FAQ

FREQUENTLY ASKED QUESTIONS

Paris Buyer provides a full advisory service – ensuring that you have all the information you need to make a sound decision when buying in Paris – up front before you are ever committed, and every step along the way.

How long does it take to find and purchase a Paris apartment?
We often speak with our clients over six months to a year before they are ready to actively search with intention to buy although some clients do contact us who are immediately ready to go. 

Once ready, we go through a tested process to refine our mission to ensure that the Paris apartment search criteria will fully meet our clients' needs and fall within their budget. It's also important to be ready to articulate to sellers how the apartment will be paid for – either with a French mortgage pre-approval already completed or confirmation of a cash offer.

We start by sending clients examples of apartments that we believe are a match in order to have additional feedback and refine the search before visits begin. Once we begin visiting, we are so highly targeted that the majority of clients find their apartment on the first visiting trip, with almost all by the second. After the first visiting trip, having truly understood your objectives, we can continue searching for you and if the right apartment comes up, make an offer on your behalf. It's then important for you to come within a few days to visit and confirm your choice.

Why is there no MLS (Multiple Listing Service – shared public database of apartments for sale) in Paris?
This is a very good question as logic dictates that it could be for the benefit of all – sellers, agents and buyers. One clue comes from a delightful book called “Sixty Million Frenchman Can't Be Wrong” that takes a deep dive into the French national pysche. Author Jean-Benoit Nadeau discusses how the French are deeply private people – especially when it comes to wealth and personal space. For example, it can take years to be invited into a neighbor's apartment.

The French real estate market definitely functions on privacy and exclusivity. You will never truly know what is for sale by only checking agency windows and internet listings – network is everything.

Why use a buyer's agent in Paris?
Parisian real estate is a bit like the American wild west back in the day – no organized central structure or clear rules on pricing. Paris Buyer's apartment search service ensures:

• You have access to the Parisian apartments that actually meet your criteria – both on and off market, 
• That you find your apartment much faster than struggling to navigate the market with unresponsive agents, 
• That you won't pass over a “diamond in the rough” – we'll share our deep renovations experience to help you understand if a bathroom can be added, a wall moved to create a bedroom – or more importantly, when to walk away!
• That you are educated on the Paris market with insider knowledge to have the confidence to make an offer when you find your perfect apartment - no buyer's remorse from not having first checked the entire market,
• That you don’t overpay or miss some information that could result in unfortunate expenses later,
• That you are expertly accompanied through all the legal and contractual steps of the purchase to ensure you fully understand the process,
• That you are connected with tested, honest and seasoned professionals for renovations, mortgage, tax and legal advice, apartment management and rental management.

For all these reasons and more, our fee will more than pay for itself.

Does the list price of an apartment include the selling agent's fee?
Yes it does. An ad for a Paris apartment will usually show a price with “FAI” written after it. This means seller's agent fee included. 
Whether a seller uses an agent or not - they will charge market price for their apartment. Market price is the theoretical maximum price possible defined by supply, demand and economic conditions such as access to financing. 

The sales agent fee is always taken off the market price and comes out of the seller’s proceeds. If a seller decides to do the work of selling their apartment themselves - they do not give you a discount because there was no sales agent involved. They will logically charge the market price for their property.

What are your buyer's agent fees?
As per French real estate law, our fee is due only when you have found your ideal property, had an offer accepted, and legally completed the purchase process. It is calculated as 3% of the property list price plus tax (20% VAT.) Our fees are 50% lower than the average real estate seller's agent commission. There is a minimum fee of 18 000 euros including tax. Fees can vary for larger budgets or complex searches. We will confirm our fee once we understand the scope of your project.

What closing costs do I need to consider for a Paris apartment purchase?
Add approximately 8% of purchase price for legal fees and taxes, (7% if you are not buying using a French mortgage) plus our search fee to have the total cost to buy. A great rule of thumb is take the property list price and add 10% to have a quick idea of the full cost of the purchase.

How much is property tax in Paris? What other taxes could I be liable for in France?
The good news is that annual property tax is much lower in France than in other countries.
Visit our full article HERE.

Do you have apartments for sale to show me?
Paris Buyer does not seek our own apartments to sell. Therefore we are correctly motivated to show you the entire market.

Classic French real estate sales agents obtain apartment listings by advertising in mail boxes to give a free price estimate for anyone considering selling and other networking. A buyer then signs a sales mandate allowing that agent to sell their Paris property. A buyer can sign with multiple agencies and set different sales prices which is very confusing. Sales agents can only show you their own listings or properties listed through partner agencies with a prearranged commission split. This limits your access to what's really for sale and creates a major conflict of interest. Further, if a property is truly amazing and priced correctly, an agent will never do a commission split with another agent as they won’t need help to sell it. 

Very occasionally a client will ask us to sell their apartment as a trusted relationship has been built. If that is the case and that apartment happened to match your particular search, we would transparently present it to you and not charge you a search agent fee if you decided to buy that apartment.

Can I get a French mortgage if I don't live in France?
Yes. It's completely possible for non- residents to obtain a French mortgage to buy property in France. Banks will finance 70-80% of the list price, interest rates are usually much lower than non European countries, mortgages are repayment of capital and interest, and interest rates are fixed for the entire duration, typically a maximum of 20 years. 

Visit our full article HERE.

What are the running costs for a Paris apartment? 
The main running costs include property taxes, co-ownership charges, homeowner's insurance, utilities, maintenance, repairs and property management. For detailed information on each category and fully costed examples, visit our full article HERE.

Is there any kind of home inspection report provided before purchasing a Paris apartment?
Yes, a seller is legally obligated to provide a diagnostic report done by a licensed third party in order to sell their Paris apartment. Having said that, this report is for information purposes only. It is not a source of information for negotiation purposes as Paris apartment are sold as is. 
Common elements found in a diagnostic report for Paris apartments include:

• Status of the presence of asbestos or materials containing asbestos
• An energy performance diagnosis for the apartment
• Status of the presence of termites in the building
• Status of the presence of or risk of dry rot 
• Status of environmental risks and pollution
• Condition of connection to the public wastewater collection network
• Certificate attesting to the compliance of the wood heating appliance with the installation and emission rules set by the prefect
• Lead exposure risk report
• Condition of the interior electricity installation
• Condition of the interior gas installation
• Condition of the non-collective sanitation installation
• Status of exposure to airborne noise pollution 
• Measurement of the official surface area of the apartment (Loi Carrez)

Unlike in places like the United States, the French real estate diagnostic report does not include checking the heating, ventilation and air conditioning systems, signs of water damage, condition of any appliances included in the sale, windows, taps, building foundation or roof as a standard part of the buying process.

Buyers are expected to rely on their own observations as well as those of an experienced buyer's agent during property visits to assess the condition and potential repairs or renovations needed.  Paris buildings are old. It's common to have electrical system anomalies reported, signs of past water damage from a neighbor leaking onto the ceiling or traces of lead paint if you scratch under hundreds of coats of paint on the exterior window bars. A good buyer's agent can reassure you on normal findings to be expected and provide insights on potential issues that need to be addressed.

Do I need to be in Paris to complete my apartment purchase?
There are two main legal events when purchasing a Paris apartment. The first is the signature of the promesse de vente (pre-purchase contract) when you pay your 10% deposit on the purchase. This takes place about 3 weeks after making a written offer and receiving a counter-signed acceptation by seller. The second is the final acte of sale. You do not need to be physically present at either. They can be done via power of attorney given to your French notaire. As your Paris buyer's agent, we will represent you at both meetings.

What else should I be asking you?
Our number one answer: Ask us if we know a good currency broker. Most buyers will need to transfer some home currency into euros whether they plan to buy in cash or use a French mortgage to purchase.

Here's something your bank does not want you to know - you are leaving money on the table by using their currency exchange service! We have an excellent broker to recommend who has saved our clients and our team literally thousands over the years. 

Visit our full article HERE.

How much does a renovation cost in Paris?
Parisian apartments often need renovation as the sales price is very much based on location and less on the physical state of the interior. Further, French sellers assume any buyer will want to add their own personal touch to an apartment or even change the layout so renovation before selling can be a waste of money. 
Apartments are sold strictly as is so some windows may stick, a faucet may drip and if an apartment is sold with air conditioning (very rare to find!) there is no guarantee that the unit can cool every room to 72°F / 22 C°.

A basic renovation costs 1000 euros per m2 (update kitchen, bathroom and paint) and a more extensive one (change flooring, update electrics, move wall, change windows, etc.) can be 2000 per m2. If you choose top quality materials and use an interior design team, the cost can be 3000 - 4000 euros per m2. This does not include furniture and decor like drapes and mirrors. Quality of materials chosen has a big impact on the final budget. 

How can I manage a renovation if I don't live in Paris?
If the apartment you love needs renovation, not to worry. We will help you identify the right English speaking team to manage your project and help you understand the cost to renovate upfront. 

They will work with you to make good choices within your budget to achieve the result you want. We only ever recommend companies that previous clients have been 100% satisfied with and our own Paris Perfect design team is available for a limited number of projects per year. 

Visit our full article HERE.