Paying for a new build property in France
And financially too it can be attractive, due to the stage payments involved in the buying process.
Whereas when you buy a property the usual way - that is buying a resale property - where you have to pay the deposit at the start then the rest of it at completion, things are different with new properties.
With new build French property, stage payments come into play and clearly this can be a very attractive way of paying for your new home.
There will be a deposit at the start of the process, and typically this will be around the 5% mark give or take a few percent either way.
Then once the foundations are down there will be another chunk to pay, this will take you up to having paid around 35% of the total price at that stage.
The next milestone will be when the property has been built to the extent that it is now weatherproof whereupon you'll be required to pay around 70% of the total value of the property. Then when the construction is totally finished up to 95%.
The final 5% to make the total 100% will the be payable when you get the keys to your very own new home!
Spreading your payments out over time like this can be very attractive for many buyers for obvious reasons. And since you know what you have to pay and when it is easy to budget, and is not worryingly open ended as it could be if you are taking on extensive repairs to an existing property.
And once you've taken ownership of the property, then you can rest assured that in most cases the running costs and maintenance costs of the property, being new build, will be much less than on a resale property. So you can simply enjoy your new home without having to worry about all those costs ticking up.
More French property articles:
- Buying property in France for the lifestyle
- Why moving to France should not mean forgetting Britain
- Tips on buying French property
- Borrowing money when in France
- Paying for a new build property in France
