Do you want to buy an apartment in Paris, but are scared of making a mistake?
Buying an apartment is a commitment and a real investment in terms of time and money, which is why it’s important to take every detail into account before your purchase. In this post we’ve listed the 5 mistakes to avoid when buying an apartment in Paris, as well as our best tips to succeed in your estate project.
Mistake n°1: I don’t have a clear idea of my financial resources
This mistake is more common than you’d think, for the simple reason that many people don’t know where to begin. When looking for an apartment to buy in Paris, it’s easy to get confused by all the things to think about and keep thinking “approximately”, except that when it comes to defining a budget it’s important to have a clear idea of your own means and your financing plan with your bank.
Before even starting your apartment search, we recommend that you thoroughly calculate your loan capacity with your banker or broker.
Mistake n°2: I don’t know my priorities
Having criteria and expectations is good, but it’s complicated to find an apartment corresponding exactly to what you have in mind. It’s quite a common mistake because when deciding to buy an apartment in Paris, its understandable that you expect it to look as much as possible like the Parisian apartment of your dreams.
In order to make your search more targeted and efficient, we advice that you clearly prioritize your search criteria according to your main goals (investment, main residence, pied-à-terre, etc.). Try writing down all the criteria you have in mind for the Parisian apartment you’d like to buy, starting with the type of property, the location (arrondissements) and the surface area (keeping in mind that the price per m2 changes according to the arrondissement). Determine which qualities are the most important and what you can make compromises on.
Mistake n°3: I don’t know where to go
A lot of future property owners make this mistake: the real estate market changes according to the type of property you are looking for. You aren’t going to choose the same area to invest in an apartment that you will rent out as for one for your main residence. In order to avoid this mistake, we recommend you take the time to better understand the real estate market in Paris.
So, you should visit several similar apartments, ask the agencies questions and compare your expectations with your possibilities. This will also allow you to make some concessions on purchase criteria that aren’t essential for your estate project’s success and it will help you to quickly identify the apartments corresponding to your expectations.
Mistake n°4: I don’t take construction work into account
While looking for an apartment to buy in Paris, many people make the mistake of forgetting to budget for renovations. This is often the best way to convert your Parisian apartment to exactly what you had in mind and to let your personality express itself through your property. The most beautiful apartments in Paris have often undergone major renovations before finding their own charm.
If the property that caught your attention needs to be renovated or just needs some construction work, get in touch with an architect or a builder in order to estimate the cost.
Mistake n°5: I don’t read the documents related to my new apartment in Paris
This is one of the biggest mistakes when buying an apartment in Paris. It’s essential to know what you are buying and to be sure that you are aware of every detail of your new apartment.
Before you communicate your purchase offer, read and carefully verify all the official documents that you’ve been given concerning your property and the co-property charges (3 last general assembly reports, the list of charges, inspection etc.) to confirm that everything matches up to what you visited and the information you’ve been given. It will also allow you to know the situation with the other owners in the building and the potential construction work to take into account.
Lodgis hopes you buy the apartment of your dreams in Paris with total peace of mind!