Owning real estate in France requires you to open a French bank account, which can be a daunting and lengthy process. Countries around the world require citizens to report their business and banking activities, many banks prefer to not work with foreigners or clients with complex residency situations, this can make it difficult for those who want to buy real estate or open a business in France.
We specialize in working with complex situations, and we can refer you directly to our professional bankers who will work with us to serve your personal or business needs.
Not all clients need to borrow money to purchase a new home, but if you would like a mortgage we can help you get pre-approved through one of our preferred lenders in France. They have programs for residents of France and for foreign buyers from many different regions of the world.
Our special relationship with these lenders can make the process go quicker and easier. French banking can be very cumbersome, so having a guide and experienced lender can make a big difference.
We provide a sophisticated knowledge of real estate valuation in France. We can determine what's likely to appreciate, problems to avoid, and best practices for reducing stress. With our fingers on the pulse of the ever-changing Parisian real estate market, we can lead you through what can be a very confusing and complicated process, so that you can find the best deals possible.
To obtain financing and to operate within regulations, every real estate purchase requires a valid valuation. We can provide you with qualified appraisers who know the value of history in Parisian real estate, the importance of unique characteristics in each property, and how to give a realistic value while keeping the process simple and painless.
Every real estate transaction requires some sort of down payment, and usually all taxes and fees are paid in cash. International buyers don’t always have all of their cash in an account in France, so currency exchange rates can be very important on any size transaction.
We work with the most reputable money exchanges in the EU, including large private banks, who can transfer money internationally at the best rates on the market. We have professional relationships with many different international banks, investment firms and money exchange offices.
Insuring your home and your mortgage is required by law. Rates and premiums can vary depending on the value of your home, and the amount you finance.
Having insurance can be great, it gives you peace of mind for when unexpected problems happen. We can insure your home with one of France's largest insurance companies with low competitive pricing, and we also work with lenders who are there to lend money and not over charge you on mortgage insurance.
Mortgage insurance is required when having a mortgage secured by real estate in France. This law stems from inheritance regulations regarding the passing of real estate to your heirs. This insurance is normally offered by the lending bank or it can be purchased through one of our insurance partners. This feature to a French mortgage is special as it provides all buyers with peace of mind for when one of the borrowers has unexpectedly passed away. Due to this regulation for mortgage insurance, there may be a requirement for you to visit a doctor for a health physical. Each mortgage insurance policy has different requirements, and this can depend also on the lender you are working with.
In France, the right relationships are key. For transactions that require professional legal services, finding a reputable and knowledgeable lawyer can be time consuming and expensive when you can’t find the best option.
The attorneys and legal advisors that we work with are licensed professionals, and directly plugged into the real estate industry in Paris. If you are interested in investing with others, or protecting your assets, we can handle any complex situation.
All of the buying and selling of real estate in France requires a notary. The buying agent and the selling agent work with each of their respective clients to provide the notary with all required approvals and documents so that they can procure and execute your signed contracts under the legal protection of France.
This can be very complex, and long, so it’s important to know you have an honest and reliable notaire who will guarantee that all of your taxes are paid, your contracts are valid, and your property is safely registered with the state. We work with the largest notary service in France, and we can directly refer you to their office so that you don’t have to search for a trustworthy professional.
The tax system in France can be very complex and difficult to fully understand. Some common taxes include the taxe d'habitation. This tax is paid by the renter, if the apartment is rented long-term, or by the owner, if the property is their primary or secondary residence
Your annual real estate property tax is called the taxe foncière. This is covered by the owner whether the property is occupied, rented or vacant, although there are some exceptions for elderly and disabled, and also if you are doing major long-term renovations. It is payable in the year it is imposed, and charged to the owner on the 1st of January of each year. In addition to this annual property tax, you will also be charged for your garbage collection under the Taxe d'Enlèvement des Ordures Ménagères (TEOM).
Don’t forget to budget for those other expenses that happen throughout the year as well. You may have a charge syndic for a building manager, and then there are also charges des copropriétés, which includes, water, building electricity, cleaning, maintenance, elevator, and guardian if your building has one.
Once a year, the building property management company, le syndic, will meet to discuss the expenses and to approve the financial reporting at the assemblée générale of the copropriété. They will also discuss any renovations or priorities for the building that need to be announced to the owners.
Home Hunting by Ruben doesn't stop when you have closed your sale or lease, we can recommend a highly skilled network of architects, interior designers, art dealers, and contractors. Finding the right artisan for your project can be the difference between attaining your dream home and being saddled with expensive mistakes.
Our artisans are award-winning, the best in the city, with clients like Chanel boutique and Christian LaCroix. Let us help you make your new home the best that it can be, someplace that you are totally in love with.
"We found a short-term rental through Ruben, and he was super helpful. It was hard navigating the French system and he made it all easy. Later we decided to move to France permanently, and we went back to Ruben, and working with him was a dream. He walked us through the process, making the entire transaction easy." -- John Kelly