Articles: Property
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Beginner's guide to buying a property in France
Part 1 - where to buy?
The French property-buying process is more straightforward than that in the UK, but it can still be nerve-wracking because of its unfamiliarity, especially if you don't speak French. The most important issue to bear in mind is that the sale becomes binding much earlier in the process than in Great Britain - gazumping is not generally a problem.
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Building your own Home
Creating a house in your own vision
If you want to be far from the madd(en)ing crowd, you can buy a plot and have a house built for you. The number of new builds in France is increasing by almost 50 per cent per year (the vast majority of them in Provence-Alpes-Côte-d’Azur).
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Retirement Homes
Homes for the the elderly in France
Traditionally, the French expect to care for elderly relatives within the family unit (indeed adults are legally obliged to provide for their parents in old age, according to their means), so retirement homes (résidence pour retraités/seniors) are less common than in many other Western countries, although they’re becoming more usual: there are now around 5,000 retirement homes.
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Property Options in the South of France
What's on offer in the region?
Moving to France is a dream for many Brits, and the South of France is undoubtedly top of many people’s dream destination. Whether looking to purchase a holiday home, retirement property or family home to begin a new life in France, southern France has something for everyone.
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Buying a new home
Quality standards and warranties
A ‘new’ house is generally defined as one built in the last five years, which is also the legal definition. Although new properties may lack the charm and character of older buildings (see above), they offer attractive financial and other advantages.
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Why France?
Reasons to buy a house in France
There are many excellent reasons for buying a home in France. It’s one of the most beautiful countries in Europe, if not the most beautiful, and has the most varied landscape, offering something for everyone: magnificent beaches for sun-worshippers; spectacular countryside for nature lovers; mountains and seas for sports fans.
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Property Investment
Making money on your property in France
With prices rising faster than inflation in most areas and at several times the rate of inflation in many, French property is an attractive investment proposition, particularly in popular areas such as the Mediterranean coast and parts of Brittany and the west coast.
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Viewing Properties
What to know about viewing appointments
If possible, you should decide where you want to live, what sort of property you want and your budget before visiting France. Obtain details of as many properties as possible in your chosen area and make a shortlist of those you wish to view (it’s also wise to mark them on a map).
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Property Prices
Property prices in France
Apart from obvious points such as size, quality and land area, the most important factor influencing the price of a house is its location. A restored or modernised two-bedroom house might cost €100,000 in a remote or unpopular area but sell for two or three times as much in a popular location.
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Types of Property
Town houses, apartments and farms
For many foreign buyers, France provides the opportunity to buy a size or style of home that they could never afford in their home countries. In most areas, properties range from derelict farmhouses and barns to modern townhouses and apartments with all modern conveniences, from crumbling châteaux and manor houses requiring complete restoration to new luxury chalets and villas.
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Buying an Old Home
What to watch out for
In terms of the fees associated with buying a property, an ‘old’ property is one that’s over five years old that has already had at least one owner. However, the term ‘old home’ usually refers to a building that’s pre-second world war and possibly hundreds of years old and which is either in need of restoration and modernisation or has already been restored.
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Community Properties
Shared properties in France
In France, properties with common elements (whether a building, amenities or land) shared with other properties are owned outright through a system called ‘co-ownership’ (copropriété), similar to owning a condominium in the US, but are referred to here as community properties to avoid confusion with part-ownership schemes such as timeshare.
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Buying a business property
Making a living in France
A large number of residential properties are sold with a business such as a shop, farm, vineyard, hotel, restaurant or bar. The purchase of properties suitable for letting as gîtes or for use as bed and breakfast accommodation is discussed in Earning Money From Your French Home. The information in this section is a summary of the main points regarding buying a business property.
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Septic Tanks
French sewage systems
If the property is connected to a mains sewerage system, you’re fortunate! Most rural properties and many in small towns aren’t on mains drainage (tout à l’égout) and therefore have individual sewerage systems (officially termed une filière d’assainissement non collectif or autonome or a ‘non-collective or autonomous sanitary system’), which normally consist of a septic tank (une fosse septique toutes eaux or fosse toutes eaux or most commonly simply fosse septique).
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Swimming Pools
What you should know
It’s common for foreign buyers to install a swimming pool at a home in France, which will greatly increase your rental prospects and the rent you can charge if you plan to let. Note that many self-catering holiday companies won’t take on properties without a pool. There are many swimming pool installation companies in France or you can buy and install one yourself.
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Taxation of Property Income
Taxes on property rentals
Income tax is payable in France on rental income from a French property, even if you live abroad and the money is paid there. All rental income must be declared to the French tax authorities, whether you let a property for a few weeks to a friend or 52 weeks a year on a commercial basis.
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Property Taxes
Differences between ownerships and taxes
There are four types of local property tax (impôt local) in France: taxe d’habitation (referred to here as ‘residential tax’), taxe foncière (referred to as ‘property tax’), taxe assimilée (‘sundry tax’) and taxe professionelle (‘professional tax’).
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Capital Gains Tax
Paying tax on your profits in France
Capital gains tax (impôt sur les plus-values) is payable on the profit from sale of certain assets in France, including antiques, art and jewellery, securities and property. Gains net of capital gains tax (CGT) are added to other income and are liable to income tax.
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Letting Holiday Homes
Accommodations, bed and breakfast & gîtes
Many people planning to buy a holiday home in France are interested in owning a property that will provide them with an income to cover the running costs and help with mortgage payments (or to supplement a pension). The most common method of earning money from a property is to let all or part of it.
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Television
Standards, licences, cable & satellites
Before taking TV sets, VCRs, DVD players and radios to France, you should consider both costs and compatibility. There are few programmes in English on French TV (terrestrial, cable or satellite); occasionally, English-language films are shown in version originale with French subtitles (a good way of improving your French).
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Buying property in France
Travelling comfort makes the difference
When looking at current international property transactions you will notice that the time people spend travelling to their property is an important factor when making the decision in what country to buy property. Both the time travelling to France and within France is short compared with other popular countries, due to a good infrastructure and well functioning public transport. This, combined with a high level of comfort, is an important reason why people choose for French property.
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