French real estate, property for sale in France, French villas
Rising prices of property for sale in France have ended many ambitions to own French villas. It need not be this way, however, as there are alternative ways of buying French real estate. One such way is through shared ownership schemes which may be ideally suited to those looking for a French holiday home.
Buying property for sale in France through shared ownership schemes
There are various shared ownership schemes available to those who want to purchase French real estate but cannot afford to buy outright. For example, shared, or seasonal, ownership schemes offer a certain number of people the opportunity to part-own French villas or other properties.
For example, a quarter share would entitle you to the exclusive use of the property for sale in France for three predetermined months each year. Depending on the format you sign up to you may be able to acquire a more flexible entitlement two weeks per quarter etc.
Entering the world of French real estate and buying your dream French villa might not be so unattainable after all.
Advantages of buying French real estate through sharing ownership
You may feel that property for sale in France is prohibitively expensive given that it will only be used for a few weeks each year. Now you would retain access to your French villa whilst drastically cutting the purchase and maintenance costs. Other advantages of buying into French real estate in this way include:
- Being able to afford a higher quality of property for sale in France
- Your French villa will be maintained in your absence
- Your French property will generate equity
- Allows you to sell at any time at current French real estate values
- No DIY eating up holiday time
What is timeshare and has it changed?
Buying into a timeshare scheme allows you the right to a particular property for a predetermined number of weeks each year. Depending on the scheme, you will either own these rights for a set number of years or in perpetuity. This differs from shared ownership
A wave of scandals once rocked the timeshare industry with unscrupulous agents making unrealistic promises of luxury French villas, rock-bottom prices and incentives. Since then new legislation has been introduced which forced companies to act in a transparent manner and protect customers.
Who should consider buying French property with?
Many people are rightly cautious about entering into an expensive and binding contract to own French real estate with people they do not know. You may worry about how others treat the French villa or disagree about decoration.
To avoid this, some people are buying French villas with groups of friends, enabling all to share in the spoils. This should still be approached in a business-like manner to avoid testing friendships with disputes such as who gets the property at certain times.
Costs of shared ownership
If four participants are buying a French villa valued at 150,000 then their outlay will be 37,500 each. For any French real estate purchase you should allow an additional 10-15% on top for fees and taxes. Some costs for maintenance of your French villa will also be incurred.
