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Real Estate Update: AUGUST 2008:
Why do people searching to buy or invest in apartments and property in Paris and France pay more fees?
Many people try to cut back on search fees by looking on their own (there is no MLS in France) and then invariably spend more time and effort looking at and trying to find less than suitable apartments that the typical Immobilier shows them in their limited portfolio of apartments.
“M D G – F R A N C E has a neighborhood-by-neighborhood network (throughout Paris and France) of agencies that work exclusively with us (they know we bring them qualified buyers who are ready to purchase)” he says, “in most cases, when we can put out the buyers requirements (size, budget, etc) to our network, in a specified area, it takes just one day and we will have lined-up and pre-qualified ten to fifteen possible properties, your typical agency just doesn’t have access to that kind of information.”
What is it that makes normally rational, financially savvy people make these kind of financial decisions?
Some enter the market with an over-confidence that stems from experiences in their own country and the illusion that the same approach will work here in France. “People come here thinking about all the gains they have made somewhere else, in a different system, and neglect the fact that here it is completely different culture, language, law and market and there is a lot more to the details in navigating the process,” says Gordon.
The question is: Is there another way to approach investing in Paris and France, and find real and lasting property bargains?
Gordon answers it this way: “The key to purchasing here in France is preparation and following a fairly explicit critical path to acquisition…getting your requirements and needs defined early on…your financing with a French financial institution (if you are seeking a mortgage) in place prior to your first offer…and having the patience to wait until the right property is presented to you, or even a property that might have been on the market for a few months (it’s possible, although most desirable apartments go reasonably fast)…an experienced professional would have the capability to track this for you… M D G – F R A N C E ensures that you are not seduced along the way.”
In general, some simple rules apply to buying apartments in France. It is not necessary to be held hostage psychologically by any one property or agency…there are plenty of great opportunities available. Before you get started ask someone like M D G – F R A N C E to give you an estimate of exactly what kinds of costs, fees and effort is required. Make a list of what parts of the process (search, inspection, appointments, negotiation, arranging the notaire, financing, renovations (Gordon emphasizes the key difference in his firm is the vast amount of architectural backgrounds of the principals), rental management, etc) you think you might be able to handle, or, whether you might save money by letting a consultant provide the service.
Finally, as a rule of thumb: if you are not an expert in a particular field associated with buying property overseas and do not have the time to become one, it is usually well worth shelling out for the savings in the long run. (less running around looking at properties that don’t meet your criteria, lower sales prices, less funds place in escrow for deposits, better terms, interest rates and lower bank fees, reduced settlement charges, experienced renovations, etc…)
Quick, impulse selections can become nagging projects with hidden expenses in the long run if you don’t know what you are doing and have done your research properly.
And lastly, if you still cannot find a reason to approach your property purchase here in Paris or France with an intermediare firm such as M D G – F R A N C E, at least remember the time-honored proverb: "When spending money, always invest in good shoes and a good bed - because when you’re not in one you’re in another".
Look forward to hearing from you soon,
M D G - F R A N C E
Acquisition - Financing - Management
http://www.mdg-france.com
+33 (0)6 21 21 13 55 (c)
"There is only one France!"
August Real Estate savings TIP:
Converting US funds to Euro?
Go to :
http://hifx.com (and mention M D G - F R A N C E)
Save hundreds (or even thousands), if transferring funds from overseas to France.
A Bientot!
M D G - F R A N C E
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