Buying a house in France - The Pitfalls

Ahhh, buying a house in France. We all dream of the perfect holiday getaway. The dream  French property that is a true home from home. All the comforts, but still retaining the romance, the mystique the 'je ne sais quoi'. Lets face it, when thinking about buying a house in France, we all want a turret-filled chateau in a quaint seaside resort with a private beach, easy access to the airport, ski slopes, with the boulangerie on the doorstep and a welcoming local community who just love second home purchasers.  Ahem...

But then again, back in the real world...what is the reality of buying a house in France? True France is beautiful and property prices are lower than in most parts of the UK and US, but a major reason for disappointment amongst potential French property investors is that their dream of a different life fails to match up to the reality.

So what are the pitfalls, and how can you avoid them?

• Park your dreams of a quick profit - look on your French project as an investment in your family's long term happiness, not a 'get-rich-quick' scheme.
• Do your research - research research and then research some more before making any permanent decisions. Remeber the cost of a few books or magazines is nothing compared to the investment you are considering making.
• Make sure you can get out if you need to - buying something that will be difficult to resell locks you into the project and ties your money up. This may be fine whilst things are going well, but circumstance change, and you may be glad to cash in your nest egg. Buy a property with broad appeal.
• Set yourself realistic deadlines - disastrous mistakes have been made because people attempted to do all their house hunting in a long weekend, or during a week's holiday. Treat this purchase as you would your main house purchase.
• Consider renting before you buy in the area you are investigating - what looks like a bustling market town in August may be deserted in February. If you want all year round use, then find out what it is like in your chosen location at all times of the year.
• Don't pay too much - yes it's gorgeous and you love it, and yes your chateau is cheaper than your bedsit in Fulham, but is it good value for this property in this part of France. Be prepared to walk away from the deal, and don't get sucked in to paying too high a price.
• Don't be greedy - restrain your enthusiasm. You don't need a huge garden or 14 bedrooms if you are really looking for a small family getaway. Although large properties with lots of land can seem like fantastic value think about the cost of upkeep and maintenance both in terms of money and impact on your holiday time. Do you really want to spend your vacations mowing the lawn?
• Get realistic estimates for renovation costs - costs can spiral and deadlines drift, particularly if you are not on site to oversee a project. If you are investing in property as a business, then consider the impact of renovation costs and delays on your business cashflow and income generating ability.
• Get a full structural survey done - particularly if you have fallen for the rustic charm of a run down old barn, or cottage. If you woudl have a survey done on the equivalent property at home, then do the same when buying in France.
• Get proper legal advice - whilst daytime tv is full of programmes that cheerfully encourage people to relocate or to look for their place in the sun, you never see the follow up show 'Litigation, litigation, litigation'. Even if you think your french is great, and you know what you are doing - GET SOME INDEPENDENT ADVICE!
• Over-reliance on low cost airline routes - these are notoriously uncertain and a much-loved and apparently popular route can be abandoned at any time. Don't put all your property eggs in this basket. Are there other ways to access the property? How much is the price inflated by the fickle airline factor?
• Brush up your French - your success in your project and your subsequent enjoyment of your home will be directly affected by your willingness and ability to master the French language.

 Like any major decision in life, there are lots of considerations, but that is not a reason to steer clear if you have done your research and think it is the route for you.  Owning a home in France, whether for holidays, or as a business venture can be both enjoyable and profitable.  Have a great time in France, and Good luck!