Buying Your First French Property

Whether you are looking for a small "pied-a-terre" flat or a luxurious villa, buying property in France can be a very valuable investment.

International surveys rank France as the #2 location in the world for property investment. And in France, the best places to invest is the capital city of Paris and along the famed French Riviera. Between 2004 and early 2007, property prices in France have gone up by an average of 24%. And that's even in the face of the real estate crisis taking place in the USA.

The Beautiful French Riviera

The French Riviera has beautiful beaches, a vibrant yet historical culture and many places to enjoy French cuisine. A unique feature of the Riviera is that you can go skiing in the mountains and still be less than an hour away from the beach. It's the best of both worlds.

Speaking French is not a strict necessity, as many people along the French Riviera speak at least some English. Many non-French people can get by just fine with only a handful of French words and phrases when they are in France. Language should not be a barrier when deciding to buy French property.

Property Prices Still Low

Though both Paris and the French Riviera are the most expensive places in France to buy property, they are still relatively cheap when compared to other cities such as London, Sydney, New York or Tokyo. Also, properties in the French countryside are much cheaper than those in the city.

There are very good transportation options in France, including well-maintained highways, railway service and airports. The second largest airport in France is in the Riviera region, and can provide direct flights to cities in Europe and worldwide.

Vintage Charm

Another important thing to remember is that many parts of France are very historic, and that can mean old buildings. Properties may have vintage charm, but then may also be lacking in modern conveniences. Kitchens and bathrooms are most likely to need some refurbishment.

Properties in Paris and the French Riviera are extremely popular, with many more buyers than sellers. You may need to have some patience while looking for the right real estate opportunity to come up. It also means that you should be ready to move quickly in the event of a good property coming up for sale. Taking too long to decide will mean missed opportunities.

There is a multiple listing service (MLS) in France, which is a central database that lists all the homes for sale or rent in the country. It's the best place to start searching. It's recommended that you use a realtor and lawyer for all your property transactions.

Financing Property

Once you have found a property, and negotiated a price, you will have to arrange for financing. If you already have cash in hand, then there is no problem. If not, you'll need to apply for a mortgage (either in France, or your home country). Before accepting your application, French banks will check to make sure that you are not paying more than 30% of your income on mortgage payments, and that includes any other properties aside from the one being purchased. Mortgages in Frances have an average amortization period of 15 years, but can be arranged for up to 50 years.

This guide is for information only. You should always check on any legal or financial details before making any property purchase.

Bruno Jimenes is the editor of http://www.about-french-riviera.com the comprehensive guide to the beautiful French Riviera coast. If you'd like to buy French property, please find more information at http://www.about-french-riviera.com/buy-french-property.html - Copyright: You may freely republish this article, provided the text, author credit, active links and this copyright notice remain intact.