Thursday, July 29, 2010

A Property For Sale in France - Can You Still Find a Deal?

A property for sale in France is a subject that has always tempted British buyers. A reasonable percentage of British families own a second home in France and many other families are busy checking out the prospects on regular basis. It is perhaps only Spain, which has managed to outweigh the 'Hexagon' country on this account.

There are many reasons as to why people want to buy a property for sale in France, for example; the lifestyle is calmer, the cuisine is fantastic, and the weather can be great. There is a blend of rural and urban living, which serves as an important contributor, and this is equally attractive to young and retired couples. Moreover, Britons now looking at France are also getting homely vibes: past trends have ensured that a number of French residents were originally from Britain, and British ran companies are the norm.

It is not just cultural or lifestyle reasons that are attracting the British to buy a property for sale in France, there are strong financial reasons as properties are cheaper than in Britain. Accessibility isn't a problem either, as it can be quicker to reach a region in France then to travel the length of Britain, due to a choice of direct flights, ferry crossing or Eurostar transport.

However, markets across Europe are currently struggling with the sub - prime crisis. A property market crash is no longer a distinct possibility, but a hounding reality. So is it still a good idea to consider buying a property for sale in France? The French economy claims to have steered clear of the credit crunch threat. Banks are being applauded for following a tightly regulated schema, which apparently has provided the requisite support to the economy. But despite the stated, the housing market has not been completely spared. The prices have begun to drop or stagnate and the findings of France's national statistics agency, INSEE confirm this, but unlike with Spain or Britain the housing market in France has not burst.

There have been indications, but the impact cannot be considered as poisonous. This is primarily because of non existent sub prime market. The loan schema is different and in France, it is the income of the borrower which determines the loan level and not the property value. Moreover, fixed rate mortgage is more popular in the country. For at least last 10 years, interest rates have been at the lower level, while the credit period is reasonably stretched. Therefore it would appear that the housing market is stronger in France than many other countries.

When it comes to buying property for sale in France, there are several aspects to bear in mind: generally an apartment is sold with an empty kitchen i.e. four walls and a water outlet...nothing else! But of course this does allow you to totally design your kitchen to your own taste. The only thing holding you back is your imagination and/or your budget! Once you have decided on a property that you'd like to buy, the buyer and seller sign a document called a promesse de vente. This is a legally binding document that confirms that the seller must sell the property to the buyer however the buyer has up to eleven days to change his mind. All property sales are conducted with notaires and the buyer and seller have their own notaire to confirm all aspects of the sale are completed according to the law.

In conclusion, the property market has not been as badly hit as in other parts of the world, and if you're looking for a property for sale in France, expect to find other ex-pats living nearby as France is a popular overseas property investment location.
(ArticlesBase SC #610197)

Dale Campbell - About the Author:
Dale Campbell wrote the Article 'A Property for Sale in France - Can you Still find a Deal?' and recommends you visit http://www.homesoverseas.co.uk/property-for-sale-in-france/1002 for more information on property for sale in France.

Source:  http://www.articlesbase.com/real-estate-articles/a-property-for-sale-in-france-can-you-still-find-a-deal-610197.html