Before your search:
•Take a long-term view based on your personal circumstances, the financing required, how much personal use to reserve and how much rental time to allow (if any) and whether you plan to pass the property on to your children. Long-term rental yields vary depending on the area but it is not uncommon to obtain a 5% to 6% return. Short-term rentals are regulated by the Mairie (town hall) of each area. If you are planning to rent the apartment pick a reputable management company.
•Assess your financing options before visiting your first property. It is possible to take a mortgage of up to 75% to 80% loan-to-value. Establish if any wealth tax will be due.
•Determine the upper and lower range for the size of property you are looking for, the price and the must-have elements. The more information you can give to your estate agent, the more focused your search will be.
During your search:
• Explore the areas of Paris that appeal to you. Visit the Mairie. Spend time looking around if you can, both on a busy work day and on a Sunday, and look at the restaurants, shops and attractions.
• Try for a view of a garden, monument or other landmark. It will help the rental and resale appeal of the property.
• Favor the light. Narrow streets in some neighbourhoods can make the property enclosed.
• Don’t obsess about square meters. Go for a good floor plan. A well laid out 80m2 can be more practical than 100m2 apartment with a useless long corridor. Why pay for square footage that you can’t use.
• You don’t really need a car in Paris so don’t burden your search criteria with parking facilities unless you have a very specific need for it.
•When you see something you like, visit again in the evening. Try to talk to a neighbour. Check the amount of the annual Tax Fonciere and the quarterly maintenance charges. Find out if any common areas need work or if any other significant expenses are planned.
• Fall in love with Paris but not with the unbelievable bargain. If it sounds too good to be true, caveat emptor.
With thanks to Susie, our French Entrée estate partner in Paris.
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For further information or for help with your property search, please call our consultant at +44 (0)1225 463 752 or email email@example.com.