Buying an apartment in Paris and avoiding the pitfalls

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Selection of the best practices to buy an apartment in Paris with complete peace of mind

You want to buy an apartment in Paris: we give you the keys to a successful purchase, avoid pitfalls and find the ideal property. Whether as a main residence, a pied-a-terre or for investment, buying an apartment in Paris requires time and knowledge, the secrets of which we are going to reveal to you.

Patrick explains to you the best practices for buying an apartment in Paris.

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Understanding the Parisian real estate market

I am giving you a reading grid to understand what a real estate market is and how it works:

Why is it more or less stable: a real estate market is above all a local market. If the place where it is located is economically active and stable, it will be as well.
Economically active locations where there is little new construction tend to be stable, as the numerous housing demands cannot be met.
So why do real estate crises occur in economically developed places?
Several reasons: an economic or political crisis, a major event that will weaken confidence or even a mismatch between purchasing power and real estate prices.

So, the question arises: is real estate a good investment?

An important, economically active, tourist city, in which there are few new homes, has good fundamentals. Paris can easily be recognized there.

The graph below, representing the evolution of the price per m² in euros in euros in Paris since 1991, is revealing. There are increases, but also crises (especially that of 1991). What you need to remember, and this is one of the keys to real estate investment for individuals, in the medium and especially in the long term (10 years) real estate is a solid investment. The Parisian real estate market is one of the most attractive and stable in Europe.

Preparing your financing in advance

That is the crux of the matter. Start by evaluating the budget for your acquisition. Your search will be all the more effective, it will prevent you from wasting your time and missing out on an apartment that you like. Indeed, some acquisitions require positioning very quickly.

How to prepare your acquisition budget?

Evaluate your budget properly

Numerous barometers exist that tell you the average purchase prices. The most reliable is the one provided by Parisian notaries. However, you will have to interpret these figures and adjust them to your project. First of all, these prices are shown excluding agency fees. On average, 4% should be added to these prices. Another very important aspect, these prices are average selling prices. Depending on the qualities or shortcomings of an apartment, these prices can vary by more or less 20%.

What are the characteristics likely to increase sales prices compared to average selling prices: high floor, elevator, clarity, calm, high ceilings, unobstructed views, quality of decoration, condition of the apartment, quality of the environment (Parisians are very fond of shopping streets, prices are higher). If you are looking to buy a new apartment, be aware that their prices are around 20% more expensive than the prices of old apartments.

Think of acquisition costs (incorrectly called “notary fees”)

If you buy an old property, they amount to around 7% of the purchase price and around 2.5% for new developments.

Once your budget has been evaluated, you need to plan your financing plan. Again, don't wait until you find the apartment of your dreams to consider it.

The best way to prepare your financing

First, talk to your banker. He will advise you on the validity of your budget in terms of your income and debt. A tip: let him know that you are putting him in competition with a mortgage broker. This will force him to offer you his best credit rate.

Once you have completed the interview with your banker, contact a mortgage broker. They generally have the ability to offer the lowest rates on the market.

DO NOT FORGET : remember to ask for the cost of insurance (it is mandatory) as well as the amount of the administrative fees for setting up the credit.

Selling an apartment in Paris: how to decipher real estate ads and contact agencies

It's time to go fishing for rare pearls. To have access to all the apartments for sale, you will need to consult the real estate ads and contact the sales agencies.

Reading a real estate ad in Paris: the pitfalls to avoid

They can be consulted on the websites, the best known and most frequented of which are: SeLoger, LeBonCoin, Explorimmo, Well here, LogicImmo. You can set up alerts there in order to be automatically informed of properties for sale that match your search criteria. You can also consult the ads presented on paper media such as Le Figaro, free newspapers...

In order not to waste time, here are some Tips for deciphering them :

apartment ads that do not refer to the elevator usually indicate the absence of an elevator,
when the floor is not indicated, it is most likely a ground floor or a first floor,
to assess the ceiling height, take as a reference the height of the chairs, tables, lamps... they will allow you to give you a fairly accurate idea,
closed curtains are often the sign of a very close neighbor that the advertiser wants to hide,
Take a good look at what you can see from the windows in the photos it can be very revealing,
a bright photo does not indicate a bright apartment, but rather a good photographer. The opposite is also true.
When you call an agency, ask them questions, emphasize the points that are important to you. Tell the agency that you have limited time. That you don't want to visit apartments that don't exactly match your wishes.

Contact with real estate agencies

Take a moment to call the agencies located in the neighborhood where you want to buy. It is important to contact them regularly. Ask them to register you on their files and send you the new apartments they are listing for sale as well as those that were previewed to their customers. There are agencies specialized in certain types of goods : luxury, atypical, terrace, loft, ground floor... If your search involves a particular residential property sector, these specialized agencies will be able to present you with apartments close to what you are looking for.

The right attitudes to have when buying an apartment in Paris

The neighborhood

Take the time to walk around it, to check the proximity of public transport, shops, The school card, nearby places likely to generate noise pollution (bar, nightclubs...). Don't just rely on the information the agent provides. Check for yourself if you like this neighborhood.

The building

The condominium belongs to the inhabitants of a building, they are responsible for it and in charge of maintaining it. It is important that you pay attention to how well it fits. Observe the facades on the street and on the courtyard. Good to know: refills are mandatory every 10 years in Paris. Use your common sense: the building, the stairwells, the entrance... must appear clean and well-maintained. If work is in progress, that's not a problem; regular maintenance is generally a good sign. To get to know the condominium better, you will need to consult the documents relating to it. We'll cover this important point next month in a blog post. Also remember to visit the cellars. The basements of buildings are indicative of their good condition. Check that they are not too humid, that the metal carriers (regularly visible on ceilings) are not eroded by rust.

The apartment

Take the time to check that you feel comfortable in the apartment. Write down the important elements of your specifications point by point.

Clarity

To make sure that the apartment is bright enough, ask to see the rooms with all lights off. tip : there is an application, called Sun Surveyor, very practical that allows you to know when the sun will enter the apartment, at all times of the year.

The calm

Test the calm, windows closed and open, in each room. If your real estate agent is very talkative (this can happen), ask him to be quiet so that he can appreciate the quality of the sound environment. Practical : Noise by if provides you with an interactive map of noise pollution in Ile-de-France.

The plan of the apartment

The apartments are sometimes designed by talented architects. The circulations between the rooms are fluid, simple and obvious. This is a point that is important for the quality of life of your home but also that will give added value when you sell the apartment.

Aspects to avoid

adjoining rooms: when it is mandatory to go through one bedroom to access a second bedroom
The kitchens located in the hall
The bathroom that must be crossed to enter a room
lost space that is too large in relation to the total surface,
a significant imbalance in the surfaces between the various rooms,
the bathroom away from the rooms.

The ceiling height

In buildings built from 1950, ceiling heights are generally between 2.5 and 2.7 meters. For older buildings, they are often greater than 2.7 meters. We do not recommend that you acquire a property with a ceiling height of less than 2.5 meters, as it could be difficult to resell.

Did you know that? The brighter an apartment is, the less the lack of ceiling height is felt. To give you an example, a 2.5 m high ceiling apartment on the bright top floor will be as pleasant to live in as a 3.2 m apartment located on the first floor.

The works

We are going to give you a way to easily assess the amount that could represent the work on an apartment for sale. This can be decisive if you need to make a quick decision before making an offer to buy. You can categorize the apartments into two categories:

Apartment to renovate : these apartments have not been renovated for a very long time. The paints are decrepit, the floors are damaged, the bathroom and the kitchen are outdated, the windows need to be changed. The plumbing and electricity are outdated. The cost of the work could be between 700 and 1,100 €/m². If you also want to change the plan of the apartment, open or move walls, change the structure of the floors, you can assess the cost of the work between 1,100 and 1,500 €/m².

‍Apartment to be refreshed : the paints are faded, the floors seem to be in good condition (maybe sanding will be necessary for a parquet floor), the bathroom is not new but remains correct. These apartments were renovated about ten years ago. You are going to change a tile, review the paint, change a carpet. The cost could be between 100 and 300 €/m².

lookout : these figures are indicative. If you want to use rare or particularly expensive materials, your construction budget could be much higher.

The offer to buy an apartment in Paris

You have “fallen in love” with an apartment and you want to make an offer to buy: the drafting of this document is very important. It can allow you to convince a seller or on the contrary, if it is not carefully written, to make them doubt it.

It is important to reassure the seller, but also the real estate agent. Remember that the latter will present your offer and defend it with the owner.

The real estate agent's fear: a mortgage that is not obtained, because this will force him to start marketing again, in the best of cases. A denial of credit can sometimes push a seller to withdraw the sales mandate from the agent.

We therefore recommend:

to highlight the fact that your financing plan has been designed and validated beforehand by your banker or broker
To indicate your personal contribution, especially if it is important
to mention your jobs and salaries. This will allow the agent and the seller to check the consistency of your monthly credit repayment payments.

Your offer should indicate the day of the visit, a summary description of the apartment, the amount of your purchase offer and the period of validity of the offer. In general, specify one week. However, if you want to get a quick response, do not hesitate to reduce the validity period of the offer.

A guarantee of seriousness lies in the fact of indicating the contact details of your notary.

The most of our experts : sellers are, most of the time, strongly linked emotionally to the house or apartment they are selling. So, do not hesitate to indicate in the purchase offer what you particularly liked and what motivates you to want to acquire this property. Sellers are generally very sensitive to this.