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PROPERTY

Why now is the time to buy a house in France

Buying a house in rural France is still the dream for many Anglos, particularly those from Britain and with prices having fallen and exchange rates improved, it seems now is a good time to buy once again. And there's some eye-catching deals out there.

Why now is the time to buy a house in France
Thinking of buying a house in France? Now is a good time to do it saythe experts. Photo: Mychele Daniau / AFP

It seem Brits who have been putting off their dream of buying a quaint little cottage in rural France can wait no more.

With a fall in house prices and a property market that looks as accommodating as it has been for a few years, estate agents say there are plenty of bargains out there and international buyers are starting to snap them up again.

“It obviously depends where but you can pick up some extremely good deals on properties in France," Mary Hawkins from Leggett Immobiliere told The Local. "There’s houses going for 400,000 in rural France that would probably cost around 1 million in the UK."

"And there's still a lot of properties for renovation out there that can be snapped up for as little as €50,000.

“Rural France is still a big pull, it’s still their dream and it’s easy to get to from the UK. But it’s not just Brits starting to buy properties again. There’s a lot of international buyers from places like Australia.”

Down in the Dordogne in the south of France, an area that has long been popular for British expats and holiday makers alike, things are also picking up.

10 things you need to think about when buying a house in France

“I think they have just got fed up waiting over the last couple of years and now the exchange rate is a bit better they are starting to but again,” said Cate Carnduff from Hermann de Graff estate agents told The Local.

“People are coming back to the Dordogne with prices having gone down. There are some good deals out there, because there’s a big backlog of property. Those people who really want to sell have got to make their prices really attractive,” said Carnduff.

Although she warned that some expats who bought properties in parts of central France had run into trouble due to the slump in the market.

“Some people bought cheap properties and put a lot of money into them, but there’s no market to resell them,” she said.

The French property market is not proving enticing once again just for international buyers. In France the current lay of the land means it’s seen as an opportune moment to buy a property.

A recent front page headline in the Parisien newspaper simply said: “Now is the moment to buy”.

In the article French mortgage brokers Empruntis gave a clear message: Anyone hoping to buy should not wait.

The reason why potential buyers should not wait is the current low interest rates making it a good time to ask a French bank to stump up some money. But Empruntis’s Maël Bernier says that things will not remain like that throughout the whole of 2014.

Any gains made by a drop in house prices will soon be lost when interest rates rise, Bernier says. For example a 0.5 percent rise in interest rates will cancel out a 4 percent drop in house prices.

So whether you are in France already or you are watching on from abroad, waiting for an opportunity to settle in in "La Belle France", now appears to be as good a time as any to buy.  

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PROPERTY

How to avoid French property rental scams

Finding a place to live - or even to stay - in France can be difficult, and to make it more complicated scammers often prey on unsuspecting property seekers.

How to avoid French property rental scams

More and more people head online to begin their search for a new rental property in France – whether they’re seeking a long-term rental to live or somewhere just for a few months.

But this can be risky with scammers active in the market – such as the 40-year-old Paris man accused of swindling 64 victims by illegally sub-letting properties that he did not own.

So how can you avoid falling victim to online criminals?

The golden rule

There’s one golden rule: don’t hand over any of your hard-earned cash before you sign a lease. This may seem obvious, but if you have found an ideal property it could be more difficult to say no if the person you think is the landlord, or their representative demands money – perhaps to ‘secure the property’. That’s a red flag, right there.

As is paying for the privilege of viewing a property. A genuine landlord would not charge you just to look round.

It is, however, completely normal to be asked to send documents such as proof of income/legal residency in France before a viewing. While in some countries you view the property and then undergo financial checks, in France landlords often want to see your dossier before they spend their time showing you around.

READ ALSO A beginner’s guide to renting property in France

Low rental

Rental prices can be high, especially in Paris which regularly tops international comparisons of the world’s most expensive cities. It’s therefore tempting to look for a bargain, but that too-good-to-be-true rental price probably is.

If an property ad has a monthly rental price that is lower than you would reasonably expect for a place in a certain area, beware.

Some legitimate reasons for a lower price might be that the property is shared (colocation), is a sub-let (sous-location) or is the short-term rental known as bail mobilité. However, these types of contract all have their own rules and limitations and – in the case of bail mobilitéare not available to everyone.

First contact

Beware of long emails from the ‘landlord’ of a property you’re interested in, especially if they seek to demand certain conditions on property visits.

It has been reported that some criminals try to scam victims into sending deposit money on the strength of a viewing video. If you can’t physically visit a property, wonder why.

READ ALSO What you should know about paying rental deposits in France

Watch where you’re sending your money

If you’re asked to pay any money by cash transfer, Western Union, or to a bank not based in France, watch out. This could be evidence of a scam.

Note also that deposits are dictated by law. The deposit for an unfurnished rental property can only be equal to one month’s rent, while a furnished property deposit is two months’ rent. 

READ ALSO 9 things landlords in France can never ask of tenants

Remember too: sign the lease before you pay even the deposit. 

Contractual obligations

There are rules about French property rental contracts. They must include the landlord’s contact details (or those of the property manager), and include information on the size of the property, co-ownership regulations, asbestos, lead and energy performance diagnostics, and the effective date and duration of the lease. 

Model contracts are simple to find on the internet. Search for contrat location modele

READ ALSO The vital French vocab for renting property

Google Lens

Online reverse search tools such as Google Lens are your friends. You can check to see if photos purporting to show the property you’re interested in are also being used to ‘advertise’ different properties in other towns or cities. 

Online liability

Platforms on which landlords can post properties for rent may also be used by scammers. The platforms themselves have repeatedly said that they are not responsible for content published on their sites.

But some short-term rental platforms – notably Airbnb and Abritel – have in the past been found liable for content on their site.

READ ALSO Renting property in France: Should I go for furnished or unfurnished?

But protect your data

The government’s Dossier Facile website allows prospective renters to prepare and build their rental file, and gather all their supporting documents in one online storage place – and, crucially, watermarks them to protect you “against fraud from unscrupulous owners”.

And if you are a victim

If you are the victim of a fake online ad, you may be able to file a complaint online on the Thesee platform. Alternatively, get in touch with the police. 

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