French homes - potential pitfalls of buying a villa in France
If this is the first time you are venturing into the market for a villa, France´s property laws contain a few pitfalls for unsuspecting buyers. Most problems encountered by overseas buyers are as a result of their naivety and not the French homes market. With this in mind you should learn as much as you can before making an offer on any house for sale in France.
A house for sale in France - is it for me?
If you plan on moving to France then you should think things through carefully before buying any French homes. Emigration is a serious step and should not be a spur of the moment decision after holidaying at a villa in France. You might desperately miss family and friends and there are a huge number of factors to consider before taking the plunge.
What constitutes French homes?
Ensure you receive proper clarification of what exactly the house for sale in France comprises of, the amount of land included in the sale and boundaries. Check all outbuildings are included in the description of the property and make sure whatever you see on site is included in the contract as being part of your French home. List all fixtures and fittings you wish to keep in the villa. France has markedly different traditions so have the vendor clarify what will be left.
Buying a villa in France on impulse
A house for sale in France might not be the bargain you believe it to be and so you should get a survey on any French homes you fancy. You may not have considered the location or extra costs or there may be problems concerning the condition of a villa. This is particularly important if you are considering renovating or restoring an old French property. France is a different country with different laws and traditions so consider how you will deal with practical problems relating to your property.
Buying French homes off-plan
New-build French homes are subject to TVA (VAT) at 20.6% and there will be a considerable time difference between signing for an off-plan house for sale in France and moving in. Be sure to obtain a firm deadline for completion and also written confirmation of the exact specifications of the property. Before buying an off-plan villa in France you should consult a solicitor who is an expert in French property law.
Buying a new-build home under the leaseback scheme means you avoid paying TVA.
Financial considerations when buying French homes
Inheritance tax, currency issues, pensions and income tax are all things which may impact upon someone´s enjoyment of French homes. Seek out professional financial advice before you go looking for a house for sale in France.
Other points to note when looking at French homes for sale
- Always employ a lawyer to advise you before making a decision on a house for sale in France. Also have them confirm the full costs involved in purchasing.
- If you require a mortgage to complete the purchase of your French home do not commit unless you are sure you can have your deposit refunded if finance is refused.
- Do ensure you have sufficient insurance to cover your villa in France or any other property and its contents.
These pitfalls should not deter you if you desperately want to buy a French home. Villas in France feel very different to live in so think things through carefully. Most importantly seek professional advice before committing to buy a house for sale in France.
