You?ve just come back from that incredible Easter break in the South of France ? the wine, the food, that certain ?je ne sais quoi? ? you even took a morning out to look around the real estate agents for property for sale on the French Riviera. So, what?s your next step?
You?ve been discussing investing in a holiday home for some time now and you?ve finally decided on the South of France and the French Riviera ? a great decision!
Doubtless you?ve seen and heard of the horror stories about people buying property aboard, and discovering issues with building permission or the complete collapse of the property market and economy within that country. Well, if you?re thinking of buying property in France and in particular the French Riviera or a villa in the South of France ? then you couldn?t have picked a better place.
Property ownership in France has never been as popular as in other European countries, a large percentage of the population just rent. With the added stringent rules surrounding French mortgages, this has meant that property prices in the South of France and in particular the French Riviera have been relatively stable.
The last 7-10 years have seen very good growth but property in this region of France has not been affected by the global property crash as much as Spain or Portugal and Ireland. Property prices are still strong, indeed Knight Frank Global Price Index showed a 9.5% annual increase in French property prices in the last quarter of 2010 and rental yields from villas in the south of France are buoyant due to the large number of congress in Cannes and the enormous number of tourists coming to the French Riviera throughout the year . In fact as a holiday home or an investment ? property in the South of France and on the French Riviera is a justifiable idea.
Obviously, buying a property on the French Riviera or elsewhere in the South of France is not a decision one should rush into, there are a few important question to answer before you make that final decision.
Budget: How much to spend is always the biggest question, plus your ability to pay the mortgage if one is required. France has quite stringent rules on mortgage lending, making it harder to borrow money, however, this has proven a vital element in saving France from a property crash.
Location: The coast or the mountains or some rural village, actually the South of France and French Riviera has a multitude of options you can choose from. Some towns and village are about 25 minutes from the cost and 50 minutes from the skiing in the winter months ? so you could literally get the best of both worlds.
Use: Is it for holidays, an investment to rent out short term or long term? This decision could actually dictate the location. If you are purely buying as an investment to rent out, a typical holiday destination (whether coastal or mountain) or a popular destination for congresses such as Cannes would be beneficial and increase the likely-hood of good rental yields.
Getting there: Whether you?re buying the property as a second home or as an investment in the South of France, travel time to the property is an important element you must consider. If you?re using the property yourself and intend to visit the south of France or the French Riviera for all the usual holidays plus a few long weeks ? then the last thing you need is a 2 hour drive when you actually arrive in France. Thankfully the South of France has a few well placed airports ? least of which is Nice International airport, one of the best airports in Europe from which to commute and used by many of the budget airlines making access to your property in the South of France very accessible from most European airports.
Employment: The world is indeed a smaller place with the expansion of technology, so working remotely from the South of France is a strong possibility, however, if you?re not in a position to work remotely and commute ? then ? one major (probably the main) desion is what are you going to do for a living?
Schools: If the move is more permanent and you have kids, then obviously schooling is a major factor and one to consider carefully ? a child?s education can not be thought of lightly just to satisfy your whims of living in the sun. Luckily the South of France and the French Riviera is home to a number of excellent international schools
Size: The size for the property in the South of France will be determined by a combination of factors; budget, use (to live in or investment), size of family and location. Probably the 2 main factors are budget combined with location. You?ll get a much smaller property in Cannes or St Tropez than you will in a rural village further inland. However, for an investment and if you?re looking for strong rental yields ? then maybe Cannes or St Tropez would be better if you?re looking for property for sale on the French Riviera
Rentability: If you?re looking to rent out the property in the south of France you must decide whether you want a property suitable for long term or short term holiday rental. This could mean the difference between a built up residential area near a major city such as Nice or a beachside apartment or even a villa in a rural village.
The above 8 decision points are all important and need to be considered together, at this point in time you should not let your heart rule your head. Buying abroad is a major decision not only financially, running a second home is not easy especially when it?s in a different country. You need to make a list of the positive and negative elements for each of the above points.
There are many benefits to owning a second home or a property in the South of France, but you need to make this decision with a level head on your shoulders. Talking to a trusted and respected real estate agent in the vicinity of where you?re looking to buy is the first step. This company will be able to supply you with a number of different properties for sale in the South of France and French Rivera villas that might be of interest to you. You can then make a short list from these suggestions and make a trip to the region to view these properties in the South of France personally. After that, you really need to rely on the estate agent to walk you through the process of buying a property in the South of France if you do indeed find that dream property for sale on the French Riviera.
One other excellent way of really getting to know the area in the South of France before buying a villa on the French Riviera is to rent a villa in the South of France for a holiday. You can then get to know the area a little more and really see if the French Riviera is really a place you?d like to buy a second property in. You?ll get to know some of the locals and maybe even talk to some other expats that have bought a second property in the South of France. There are some amazing villas to rent on the French Riviera and in the South of France, and there are many good rental agencies who can offer you a wide choice of private villas to rent in the South of France. If you?re thinking of moving to the South of France on a more permanent basis then I would suggest you do visit the area in the South of France during different seasons, the area might look fantastic in the summer sun, but quite the opposite in the winter months.
However you decide to move forward, take your time, do your sums and make an informed decision after you have gathered all the necessary information.
Bon chance!
Cubby Wolf
Category : Blog
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