Home on the market in France is a subject that’s always tempted British buyers. A reasonable percentage of British families own another home in France and many other families are busy checking out the prospects on regular basis. It’s perhaps only Spain, which has was able to outweigh the ‘Hexagon’ country on this account.
There are lots of reasons as to why people want to buy a property on the market in France, for example; the lifestyle is calmer, the cuisine is fantastic, and the current weather could be great. There is a blend of rural and urban living, which serves as an important contributor, and this is equally attractive to young and retired couples. Moreover, Britons now taking a look at France will also be getting homely vibes: past trends have ensured that several French residents were originally from Britain, and British ran companies will be the norm.
It’s not just cultural or lifestyle reasons which can be attracting the British to buy a property on the market in France, there are strong financial reasons as properties are cheaper than in Britain. Accessibility isn’t a challenge either, as it could be quicker to achieve a region in France then to travel along Britain, because of selection of direct flights, ferry crossing or Eurostar transport.
However, markets across Europe are still experiencing the sub – prime crisis. Home market crash is no longer a distinct possibility, but a hounding reality property for sale in France. So can it be still a good idea to think about buying a property on the market in France? The French economy claims to own steered free from the credit crunch threat. Banks are increasingly being applauded for carrying out a tightly regulated schema, which apparently has provided the requisite support to the economy. But inspite of the stated, the housing market has not been completely spared. The prices have begun to drop or stagnate and the findings of France’s national statistics agency, INSEE confirm this, but unlike with Spain or Britain the housing market in France has not burst.
There were indications, however the impact can not be considered as poisonous. That is primarily because of non existent sub prime market. The loan schema is different and in France, it’s the income of the borrower which determines the loan level and not the property value. Moreover, fixed rate mortgage is more popular in the country. For at the least last 10 years, interest rates have already been at the reduced level, while the credit period is reasonably stretched. Therefore it seems that the housing market is stronger in France than many other countries.
When it comes to purchasing property on the market in France, there are many aspects to remember: generally a flat is sold with an empty kitchen i.e. four walls and a water outlet…nothing else! But of course this does permit you to totally design your kitchen to your own personal taste. The thing holding you back can be your imagination and/or your financial allowance! After you have chosen a property that you’d like to buy, the buyer and seller sign a record called a promesse de vente. This can be a legally binding document that confirms that the vendor must sell the property to the buyer however the buyer has as much as eleven days to alter his mind. All property sales are conducted with notaires and the buyer and seller have their very own notaire to ensure all aspects of the sale are completed according to the law.
In conclusion, the property market has not been as badly hit as in the rest of the entire world, and if you’re buying property on the market in France, expect to find other ex-pats living nearby as France is a well known overseas property investment location.