So many people will tell you that “no one ever gets back the money they put in” when renovating a property. This is quite often true but many people do sell their properties for more after they have finished renovations.
There is the dream that brought you to France and maybe part of that attraction is the renovation project and the work. Creating something that has your stamp on it and properties here can be cheap!
There are pitfalls, and we will give you some pointers on what to avoid here.
Young French families tend to go for the well insulated new builds and smaller family homes. As a result there are many old properties, some in fantastic condition, that need to be repainted, decorated, rewired and some plumbing done. This doesn’t sound like much but for example rewiring a house can cost 40,000 Euro.
We recommend you come over to France with not just enough to buy your property but with a sound financial plan in place for at least 2-3 years.
If you are thinking of getting an income letting a gite or taking bed and breakfast guests, make sure you buy in a sought after area for tourists.
Most holiday lets in France, whether holiday home rentals or bed and breakfasts average 40% occupancy overall in a year. This can be lower in more rural areas. Build this into your financial plan.
Have budgeted enough for your renovations budget and then double it. Make sure you can cover that figure and then look at the properties again and again. In some cases we ourselves looked for a year to 18 months before finding the right project. Do not rush.
You may see a property online for 40,000 with loads of land and 6 bedrooms that looks idyllic but in most cases there is a reason for this.
Yes, Property in France is still cheaper than Ireland or the United Kingdom but you have to buy wisely.
We recommend you join a few facebook groups and ask loads of questions. Most of the people in these groups are incredibly helpful. Try a search for Living and Renovating in France or even a search for more local to the area you are searching in for example English speakers in and the city near which you are looking. Join the groups and make some contacts and ask questions about other groups. You should get lots of very useful info about good towns or areas to buy near etc.
And most importantly of all find a reliable and recommended builder, plumber or electrician etc and get your quote or devis. A devis is a legally binding quote in France but at the end of the day it won’t protect you and what you really need is the actual recommendations of previous clients.
