Getting the best property deals in Paris can be quite challenging, especially when you are new to the Paris real estate industry or if you are a foreigner. Like any other industry out there, you need to be a guided by an expert (who understands the Paris real estate market as well as property buying process) to make the right decision. For inspiration, here are useful tips that you need to keep in mind when buying property in Paris:
1. Take advantage of the property buyers’ market
Whether you plan to buy residential, commercial, or vacations rentals in Paris, strive to buy from motivated sellers. Like other commodities, when there is high supply of homes in the market, the market often turns on the favor of the buyers and interests rates tend to go down. Making sound decisions entails knowing the current value of the property in question as well as some of the ways that you can add value to it without spending much.
2. Beware of price tags that are too good to be true
Never be swayed by property prices that are unrealistic. If you get a property at ridiculously low price points, there are high chances that the property needs a lot of work. However, it is not always easy or cheap to do major home renovations in Paris. You may spend less upfront, but when renovating the property, your budget may shoot beyond what you expected.
3. Partner with experienced or professionals
Talk to people who understand the Paris real market when buying a new property. There are a host of experts who can help you, including:
• Paris property finders, especially those who specialize on the type of property you are looking for
• Legal advisors who understands and speaks your language if you are a foreigner. They will really help you when making the final purchase.
• A reputed mortgage broker to walk you through the process and to help you handle the necessary paperwork for getting mortgage approval. It can sometimes be daunting to negotiate with banks in Paris for a good mortgage deal, and this is why many buyers opt to work with brokers. The professionals have networks and will work on your behalf to ensure that you great deals. The fee that the broker will charge you will depend on the amount that you borrow from the bank.
The above highlighted tips will help you get better deals when buying property in Paris. If for some reason the deal does not turn out as planned, be prepared to walk away. To play it safe, consider keeping the door open for future negotiations, and if possible send a small thank you note afterwards.