The 10 Best Tips for Buying A Paris Apartment

TIP 1: Learn the Purchase Process in France

Navigating the process of buying property in France can be daunting, with an intricate legal framework dating back to Napoleonic times and the added complexities of a different language. At Paris Perfect, we understand the challenges and have created a comprehensive two-part manual to guide you through every step with clarity and precision.

Our Property Purchase Guide explains the purchase process, including legal requirements, taxes, fees and expert tips for a smooth transaction. With this knowledge, you'll be well-equipped to confidently navigate your property investment in Paris.

To receive our guide, get in touch at [email protected] and we'll email it to you for free. We would be delighted to partner with you on this exciting journey of property ownership in the City of Light.

Tip 2: Explore Paris to Find Your Ideal Neighborhood

Paris is truly special, a city made up of charming "villages" within its arrondissements. As a resident, you'll become part of your local community, getting to know your neighborhood baker, favorite pâtisserie, cheese specialist, wine merchant, fresh produce vendor and more. This is the essence of Parisian living - embracing the French art de vivre by savoring the simple pleasures of comparing baguettes and croissants from different boulangeries, or asking your cheese specialist to select the perfect cheese, ripened just for that evening. Food is deeply woven into the fabric of French life, and it will naturally become part of your daily life here.

Whether you're drawn to a bustling city center, a tranquil residential area with parks or the café-lined streets favored by locals - you have so many choices! We encourage you to explore your favorite arrondissements both during the day and at night, as their atmosphere can change dramatically. With our decades of experience living in Paris, we'll work closely with you to identify the neighborhoods and streets that best match your lifestyle and preferences.

Begin your journey by clicking here to discover some of our favorite Parisian neighborhoods. Follow us on Instagram @ParisPerfectBuyers as we explore a new neighborhood each week, offering insights into the best areas to buy, pricing trends and more!

Tip 3: Secure Financing and Currency Exchange Before Starting Your Search

If you are interested in obtaining a French mortgage, apply before you begin your search. Doing so in advance not only affects your budget but importantly gives your offer a higher position for a seller to accept. Our mortgage brokerage partner can assist you in the entire purchase process, including getting pre-approved for a mortgage, ensuring a seamless transaction from start to finish. To get started, please email [email protected] and inquire about our mortgage services.

Similarly, it will save a considerable amount of time and money to open an account with a currency exchange specialist instead of going through your regular bank. Their transaction fees are substantially lower, and you always receive a better exchange rate. We're happy to introduce you to our trusted currency broker with whom we have worked for many years, providing excellent service for our owners. Please email [email protected] and request our referral.

Tip 4: Make A List that Should Include the Following

Things to consider: The type of building (ancien or moderne), preferred floor, outward facing or inner courtyard, elevator access and even specific streets. It may take time, but when we find that perfect apartment and location, you will know it immediately. If the apartment you love needs renovation, we work with a talented team of experienced builders and interior designers who know how to turn apartments that need work into your dream home. Having assisted in the remodel of over 60 apartments in Paris, we can provide valuable input on design, furnishings and more.

Tip: Which floor is the minimum you will accept? We strongly recommend the second floor (third floor American) or above. Why? Winter in Paris means the sun sets at 3:30pm and the "rez de chaussee," or first floor (second American), are relatively dark.

With or without elevator: We recommend insisting on an elevator. The reason isn't the difficulty of walking up a few flights of stairs if you buy on the second floor; it's because we care about your long-term value and the ease of selling down the road.

Listings Are Deceptive: Scan listings and the complications become obvious. Many soften the negatives by trying to make them sound positive. For example, a description that says "calme" or "havre de paix" (haven of peace) means it's on an inner courtyard - but that means a static view of what is often an ugly courtyard where the rubbish is stored. We believe you'll appreciate an outward facing view, and these properties certainly hold their value. These are harder to find, and that is why our Property Search Service is worth it. 

Tip 5: Maximize Results by Leveraging a Skilled Search Agent

There are over 3,600 real estate agencies in Paris and no Multiple Listing Service, such as Zillow or Realtor.com in the United States. This means each agency you walk into can only show you their own limited number of for sale listings - and nothing else.  After all, the agent will never earn anything if they suggest another agency's listing, so they'll try to convince you that some unsold apartment located on the ground floor/without elevator/ facing the inner courtyard/ built in 1955 would be ideal for you.

It gets worse: There are no fully comprehensive online agencies in France, period. Online platforms such as Seloger or Residence Immobilier are populated by paid ads that some of the 3,000 agencies use - but the agencies never list their entire inventory. Worst of all, the ads themselves do not show comparables, price history or any other useful information.

Our status as an English-speaking buyer's agency in Paris grants us access to the entire market.  With our decades of contacts and experience, we access all the properties you may desire including the famous "hidden network" - of concierges, neighbors and local shopkeepers - who often know which owners have decided to sell before anyone else. More than 35% of properties sold in Paris come thru this network, making our connections invaluable.

Once you've found your dream apartment, we assist you throughout the entire process and safeguard your interests by recommending trusted laywers, notaires, accountants, setting up utilities and more. Afterwards, we can recommend the best contractors and designers to ensure your remodeling is done to the highest standards.

We would be delighted to discuss our services with you and help you better understand the purchase process.

Tip 6: Budget for Renovation Costs

It's essential to factor in remodeling costs when budgeting for your Paris apartment purchase and be prepared for potential renovation expenses to achieve your desired aesthetic and functionality. Our experienced team of builders and interior designers can turn any space into your dream Parisian home. Depending on your choices, a high-quality remodel including kitchen/ bathrooms/ plumbing/ electricity/ floors/ carpentry/ painting throughout can cost between €3,000/square meter to over € 4,500 depending on the works.

Check our @ParisPerfectBuyers Instagram for our helpful discussions of real estate prices and remodeling costs.

Tip 7: Two Rules - 24 Hours or Jump on It!

If you have doubts or uncertainties about a property, we recommend the 24-hour rule. Wait, walk around the neighborhood at night and sleep on it - you'll know what you should decide the following day.

What to Do When it Grabs You: When you see that special combination of features which include older building, higher floor, elevator, sunny views and the right price - we will not hesitate to tell you to jump on it. With your agreement, we'll place your offer immediately and contact our trusted notaire in order to lock in your bid.  Because that perfect apartment will always attract others who will not hesitate to put in a full price offer immediately. This is where our advice and assistance prove most valuable; we not only hear about these exceptional apartments before others, but we act immediately for you the buyer to secure it for you.

Tip 8: Consider Full or Shared Ownership in Paris

We all love to spend time in Paris, but if your time is limited and you don't want the hassles or expense of full ownership, it is worth considering investing in a fractional ownership apartment. As a fractional owner at Paris Perfect, you are a deeded owner of a share in an apartment and enjoy living in Paris for a month or more per year. You can enjoy the benefits of owning a luxurious Parisian property at a fraction of the cost. With our expertise in locating, remodeling and managing properties, we provide fabulous options with low, predictable annual costs. Learn more about fractional ownership here.

Tip 9: Rental Options for Your Paris Apartment

If you plan to rent out your apartment when you are away, gain a clear understanding of the regulations and restrictions surrounding short-term and monthly rentals in Paris. We offer detailed guidance on these rental regulations and help you make informed decisions about your property investment. Read more about short and long term rental options for your property here.

Tip 10: Consider Key Taxes

When purchasing real estate in Paris, understanding French taxes is crucial. We provide a step-by-step checklist to help you avoid expensive surprises.

Some key taxes to consider include:

• Annual Property Taxes: "Taxe foncière" and "taxe d'habitation."
• Annual Income Tax: On rental income from your property.
• Annual Property Wealth Tax: "Impôt sur la fortune immobilière (IFI)," for property assets over 1.3 million € net of debt.
• Capital Gains Tax: On the profit from selling your property.
• Inheritance Tax: Payable by your heirs.

The last three taxes can be minimized with proper planning, so require careful consideration from a French tax expert. Tax treaties between France and your home country may also apply. For specific, up to date advice for your individual situation, it's imperative to consult with a licensed tax expert.