The 10 Best Tips for Buying A Paris Apartment

TIP 1: Full Purchase or Shared?

Over the past five years, we have seen a new trend emerge: Many buyers want to live in Paris, but for limited periods each year, and without the costs or responsibilities of full ownership.

This is possible through shared ownership, which allows each buyer to purchase deeded ownership in a beautiful apartment, for four weeks per year, at a fraction of the price of full ownership. Owners achieve their dream of living part time in Paris at a very reasonable cost and without the responsibilities of full-time home ownership abroad.

We started Paris Perfect Shared knowing that our family-run company has the skills to locate, remodel and manage the absolute best properties in Paris and Europe for fractional ownership. These skills, honed over two decades in business, allow us to provide fabulous properties, at advantageous prices, with extremely low, predictable annual costs.

Paris Perfect Shared was launched in 2018 to excellent success and it continues. This option might be the best solution for you. Thus, we invite you to learn more about fractional ownership here.

Tip 2: Where to Buy in Paris: Find Your Favorite Neighborhood

Start your search by exploring many neighborhoods in Paris to find the right balance between the areas you love, your needs and the security of your investment. Paris is made up of little villages in its snail-like structure. Each arrondissement has special features, attractions boutiques, bistros and markets. We know that you’ll find many which you can call home. Our advice is to explore, talk to others and walk, walk and walk. What could be more pleasurable in this beautiful city? Take walks in the evening and during the day to see how the character changes.

Some buyers choose trusted locations that hold their value, century in and out. Others want to push into emerging arrondissements that are up-and-coming. Our core advice is to think defensively. Meaning, in a weak market, will the location you’ve chosen still be highly sought after if the market turns south? As in any city, the best neighborhoods tend to hold their values even in weak markets. For example, during the 2009 global real estate crisis, Paris overall saw a slowdown and in some areas, a relatively small drop in prices.  The most sought-after arrondissements such as the 6th and 7th saw a very quick recovery and achieved new highs after 2013.  Other arrondissements such as the 13th, had a very slow recovery. Click here for our tips about finding the right neighborhood for you. It’s all about location, location, location!

Tip 3: Get Your Ducks In A Row: Mortgage Broker And Currency Exchange Service

If you are interested in getting a mortgage, apply before you begin your search.  Do this in advance: it not only affects your budget, but it gives your offer a higher position for a seller to accept your offer.  Note: It’s almost impossible to get a mortgage from your home bank in the US for a French property; reason is they cannot value it.

The good news is it is possible to get a mortgage in France, usually via a specialist mortgage broker, with 30% down.  And mortgage rates are currently extremely attractive, in the region of 3%.

Excellent Mortgage Broker: We’ve worked with an excellent team in Paris for many years and most of our owners have obtained very favorable mortgages from them.  Their current rates for long term mortgages are in the region of 3%, extremely appealing. Click here for more information.

Open an account with a foreign currency exchange firm. You will save thousands in wire fees plus obtain the best exchanges rates by using a registered currency exchange firm. We recommend Shaun Dash at Newbridge FX. Exchange rates are as close to the interbank rates as you can get and the wire fees are low. Contact him at: [email protected]

Tip 4: Find The Absolute Best Apartment; Don't Settle For Less

For serious Paris apartment shoppers, we provide food for thought as you start the process of searching for and selecting your ideal Paris apartment. Click here to read our advice on clarifying exactly what you’re looking for… and then stick to it. You’ll find that a continuing theme of ours is to be prepared. Know exactly what you want – what kind of building, preferred floor, old or new, street or courtyard view, elevator, even the specific street… and do not settle for less. Because agents will do their best to make every listing sound wonderful, using phrases such as ‘calme absolu’ or absolute quiet.  But if you’ve read our advice, you’ll know that this means it faces an inner court, the last thing you want if you want to experience the beauty of daily life in Paris! When we help a client find an apartment, we don’t waste their time on ‘all right’ apartments; for us (and for you) they have to be terrific. It may take many months, but it will be worth it. Read our advice here.

Tip 5: Real Estate Agents: Tell The Agent You'll Pay The Market Price

One of the most important tips we’ve learned when contacting a real estate agency is to state that you’re prepared to pay the market price. Yes, they may overprice a property, and yes, if you use a search agency such as ours, we’ll negotiate hard if it’s overpriced. But, if you set unrealistic price expectations or have your heart set on finding a “bargain,” agents wil not even email you with a good listing. What you want is the first call to view the property, and then decide what you want to pay.

Importantly, if the apartment is ideal for you, and especially if it possesses irreplaceable features such as a balcony, lovely view and elevator, we’ve found pricing is generally within the range and you’ll want to make a full offer even if it’s a little more than you planned. Read on here.

Feel free to get in touch with us at: [email protected]!

Tip 6: Remodeling Costs Are The Same, Whatever The Location

Remember that it will cost the same to remodel your apartment, whether it has an elevator or is six floors up via the stairs! A full remodel to the highest standard, including designer furnishings, all new electrics, all new plumbing, solid oak point de hongrie floors, best wall mounted taps, triple glazing, custom closets, top appliances and designer furnishings -- costs € 4,500 – € 7,000/m2.  So you don’t want to be penney wise and pound foolish:  i.e. saving money on a less desirable location or apartment (walk-up or facing an inner courtyard) knowing the cost to remodel will be the same as the most desirable location and apartment. Read more here.

Tip 7: The Most Important Rule of All - If You're Not 100% Certain, Sleep On It!

If you think you‘ve found a terrific apartment, but have some niggling doubts, use discipline to say thank you and leave. Have dinner and sleep on it before making a decision the following morning. This is hard! I know! Click here to read more.

Tip 8: There Is No MLS Or Multiple Listing Service in France: The Value Of A Search Agent

There are over 3,600 agencies in Paris and NO multiple listing service. Real estate agencies do not share their listings with other real estate agents, with rare exceptions. Without a Multiple Listing Service, each real estate agent has a very limited selection to offer you and their goal is to sell only what they have for offer. As anywhere, the best listings sell immediately, so agents will promote only what they have left, meaning the least desirable apartments. This is what makes a search agent very helpful.  A search agent works only for the buyer, unlike real estate agents who only work for the seller. The best ones trawl hundreds of listings a week, know how to search the lesser known sites, use long-established private networks to hear about new listings, and have good relationships with real estate agencies who get in touch when they have something good for sale

But first, look through online real estate listings yourself, visit as many agencies as possible when you’re in Paris, so you start to understand the difficulties -- and get a better idea of what you want . That experience will help you refine your search, judge more quickly and you may even get lucky and find your perfect home! Read on here.

Feel free to email us for more information about our search services and to receive our brochure on The Apartment Buying Process in France – in Simple English:  Contact us at: [email protected]

Tip 9: Learn How The Purchase Process Works

France has unique rules for purchasing property that are important to keep in mind when thinking about buying property in Paris. The important news is the process is clearly defined and the buyer is protected by rules set in place since Napoleon. We explain it in simple English here: Read more about The Purchase Process

Tip 10: Can I Rent Out My Paris Apartment?

We are often asked by owners if they can Airbnb or rent out their Paris apartment when they are away. Paris rental laws have tightened over the past few years, similar to other major cities such as New York, Barcelona, Amsterdam and more. Here is a breakdown of options:

• Short term (weekly) rentals: Only full-time Paris residents are allowed to rent their apartment for up to 120 days per year. Paris City Hall controls this with a registration system wherein you show proof of full-time residency and obtain a registration number.
• Long term rentals are permitted.
• Medium and long-term rentals (several months or more) are permitted depending on the situation. Read more about it here.
• Shared Ownership: If you have limited time to spend in Paris each year, consider the advantages of purchasing a shared ownership apartment. Enjoy the perks of living in Paris, including a deeded share, but for the time you can realistically be in Paris. All without the hassles and costs of full ownership!

If you would like to find out more about the best options for renting your Paris apartment, our knowledgeable and friendly team is here to help. Get in touch with us at [email protected] and our team of experts will be pleased to answer your questions. Subscribe to our newsletter and follow us on Instagram for the latest news in the world of Paris real estate!

If you’d like to speak with us about our fractional shared ownership apartments or if you’d like to buy your own apartment in Paris, please email us at [email protected]

Mortgage Broker: [email protected]

Foreign Currency Broker:  Shaun at Newbridge FX: [email protected]