KathyBeau

My family is considering buying an apartment in Paris. Has anyone done this, and if so, how did you go about the process? I understand it can be quite difficult and may require hiring an agency to get through the paperwork. Since my husband has a disability, we also need an apartment that has a lift. Do certain parts of the city have more buildings with elevators? Thanks.

margyb

Bring buckets of money! You'll need an agent to find the apartment and a lawyer for the paperwork.

Here's an example of a service...there are tons out there:

http://www.paristay.com/apartment-buy-paris.html

Margy

USNR

As we walked around Paris earlier this month, we saw numerous real estate offices. In their windows, there were photos and prices of apartments and homes. All we could do was gasp. Granted, those were "asking" prices, probably subject to negotiation, but they were simply astronomical. What the taxes, operating costs, and other charges would be, we had no idea. Remember, too, you would not only be making yourself vulnerable to currency value fluctuations, you would also be running the risks/rewards of an unknown property market. Too, your heirs might have a very difficult time liquidating your "investment." As an experienced, retired, and scarred banker: our advice would be to think again.

wliwl

I just saw a show on HGTV about an American/Swiss couple buying an apartment n Paris. It said the average price was $390,000 (which I don't think is that bad!) The other interesting thing it said was that there is no multiple listing type of service there. So you have to look at apartments that a particular broker has listed, but she will not show you any apartments that others have listed. They ended up using some American woman who showed them apartments. On the HGTV web site they say their guests on the show were "Stephanie Freedman and Darrell Halverson
Buyer's Representatives, Paris Real Estate Finders
Website: www.Parisrealestatefinders.com"


Here is some info on that episode:

http://www.hgtv.com/hgtv/shows_hnt/e..._37335,00.html

I also noticed on their line up that they have another one about Paris coming up on Nov 28. Look at their show listing. It's called something about the City of Lights.

Dave_in_Paris

There are several "finding" agencies in Paris that assist prospective buyers in English and take them through the entire process to completion of the sale. You could also find one or more real-estate agencies with English speaking agents, and then retain a bilingual notaire to guide you through the completion of the sale. The savings in the latter case would probably be 2 or 3 percent of the purchase price. Otherwise, closing costs on apartments in old buildings are about 8 percent. If you require financing, your choices may be a home equity loan where you now live, which would eliminate and currency risk, or a loan in France, from one of the British banks, such as Barclays, that will write mortgages for non-residents with no income in France. Altogether, it's no more complicated to buy real estate here than it is elsewhere, but there are legal differences, and the language to cope with. (Prices have risen considerably in the last several years, but they're still unlikely to shock a Londoner or a New Yorker or a big-city Californian.) A large percentage of older buildings have been retrofitted with elevators, though many of those lifts are very small and some may not accommodate a chair if that's necessary. New buildings, or buildings that have undergone total, all-at-once renovation would likely pose no problem. New buildings are much more numerous outside the core arrondissements, but I think you could find a apartment in any area of the city you liked.

ira

Hi K,

>...an apartment that has a lift.

What's your budget?

You ought to think about starting at 450,000 Euro.

Dave_in_Paris

As Wliwl says, there's no multiple listing service in France, but there also is no barrier to listing property for sale with several agencies, and sellers commonly do it.

Dave_in_Paris

Ira is probably thinking of the price of a one-bedroom apartment without extensive renovation required, in a core arrondissement. 450,000 euros and up sounds about right. An elevator does add to the price.

By the way, real estate taxes are very low in Paris. A bargain on that front.

ira

Correct, Dave.

BTW, Auxerre is a very lovely town about 1 hr train ride from Paris.

Real estate prices are about 1/3 that in Paris.

rex

<< ... is a very lovely town about 1 hr train ride from Paris.

Real estate prices are about 1/3 that in Paris.>>

From my unresearched, speculating point of view, I wonder if this generalization is true... regardless of the name of the town in the first sentence.

Might be.

Best wishes,

Rex

jbraude

i've done this four times, and the first time is very confusing, after that its quite easy.

ideas:
1 - first time, consider hiring someone to walk you thru the process.

2 - be flexible - its not like the US.
its a two part process: first the "promesse" is the first signing, with a 10% down payment. About 8 weeks later, its the final signature.

if you'd like more info, i'd be happy to share our mistakes and successes with you.

Jim
[email protected]

Dave_in_Paris

Hi Rex,

I can't generalize about out-of-Paris prices, but can report that in La Charite-sur-Loire, a charming, time-worn town two hours and 15 minutes south of Paris by slow train, population 8,000 in far-west Burgundy with the Loire a three-minute walk and the vineyards of Pouilly-sur-Loire a couple of kilometers down the road, 100,000 to 150,000 euros will buy a small house in town, perhaps with a courtyard or tiny garden. Prices have climbed there, but real estate is still pretty inexpensive.

ira

Hi rex,

The statement comes from a survey of many real estate offices on my recent visit to France.

Dave_in_Paris

Hi Ira,

Did you visit Angers? Very nice city that doesn't attract a lot of attention.

StCirq

As others have said, buying propertyin France is no more dfficult than buying property here in the USA - it's just different. You've already been given some good tips.

I have an article I wrote for Intrnational Living Magazine in 1994 when we bought our French house (way out in the country, not an apartment in Paris, but the real estate principles are pretty much the same). If you'd like me to send it to you, feel free to email me at [email protected].

I would highly, highly recommend, if you don't already, that you learn a good bit of French. It will not only help you and save you money and aggravation as you go through the process, but once you're a property owner in Paris it will certainly make it easier to deal with the plumbers, electricians, masons, chimney sweeps, etc., that you will inevitably have to deal with.

Bonne chance!

worldinabag

Hi

This info on notary fees may help - http://www.pap.fr/uk//calculs/frais-...de-notaire.asp. To get an idea of prices etc. you can do a search of properties sold on the same website -http://www.pap.fr/uk/evaluation/exemples-de-ventes.asp. The "departement" is 75 then select your arrondissement.

If you eventually rent it out don't forget your friends on Fodors!! (followed by smiley face symbol that I don't know how to import).

Au revoir

Trudaine

Just a rough idea of real estate prices in Paris (per square metre):

- 5000-6000 Euros in the outer arrondissements
- 7000-10 000 Euros in the central arrondissements, in particular the popular Marais and Saint-Germain, and more in outstanding locations.
You also have to add a notaire's fee of about 8-9% for old properties

There are of course lots of local variations of those prices, according to the street, the quality and condition of the building, Tthe exposition, the floor, etc.

mpprh

Hi

I've got lots of links in English about legislation in France here : http://www.the-languedoc-page.com/ex...egislation.htm

Here is a guide to French Realty terms :

STUDIO - One room appt with kitchenette

F1 BIS - One room appt with kitchenette + 1 bedroom

F1 APPT - One room + kitchen

F2 APPT - Living room, kitchen, bedroom

F3 APPT - Living room, kitchen, 1 / 2 bedrooms

F4 APPT - Living room, kitchen, 2 / 3 bedrooms

T1 BIS - One room house with kitchenette + 1 bedroom

T1 MAISON - One room + kitchen

T2 MAISON - Living room, kitchen, bedroom

T3 MAISON - Living room, kitchen, 1 / 2 bedrooms

T4 MAISON - Living room, kitchen, 2 / 3 bedrooms



Others -

FAI - Agents fees included

Hab - Surface area in m2

CUISINE U.S. - Kitchen open to living room

DV - Double glazing

RDC - Ground floor

SDB - Bathroom with bath

SDE - Bathroom with shower

In fact, the process is pretty straight forward. Best is to find an English speaking notaire to guide you through the various steps.

Peter

ira

Hi worldinabag
>..(followed by smiley face symbol that I don't know how to import).<

A is ) without the *

All of the emoticons are at http://fodors.com/forums/smileys/

ira

Well, I chose the wrong example.