A Five Step Guide to Buying French Riviera Real Estate

The French Riviera immediately conjures up images of luxurious apartments, marinas filled with yachts and hefty real estate price tags. However, there are plenty of opportunities to buy French Riviera real estate but before you think about purchasing a property in this stunning part of France, there are five main points to consider.

Know the system

Buying property of any kind in France is strictly regulated. The first thing is to ensure that you have funds in place. Not only will this help to actually purchase the property, but it will also give you a very clear idea of the budget you have to work with, including initial costs and other charges throughout the process. The three most common ways of buying property in France is through cash sales, re-mortgaging your existing property or financing through a mortgage from a French bank or mortgage provider. Other initial costs you will have to include are the deposit (usually 10% of the purchase price for older properties), Notaire fees (between 4-8%), life assurance (a legal requirement for all mortgages) land registration fees and agency fees. Because the French property system is so strictly regulated, your first call should be to a reputable realtor who has a proven track record in dealing with the French property market.

Know the market

There’s no doubt that French Riviera real estate comes at a premium. The region is one of the most desirable locations in Europe and property prices can be prohibitive for even reasonably wealthy purchasers. However, a little research can garner up some gems at more affordable prices, particularly in lesser known towns or areas that are slightly back from the coast. This is where the services of a local property realtor are essential. They will know the area intimately and may be able to advise you on upcoming areas where property is still affordable, what areas are within your budget and if any new developments are coming onto the market, giving you a chance to buy off-plan which could be a cheaper option.

Work within your budget

As with any real estate deal, costs can quickly spiral out of control, so keeping a close eye on the budget is vital. Fees and costs cannot be avoided, and even if the deal falls through you are still liable for those fees, which could put you out of pocket by a considerable amount. Allocate your funds carefully, always over-estimating rather than under-estimating the total costs. Trying to buy French Riviera real estate by cutting corners will always create more problems than it solves.

Be prepared for delays

Unless you already live in France, the process of buying a French property may be much slower than buying a property in the UK. Because the industry is so tightly regulated delays are inevitable so have a little patience and when you are unable to deal with an issue personally, make sure your interests are being looked after by someone you can trust. This leads on to the final and most important point…

Your Agent

To navigate your way through the French property market, you need someone who knows the system, knows the market and understands exactly what you want as well. Your agent represents your interests when you are unable to attend meetings or can inform you of properties that may be of interest to you. An agent based in the French Riviera will obviously know the marketplace far better than one outside the region, and will have access to information on up and coming areas that you may otherwise miss. Look for a registered and well-established agent and if possible get a personal recommendation from someone who has already used their services. Buying French Riviera real estate is much easier if have expert advice and guidance through every step of the process.