6 Things To Consider When Choosing Your Paris Apartment
Paris is one of the most vibrant and inspiring cities in the world to live in. And buying your own little piece of Paris is an even more enticing idea. However, like most major purchases, it can take a while to find the right property. In addition, French real estate dossiers often give only a minimum of information, which can be a surprise to foreign buyers who are used to more detailed property reports.
What should your antennae be tuned to when hunting for your ideal place? Knowing these details when choosing your Paris apartment will help you act fast when you find that coup de coeur as great properties that are priced right, tend to sell rather quickly. Here are some key factors to help you decide whether a piece of property is a good investment with lasting value.
Location
The right location will depend on your personal preferences and how you intend to use the property. Being close to the city center is desirable, especially if you are thinking of letting the property, but this is reflected in its prices. An alternative is to target a hip neighborhood with good access to metro (subway) lines. Needless to say, a great view is desirable, but it will considerably increase the price range.
Decide whether you want to be in the center of a buzzing neighborhood or if you would prefer to be on a quieter side street to avoid overlooking busy roads. Find out about the local amenities and where the shops, markets, leisure facilities and parks are located. If meant for primary residence, properties with a school and crèche nearby (daycare) are essential for families with kids.
Building Style and Condition
Once you have narrowed down a selection of properties, approach each one with a critical eye.
Find out the building’s construction date and style, which will tell you about its architectural features and layout. You’ll want to know if major renovations have been done or are planned. This information should be in the minutes of the annual meeting of the coproprieté, the association of homeowners in the building. Also, find out what co-ownership expenses you’ll pay for maintenance and insurance along with other monthly charges.
Period buildings should be elegant and well maintained with attractive common areas. An elevator is a must if the apartment is several floors up. It’s more appealing to potential tenants and is a selling point later on. The level of neighbor and street noise is an important factor too.
The apartment should be in good structural and decorative condition and restored in keeping with the style of the building. Look at the plumbing and electrical installations. Do they appear modern, unobtrusive and fitted with convenience in mind?
Design and Layout
Does the layout of the apartment fit the way you want to use it? Even a small studio can be planned to make the most of the living space.
Consider how many bedrooms you’ll need. If you plan to put up friends and family regularly, or rent out the apartment, two bedrooms may be better than one. If you’ll only have occasional visitors, perhaps a pull-out sleeper sofa will allow you more flexibility.
The kitchen and bath should have been completely redone to high or even luxury standards. This is particularly important if you want to rent out the apartment. Many apartments in Paris have not been remodeled properly, but this can usually be remedied. A good licensed search agency will normally work with English-speaking renovations experts and can recommend one that meets your needs and budget.
Outside spaces are at a premium in Paris, but balconies are not uncommon. They are also a plus point for people looking to rent an apartment.
Since storage space can be limited, make sure the apartment comes with a separate storage facility in the building. This is normally located in the cave (basement).
Appliances and furniture
It can be an advantage if the present owner’s appliances and furniture are available for purchase separately, especially if you want to rent out the apartment. This saves the hassle of buying new ones.
You need to be sure that the appliances are of a recent date and in good working order. The furnishings should be relatively luxurious but sturdy, a bonus if you have rentals in mind.
Paperwork and contracts
If the apartment ticks all the boxes, make an offer quickly to avoid losing it. And if you bid the asking price, the seller is obliged to accept, so there are no bidding wars.
You then sign the reservation contract, which commits the owner to sell. This is normally drawn up by a notaire, a government appointed legal counsel who handles property transactions.
You normally put down a 10% good faith deposit at the point of signing, which is followed by a seven-day reflection period. Your deposit will not be refunded if you walk away after the seven days have elapsed.
Before signing, decide whether you want to buy as an individual or under a corporate structure (Société Civile Immobilière). If there’s a possibility of ownership structure changing before closing, include a substitution clause in the reservation contract to allow for this, otherwise it could be counted as a second sale.
The standard closing time in France is two to three months. The buyer pays the notaire fees of around 7% of the purchase price (or 2.5-4% for new properties) and real estate agent commission.
Real Estate Agents or Direct Purchase
Buying an apartment is a major investment. You need to have all the information at your fingertips before you buy. As much as it’s entirely possible to purchase directly from the owner, it could be very useful to have someone on the ground in Paris to help, since going at it alone can be a full-time job.
Working with a licensed and insured real estate search agent can take the hassle out of the process. They scan the listings and propose a selection of properties that fit your criteria. Licensed firms’ fees are included in the transaction price and can be offset against your capital gains taxes if you sell later on.
Finding your own pied-à-terre in Paris can certainly be daunting. But thinking through all of these issues beforehand will reduce the likelihood of making a bad decision and help smooth the path to finding your ideal apartment.
This article was written by 56Paris Real Estate, an English-speaking, fully-licensed agency providing real estate service for both local and international clientele. For inquiries, you may drop by their office at 56 rue de Verneuil, 75007 Paris or visit their website and listings through www.56paris.com
