Deciding to relocate or buy a property abroad is often the key to fulfilling a lifelong dream. For many of our international clients, it can also be a daunting and unfamiliar experience but with good guidance from relevant experts, the process is very straightforward.
At Maxwell-Baynes Christie’s International Real Estate, we have over 25 years of experience in managing luxury residential property transactions. We hope this guide provides some top tips and information about the buying process in France. Specialising in luxury property in South West France, we have over 25 Real Estate Agents representing 7 different languages working across the region so if you’re anxious about taking the next step of buying in France, please get in touch and our team will be happy to assist you.
Our team of ‘Independent Agents’ (or ‘Agent Commerciaux’ as we are known in France), work across all of South West France, from Bordeaux and the Gironde, to Charente, Charente-Maritime, Dordogne, Gers and Lot et Garonne. We specialise in luxury property, so whether it’s a stunning apartment in the historic centre of Bordeaux, an equestrian estate or beautiful traditional French chateau, we can work with you throughout your search.
1. REAL ESTATE AGENCY
Buying real estate in a foreign country can be a challenge and knowing where to start is a key element in the process. Most buyers begin by searching the internet but how to get to the right place is often baffling and sifting through lots of unattractive or irrelevant listings only adds to the frustration. Below is a summary of the market players. We hope the tips will simplify your search.
Licensed Agencies
France is no different to other countries in that you have businesses providing a high quality service and many who don’t. The basic agency models are explained below.
• The Value Model
These are agencies that are very focused on particular sectors or areas and the numbers of properties are likely to be more limited and selective. The premise is based on providing a service to buyers and sellers and as a result the quality of images and website content will tend to be noticeably better. The goal is to prescreen properties that fit the profile of target buyers.
• The Volume Model
There are many agencies that are in the volume business where the pressure of completing a sale can compete with customer service. The easy way to identify this type of business is to look at the portfolio. If they cover everything from the cheapest renovation project to higher end properties they will typically fit this category. This model tends to be more inclusive but less discriminating and is often less efficient for the luxury buyer.
TOP TIPS
• Find an agent who responds promptly and listens to what you say.
• Check whether they have a full “Carte Professionnelle” license.
• Consider the affiliations and endorsements they have. For example Christie’s International Real Estate has a stringent affiliation qualification process.
• Take a look at the quality of the website content and imagery. Weak content and imagery is often a bad sign.
• Do they feature the types of property you are looking for?
• Do they have a local network of specialist professionals such as accountants, notary, architects and builders?
• Do they live in the area they are marketing?
• Are the properties you enquire about still available?
• If required, select three agents in the area and ‘interview’ each one to determine who is best placed to deal with your requirements.
• Are they ‘expert’ in the activity or sector that you are looking at?
Marketing Agents
The French agency business is full of middlemen who quite often position themselves as being agents. The most prominent of these are marketing companies which are usually property portals gathering information and properties from licensed agents and are typically not based in France.
There are a number of problems in working with marketing companies or portals but they can often provide a good cross section of properties available across multiple regions. The primary problem with this type of company is that they may not have local knowledge and they will be unlikely to know the properties as they are typically based offshore. However they are able to put you in touch with the local agent.
There are also several international estate agents based in the UK or elsewhere in the world who have arrangements with French based registered agencies.
Appointments
There are several key things to consider when you are at the point of visiting the area and setting up viewing appointments.
TOP TIPS
• Ensure that you have provided the agent with a very clear specification of what you are looking for or you run the risk of viewing properties that are not suitable. This will also ensure that your time is used wisely.
• Allow plenty of time for viewings, as there may be significant travel time between each.
• Don’t try to do too many viewings in one day as it can be extremely confusing to process too many details. We recommend that four properties in any given day is optimal.
• Allow some time to reflect on viewings and to discuss openly with your agents your likes and dislikes. This will help the agent to perhaps identify other choices.
• Try to keep to the schedule as setting appointments and changing appointments can be complex and time consuming for the agency particularly where the property is empty and key holders are involved.
• Plan visits ahead. Don’t just arrive and expect to be able to organize visits at very short notice.
Part 2 of the Buying Guide includes next steps once you have decided on your perfect property including the negotiation process and property surveys.
Part 3 of the Buying Guide details the buying process, Notaire (notary) and expected costs.