You want to buy an apartment in Paris and you’re scared to make mistakes?
Buying an apartment is a commitment and a real investment of time and money, this is why it’s important to take each detail into account before your purchase. In this post, we’ve listed 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 what we’d think for a simple reason: we 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 budget and your financing plan with the bank.
Hence the fact that before even starting your apartment search, we recommend that you calculate thoroughly your loan capacity with your banker or broker.
Mistake n°2: I don’t have a priority order
Having criteria and expectations is good yet, it’s often complicated to find an apartment corresponding to what we have in mind. It’s quite a common mistake because when we decide to buy an apartment in Paris, we expect it to look as much as possible like the Parisian apartment of our dreams.
In order to make targeted and efficient tours, we invite you, depending on your main goal (investment, main residence, pied-à-terre…), to clearly prioritize your search criteria. This way, to avoid making this mistake, you can use a very simple technique: write 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), the surface area (keeping in mind that the price per sqm changes according to the arrondissement), and keep making a list of your criteria from what is the most important to what can be adjusted.
Mistake n°3: I don’t know where I set foot
A lot of future property owners make this mistake: the estate market changes according to the type of property you are looking for. You aren’t going to choose the same area if you’re investing in an apartment that you will rent out or if you want it to become your main residence. In order to avoid this mistake, we recommend that you take the time to understand better the estate market in Paris.
So, you should visit several similar apartments, ask questions to the agencies 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 work into account
While looking for an apartment to buy in Paris, a lot make the mistake of putting aside the renovation works budget. Yet, it’s often the best way to convert your Parisian apartment according to your preferences and let your personality express itself through your property. The most beautiful apartments in Paris, often went through that renovation works phase, before getting their own charm.
If the property that caught your attention needs to be renovated or just need some construction work, get in touch with an architect or a builder in order to precisely estimate the cost.
Mistake n°5: I don’t read the documents related to my new apartment in Paris
One of the biggest mistakes to avoid when buying an apartment in Paris and that causes disappointment if we put it aside: it’s essential to know what you are buying and to be sure that each of your new apartment’s detail have been presented to you in all due form.
Before you communicate your purchase offer, read and verify carefully all the official documents you’ve been given concerning your property and the co-property charges (3 lasts assembly’s report, the co-property charges, diagnosis etc.), to confirm that everything is faithful to what you visited and the presentation you’ve been given. It will also allow you to know the co-property state and the potential construction work and/or procedures to take into account.
Lodgis wishes you to buy the apartment of your dreams in Paris with a total peace of mind!