This is the transcript of my latest audio segment. My name is Jean-Christophe DIMINO, real estate broker working with Keller Williams Luxury in France, based in Nice on the French Riviera. In other words, i MAY be your buyer agent in the FOREIGN city you dream ABOUT. Give me a call, i will handle this.
So, you've decided to buy in France, a house or an appartement specifically in my home town Nice, or in Cannes, Antibes, St Tropez, Paris anywhere ! There are many costs to be expected in addition to the purchase. It is best to be aware of these before you buy. What are they? How can they be reduced? Listen to me.
1. Notary fees
2. Property tax
3. Local taxes
4. Co-ownership charges
Let’s talk about Notary fees
Usually it is around 7 or 8% of the sale price. The Notary is like a lawyer working for the State who collects all the national and local taxes claimed by the authorities. Plus the Notary charges is own fees. So don’t forget between 7 and 8 % of the sale price. This could be less, around 3% but only in case of buying some new buildings or new development. Property tax
In France, all property owners must pay this tax. How much ? It depends a lot between house and appartment and where it is located. You pay it once a year. Usually it is up to the owner on the 1st of January. In practice, the costs are very often split in two, according to the rule: if you buy in June for example, the seller and the buyer pay the amount corresponding to the duration of the occupancy.
Local taxes If you want to buy some holiday home or secondary residence, you will have to pay some local taxes. The amount varies greatly from one city to another. Once a year, you'll pay directly to the community for your local occupancy. All secondary residences remain subject to this called " taxe d'habitation ", even undergoing strong revaluations if they are located in very tense cities.
Co-ownership charges
Living in a flat offers a certain comfort. The common areas are cleaned every week. The boiler can be serviced by the " syndic " - the building manager - the lift, the green spaces, the swimming pool etc. All these services have a cost. Even if the final bill is divided among the various co-owners, this recurring bill has to be added to your budget. Don't forget to take this into account when looking for a flat or a house in a condominium. Of course, the more recent and well-maintained the building is, the more these costs will remain fixed. That is why new development real estate can be cheaper in charges, but sometimes much higher in prices for sale.
Thanks for joining me, i’m your buying agent in France, on the French Riviera typically. Please, subscribe to this podcast.