Buying a property in France: first things first
You have been thinking about you project for a reasonable amount of time, and you have already gathered a lot of information. It is important to start following a proven methodology to manage you project ; validating key aspects, capitalizing on essential information, doing in the right things, in the right order. And then organising and accessing the file, all the accumulated information of what will become a big and important project, potentially a life changing one.
Motivations & reasons
You have many elements that come to mind, may be many that don’t seem compatible or coherent with one another. At this stage you should really lesson to yourself (all stakeholders), and list your deep motivations.
We believe that the key is to write down why you want to BUY A PROPERTY IN FRANCE, the very reasons, associated thoughts and feelings, because they will become clearer in that process.
It is useful to track the evolution of those key elements also because they most probably will evolve and will be powerful criterias to keep in mind, they should be anchor to help you define your project. Very often by showing you what they have, AE can make you lose track.
Over the years we have tried many ways and template to analyse and rank those elements : Short/long term, Emotional/rational, … In the end what we have clearly identified as the key is : 2 types than can be in 2 column : Non négociables and “Would love” that could be completed with some “No/never”.
Wish list and type of property
Many key aspects aren’t just about the property, but should also be about how the global project is associated with a property, and the context in which you will invest.
To build you list, which can be as long as you need it to be, taking into account all stakeholders contribution, we suggest that you consider the following elements, which should positively contribute to your brainstorming cession by pin pointing aspects that shouldn’t be forgotten.
A check list of some key aspects to contemplate:
Holiday home for you own use ? or that you could rent ? to cover your running costs ? or to generate incomes ?
Is it a property that you want to buy with other people ? or a place where you can see yourself living once retired ?
Why buying now ? Do you want to diversify your investments ?
Have you saved enough and want to buy for the 1st time abroad ?
Have you already bought a 2nd home ?
Are you planning to sell your current home or another to finance this new project ?
The family is expanding, and you want to buy a property, that we will extensively use whilst the children are young and later, where you still accommodate the entire family around holidays periods.
For that specific property, are you meanly interested at the best possible return on your investment ? with a long term view ? or a more short term one ?
When and How will you come out of that investment ? by selling the property or by transferring it to your children ?
How often will you use that property ? for short stays or more longueur ones ?
How will you travel to that place ? will you fly and then rent a car ? will you leave a car there ? Will you travel by train ? will you drive you car packed with the family, the dog and all needed gear.
The type of property
To begin with, we think that it is reassuring to take the time to look potentially at many area of the french marked, and at many possible options. At this stage to be and stay open, not to stick to soon to a specific scenario that might come from specifics situations, that are not close to yours, to positive or negative experiences, a clever communications … that might not be reflecting what you really want.
When you are ready and according to your objectives, expectation and goals, then you should begin the narrow the scope of where you want to buy and what you want to buy. Remember that earlier, we suggested not to close to many options without looking into it, to see if there something for you.
This is the time to consider your options, all of them. It will take a bit more time but it is now or never ; and you might regret it or even worst will suffer from a wrong initial orientation.