Going it alone on a real estate project when you’re based abroad can be costly. Being so far away increases your risks of making mistakes. It’s much better to get expert advice from the start.
Constraints of buying a property when you’re based in a different country
Not being present in France is the main deterrent to expats looking to invest in a real estate project in France (2016 study by My expat). Websites full of real estate ads offer an impressive selection of properties and it’s very tempting for you to start your search yourself. Unfortunately, the profusion of ads will inevitably include a large number of properties that are either overpriced or only vaguely correspond to the description provided, if at all. Being present to actually go and visit properties is hard to avoid.
As far as financing is concerned, people’s assessment of their budget is often wide of the mark. One risk is that the bank could refuse your request for a mortgage. The process of buying a property involves a number of administrative formalities that can be complicated to manage without outside assistance.
Enlisting the help of an expert in real estate investment gives you easier access to a choice of properties that match your budget. Above all, you will have an accurate idea of prices. Better still, the expert will negotiate what they believe to be a fair price on your behalf. Not living in France can mean being “disconnected” from the reality of the market and real estate prices fluctuate all the time. A professional opinion is often essential to find those properties having a high profit potential.
With real estate investment, one basic error can prove very expensive. In terms of the return you’re expecting, the prospect of capital gains on resale or simply finding a property corresponding to the description in the details, trust is key. To avoid a transaction throwing up costly surprises, you need either professional guidance or to be prepared to undertake extensive searches.
Deciding which neighbourhood in which town or city will bring you the highest return requires in-depth knowledge in the field. And that can very often mean actually going to the area. The same applies to visiting properties. Even if you arrange to travel back to visit a maximum number of properties in one go, there’s no guarantee you’ll find what you’re looking for. Repeated return visits can significantly increase the cost of your investment.
Once your project to buy is at a more advanced stage, you may need to organise for works to be carried out in the property you’ve purchased. Here, too, you must enlist the services of a reliable contractor, in which case you run the risk of unforeseen and often onerous expenses, leading to what can be less than satisfactory results.
Ensure profitability with My expat
From where you’re living abroad, you can count on My expat for advice and assistance to help you make the most profitable investment possible.
Bringing the purchase price of a property down is obviously the best way to maximise your final profit. With My expat, you’ll be dealing with our experts, expat specialists based in France, who negotiate properties at the right price for the market on your behalf. No travelling back involved for you, My expat can take care of all stages of the transaction in France on your behalf, wherever you are based.
The impact of the cost of My expat’s fees is minimal in terms of your overall financial returns. With our experts, you can be sure of a swift investment without any unpleasant surprises.