Guide to finding the pied-a-terre of your dreams in Paris

Ask an apartment hunter to take care of your research can make your task much easier. On the positive side, Paris is one of the most sought-after places in the world thanks to its real estate assets. The investment made, if carried out well, will be a safe bet for the buyer. We are going to give you the four keys to successfully buying the rare pearl.

Patrick explains how to find your pied-à-terre in Paris

Preparing the financing

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Before you start looking, it's important to assess your budget and prepare the financing for your pied-à-terre.

Assessing your budget:

To find out the price ranges in a particular Paris arrondissement, you can consult the Meilleurs Agents map. Please note: the prices given are average selling prices. The price range given below the average price is highly instructive, as it represents a fundamental and often overlooked aspect of the property market: at the same address, flats can sell for prices that range from one to twice as much, and sometimes more. For this reason, it is not easy to correctly assess the budget that corresponds to the flat you wish to buy. What's more, when the flat you want has rare or exceptional features, prices will be higher than the maximum expressed in the range.

A good way of checking that your budget is realistic is to ask estate agents or flat hunters. Ask them to confirm that your budget matches your search criteria.

Preparing your financing:

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The first step in any successful property search is to check that you can finance your purchase.

Once you've defined the budget you'll need to buy your pied-à-terre, make an appointment with your banker and/or a mortgage broker (we advise you to consult both, as this will enable you to cover the whole spectrum of possibilities). Together, you'll work out the interest rate you can get, the term of the loan and the resulting monthly repayments, based on your personal contribution.

Ask them to provide you with a financing plan. This is a document that you will attach to your offer to purchase when you have found your flat. We stress this point because the finance plan is a document that should always accompany an offer to purchase. It strengthens your credibility with estate agents and sellers.

IMPORTANT: for foreign buyers, check whether it is possible to arrange a mortgage in France for the purchase of a pied-à-terre. If this is the case, applying to a mortgage broker will help. The largest brokers have departments dedicated to foreign buyers. So they'll be the best people to talk to. Here are some of the brokers who will be able to respond to this type of request: Cafpi, Meilleurs Taux.

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Is hiring a flat hunter the right solution?

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Finding a flat in Paris when you're not in the area is not easy. There are two main reasons for this: beautiful Parisian flats generally sell quickly, and the many Paris estate agents don't share the flats they have for sale. The task is complex, but not impossible. On the other hand, hiring a property hunter will make your purchase much simpler, more pleasant and stress-free. The property hunter will work with you to prepare the search properly. They carry out the search for you. They select properties, visit them and report back to you. When a flat catches your eye, it's time to go and check with the hunter that it's really the pied-à-terre you're looking for.

If you want to make an offer to buy, the flat hunter will draw it up for you, so that you have every chance on your side. Negotiations take place in his presence. They will also be with you when you sign the sales contract and even afterwards.

Here's a detailed look at how a flat hunter searches for a pied-à-terre.

Stages in the search for a pied-à-terre with a property hunter

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Financing the purchase

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Your flat hunter will work with you to assess your budget and direct you to the most appropriate organisation to meet your requirements. He or she will monitor the progress of your application and the steps involved in arranging the loan.

Defining the specifications

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All the criteria that the buyer is looking for are listed: district, building, floor, number of rooms, brightness, peace and quiet, etc. By drawing up the specifications, the flat hunter will be able to check that your budget is consistent with your requirements. They have very precise knowledge of selling prices.

If your budget is wrong, your assignment will either drag on forever or never get off the ground. The property hunter will advise you so that your search can be completed within a reasonable time.

The search

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Thanks to his network, your request will immediately be sent to several hundred estate agents likely to market the pied-à-terre you are looking for. Every day, the flat hunter scans the advertisements that appear on Internet portals using high-performance, accurate professional software. These keep them informed in real time of all the ads and new properties for sale.

A large part of the work consists of going through hundreds of advertisements to select only those that correspond precisely to the criteria set out in the specifications. When ads are identified, the flat hunter contacts the estate agent or vendor to confirm with them that the property meets the search criteria.

The search is also carried out "in the field" by informing estate agents of the buyers' searches, during visits to flats or by visiting estate agents.

A significant proportion of the beautiful flats in Paris are not advertised first on property websites. Many estate agents present them first to clients in their buyer database. These flats are called "off market". They can only be accessed by approaching estate agents directly.

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Visiting without being present

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Visiting a property remotely has become very simple with applications such as Whatsapp.

French law gives non-professional buyers of residential property a right of withdrawal of 10 days after signing a preliminary contract of sale, so they still have a way out even after making an offer to purchase. Under these conditions, there is no risk in making a remote offer to purchase this type of property. The flat hunter manages relations with the estate agency, vendors and notaries on behalf of the buyer.

Negotiating a pied-à-terre in Paris

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Good negotiation means first and foremost knowing the market prices so that you can make comparisons. Access to the notaries' database is the only way today to have usable sales references. This service will be offered to you by the flat hunter responsible for finding your pied-à-terre. These references form the basis of the negotiation strategy that you will put in place with the flat hunter. The apartment hunter will negotiate with you, keeping you informed as the transaction progresses.

Contracts for the sale of the pied-à-terre with the flat hunter

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The flat hunter works with the estate agent and the notary to prepare for the signing of the promise to sell and the final sale. He will be present to defend the buyer's interests at the signing sessions.

After the purchase of the Paris pied-à-terre

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This is also when the property hunter's role comes into its own when buying a pied-à-terre. They will take charge of finding an architect or contractor for their client, if necessary. They can also help the new owner to arrange insurance, electricity, gas and internet contracts, and to move house.

Flat hunter rates

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Payment is based on success. We are only paid if you become the owner. The fees are paid by the notary when the final deed is signed.

Our fees are 2% for a property worth €1 million or more and 2.5% for a property worth less than €1 million.

Conclusion about finding a pied-à-terre in Paris

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Buying a pied-à-terre in Paris can obviously be done without the assistance of a property professional. However, buying a pied-à-terre in Paris will be much easier if you choose the option of a flat hunter. Particularly for buyers who are not present.

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