So you’ve found your dream Paris property with the help of Vingt Paris real estate agents, but what are the other costs involved?
When the property is chosen we’d recommend a Surveyor visits, an additional budget of 500 Euros plus tax.
When the pre-sale contract is signed, you’ll transmit 10% of the purchase price (minus agency fees) to the Notaire (Escrow). So technically this is part of the purchase price but it’s good to know the timelines for payment so you can be prepared.
To take advice on inheritance provisions, consider a budget of 2000 Euros plus tax, it can be more or less, depending on the complexity of your Estate.
There is a two to three month period till closing. Notaire fees of approximately 7% are paid at this time and the balance of the property price is paid – less the 10% you put down on the signature of the pre-sale contract – see above.
If you’re taking out a mortgage you’ll typically need 20% of the purchase price to put down as a deposit – this depends on the deal you’ve arranged with your lender.
You’ll normally need to leave aside a budget for renovation. As a very rough guide, you could leave 2000 Euros per m² for a basic job, but it obviously depends on the scope of the project.