The process of buying a property in another country can be completely different from buying it in your country. If you are a UK resident interested in French property ownership, you need to look at the updated rules and regulations, especially after Brexit. Rest assured, not a lot has changed unless you are moving permanently.
Whether you want to buy a vacation home in France, relocate your business, or are interested in investment, it is possible to purchase and own land there as a non-EU citizen. However, there are some things you need to be aware of:
1. Finding An Estate Agent
The first step is to start searching for French properties that are on sale. Although you can start by looking online and in newspapers on your own, the best way for international buyers is to hire an estate agent or realtor as they might be able to communicate in English. Also, to stay on the safe side, kindly confirm that the estate agent belongs to a registered organization like FNAIM, SNPI, or UNPI. After choosing a realtor, they will ask you to sign on de visite. It is a legal document that verifies said agent is carrying out contractual duties for this client. Next, you can start visiting property locations.
2. Finding Your Ideal Property
Next, you need to find a property that aligns with your vision and budget. For instance, if you dream of buying property and living in Paris, you need to conduct thorough research on its 20 arrondissements. If you have the means to invest in a high-budget property, the 6th arrondissement is the way to go. The prices range between 10,000 and 15,000 Euros per square meter. Consequently, a two-bedroom apartment will set you back around 900,000 Euros, approximately £752,940. If you want a lower-cost place, Brittany is considered the cheapest option. Here, you will find affordable options between €100,000 and €150,000.
3. The Contract Stage
Once you have found and liked a property and talked to the authorities, you will be asked to sign a contract, AKA, compromise de vente, containing the agreement’s terms and conditions. After signing this, you will have to submit a 10% deposit to a notaire.
4. Ensure You’re Getting The Best Possible Exchange Rates & Payment Options
As a UK resident, foreign exchange rates and money transfers are also critical considerations when purchasing a property abroad. Since you will be dealing with currency exchange and funds transfer, you may want a foreign exchange specialist to assist you with this part of the process. Additionally, you have to be well aware of any tax implications, additional fees, legal contractions, foreign exchange fluctuations, etc. One wrong move can impact your finances on an enormous scale.
So, if you are well-versed with it, the process can be as smooth as possible. However, if you don’t feel confident, consider taking help from a foreign exchange services provider like NewbridgeFX. From getting updates about ideal exchange rates to receiving optimal money transfer techniques to getting all your related queries answered, NewbridgeFX will bring it all for you.
Final Thoughts
Buying a property abroad might be pretty straightforward if you are well-equipped with guidance and know all the legal technicalities. However, if you are a beginner and unaware of the Forex market fluctuations, it is better to seek the help of a relevant service provider such as NewbridgeFX