Buying property in Paris (and France, in general) isn’t easy.
Aside from the dreaded French admin, there is a whole world of traps and tricks to consider. Omissions in the property listing, negotiating prices, and why you shouldn’t share a notary with the seller….
We spoke with lawyer and buyer’s agent Christine Bacoup-Tidas who explained some of the key pitfalls to avoid in the process. Listen to the podcast to learn more or scroll down to read below.
Find more about Christine Bacoup-Tidas and how she can help you purchase an apartment in Paris via her website Tomette Paris.
Mistake #1. To trust the pictures
When looking for an apartment to purchase you will very easily find homes with beautiful pictures, but in reality the apartment may not look quite as good. This is because owners don’t always know ahead of time that the realtor has organised a visit with a client. So the client could visit an apartment they’re interested in buying with the realtor and find it messy and not as picture perfect as they’d hoped.
Additionally, key information could have been left out of the photos. The view, for example, could have purposely been excluded because it is of something displeasing like the wall of the neighbouring apartment.
Mistake #2. To be underprepared for the mortgage broker
It’s best to go into purchasing a home in Paris with the support of a mortgage broker. Due to inflation banks are not as willing to loan money to prospect buyers in France, let alone, international prospect buyers. Luckily, mortgage brokers know which banks will be willing to loan to foreign buyers. Getting set up with a mortgage broker will provide you with the right tools to get the loan you’re looking for.
Mistake #3. To take the listings for granted
As the realtor wants to sell the property they will omit negative details about the home to boost its appeal and sell it quickly. They may well not highlight the lack of an elevator, or the bar downstairs that stays open late, or the low energy rating of the apartment… It’s best to not take a perfect listing for granted as there could be hidden faults.
Mistake #4. To not negotiate the price
Don’t be afraid to negotiate till the last minute. Know that the listed price is the top price the seller would like, so you can certainly negotiate less.
Mistake #5. To hire the same notaire as the seller’s notaire
A notaire, or notary, is a legal professional who serves as a representative of the state, they are there to collect taxes and to ensure the deed is done properly on behalf of their clients. It is best to have your own notary rather than having the same as the seller, says Christine. Similarly to how you probably wouldn’t want to share a lawyer during a divorce procedure, it is best to have your own notary who can vouch for you during the process.
Bonus: Don’t pay anything to the realtor upon making an offer
It is totally illegal to pay anything upfront to the realtor. On the podcast, Christine Bacoup-Tidas said that once when a client was ready to make an offer the realtor requested to be paid a cheque which would then enable them to present their offer to the seller. The realtor was essentially trying to make sure their commission was paid, but this is illegal and requests like this should be refused.
The Earful Tower podcast episode
Once again, here’s The Earful Tower’s podcast episode in case you missed it.
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Interested in learning more about buying property in Paris from Christine? Find her website here and her YouTube here.
Keen to find more insight on Parisian apartments from The Earful Tower? Here’s our article on a unique domed Paris apartment, an interview with world renowned David Lebovitz on his book L’Appart, and you can listen here to our podcast all about the man who rebuilt Paris: Baron Haussmann.