differences between the various options open to you and to enable you to make an informed choice of what best suits your aspirations.
Paris, like any metropolis, offers a multitude of possibilities but also traps which it is best to ask about before making any commitment.
Keep in mind that a written document is essential in this respect and will set out your rights.
Accordingly, always seek independent legal advice before buying a property in Paris.
Recommended next read: Buying a house in France.