Whether you are a person who wants to buy a house for living in the awesome France, or an investor, you have to know some important things before purchasing a house. Real estate includes selling, buying and renting houses. Here, the content will be targeted to the process of buying a house in France. First, we present you with information related to Real Estate in France and then with basic, but important concepts related to the real estate market.
Currently, although the economic situation in the world is not the best, the demand of buying properties in France remains strong, that is why many investors are interested in acquired properties in this country. The stability of the economy in this country also implies that investors have not much trouble to obtain mortgages. It means that France offers great opportunities not only for investors, but for people who want to buy a house. This country offers traditional and modern properties such as houses, chateauxs, apartments, commercial properties, holiday homes, restoration projects and also ski properties to buy or rent in its different regions. For example a person who likes the life offered by cosmopolitan cities can decide to buy a house in Paris.
If you want to buy a property in other country it is necessary you have knowledge of the related laws, which vary a little depending on the type of the property you are going to buy. Then, you have to be well informed about the French laws, but not only of this you must also know about taxing regulations, financing options, etc. Another important thing is having an idea of what is the average price of properties. Just to give you an idea, the price for an apartment is around £50,000 and for homes in rural areas which need some renovation it is £30,000.
In order you buy or rent a house easily, then you can contact a real estate agent. There are many available estate agents in France which can help you. In this website Real Estate in France, you can find real estate companies which offer homes, villas, etc for rent and sell. Here you can check info of each of them and compare their offers and contact one you feel convinced with. You also need to have a clear idea of basic concepts in the real estate market. So we invite you to follow reading.
Real estate - basic concepts
What is an estate agent?
Another name for “A Real Estate Agent” is “A Salesperson”
The estate agent is a specialist in real estate purchases and sales that will save you the time you use to read classified ads. You tell him/her what you want and he/she will call you to make offers.
What do estate agents?
In the property world, real estate companies are the “arrangers”, they are responsible for carrying out three major functions: valuing, advertising and negotiating.
Why use a real estate agent?
- An agent can help you determine the best price to buy a property.
- An agent will show you only the properties that best suit your needs: size, style, nature, location, transportation, shopping and related personal needs.
- An agent has access to the Multiple Listing Service so he can research your housing needs in advance.
Here are few reasons why you should use a real estate agent:
- An agent can help you determine your purchasing power. If you ask an agent about what your buying-power is, then the agent will ask for information on your savings and borrowing capacity.
- An agent has more resources when searching for your property. Sometimes the property you are seeking is available but you don´t know where to locate it.
- The agent can help you negotiate. There are thousands of negotiating factors, including the final price, financing, terms, delivery date, and often the inclusion or exclusion of repairs of the property.
- Your agent will know when, how and where to advertise your property. There is a widespread idea that advertising sells real estate. The truth is that studies show that the highest percentage of sales are made through contacts from other clients of an agent, etc.
What is a mortgage?
A mortgage is a contract which is taken as a guarantee for a debt to an asset which is, generally, a property. The property remains with the owner while it meets its obligations, otherwise, the creditor can make sale of the property to recover the money.
Three important aspects are:
- Capital, that is, money lent by the bank and typically less than the price of the property to cover a possible auction.
- The interest, which indicates the extra percentage to be paid to the entity that made the loan and can be fixed or variable.
- Finally, the term, which is the time that includes the return of capital.
How do I choose the right mortgage?
It involves to investigate the different types. You must know that different lenders offer different interest rates, points and fees for the same type of mortgage.
One way to help you understand some advantages and disadvantages of mortgages are to identify issues such as:
- Evaluate the pros and cons.
- Know all the parts of a mortgage.
- Learn everything you can about the global mortgage / reset interest.
If you are planning to buy a house, and living in the extraordinary France, let us know to tell you that it is a good decision. Take in mind that other important step is moving to this country, then you will need some help for doing this, so we invite you to read the section in our guide "moving to France".