Buying A Property In The Department Of Creuse, Central France

Property Factsheet id: 82

I have made this Fact sheet to let you know all the procedures to buying a property in Creuse (Central France) and I am open to any questions or commentarys, please do not hesitate.

Accessibility:

If you would like to be in an astonishing countryside setting, then the department of Creuse (central France) it is just perfect for you. Between country of oil and country of oc, the department of Creuse, attached administratively to the Limousin area and geographically to the central solid mass. It owes it’s name to the Creuse river which goes all the way through the department. Creuse is full of diversity and authenticity, where you can lead a quality life and have privileged space. All of that with easy links to and from London.

But you have to know that it is a big step and you really have to think about it first but you will know when you are ready and then do not hesitate to choose this peaceful life.

Why buy in Creuse?

The department of Creuse is still the cheapest department in France.

For the following reasons:

* This department does not have a population rate.
* Not a high economical rate.
* There are still lots of properties up for sale.

Property prices:

In the Creuse, the further you go to the out skirts of a large town, normally the price increases. But as soon as you get about ten minutes away from the town center, the prices drop. You are able to find properties, that need renovating from about 30,000 EUROS and houses that are already habitable from about 120,000 EUROS.

Getting there:

There are great links between Britain and France. The mist convienent the Creuse being Limoges aeroport which is about thirty minutes from the department or a three and a half hour drive from Paris on the motorway.

What to do before buying?

Either rent here, if it is possible or by taking a short holiday, visiting properties, to try to get an idea of the current prices, in the department. Don’t hesiate if you fall in love with a property, alot of people who didn’t want to buy straight away, have waited and then found it was too late, it was sold, leaving them looking for months or even years until they find the right place with the same feeling.

Who can i go to see?

PROFESSIONALS:
In the department of Creuse, professionnals have alot of properties for sale compared to other regions, it look’s like there are more for sale than people looking for them. So professionnals, estates agents or notaires aren’t looking to sell you one of their rare houses in their portfolio but the opposite, a selection that they find realistic to the current prices in the department and one that suits the best your requirements.

PRIVATELY:
Going direct to the vendor means that you won’t have any estate agent fees but be very careful because looking could be very time consuming and complicated. You may find that in the end you will also pay too much for the property and loose alot of money.

Types of properties:

In the Creuse, the population rate isn’t getting any higher, you will find a lot of very old stone properties and a few of newly constructed houses. This is a farming region, so there are alot of traditionnal farms, forests, paddacks, barns …(etc.)- a lot of land.

Renovation:

Be careful, there are some houses that need completely renovating and the price could be very expensive. A professional estimate being 1000 Euros/m² for a complete renovation. This is of course could be reduced if you do this yourself.

Buy to rent:

In the Creuse you can still find properties that could be rented out, in small towns, appartments or blocks that bring in a good rate of interest around 7% to 1O%, but make sure that there’s not a lot of work to do initially and that you are asking the correct rental for the price of the property.

Planning permission:

You have to know that all around France, for any extension or renovation, you will need planning permission which are different for every property. When you have chose your property, ask your agent or the mayor’s office of the same village.

Estate agencies fees:

The estate agent works between 5% to 10% of the house price. Stastistiques says that in France you pay cheaper to buy with an estate agency even though there are fees, because they negociate the price of the house.

What is the procedure of buying a property?

After the signature of the compromise, a period of three months has to pass before being able to sign the final contract. The final contract is signed at the notaire’s office who will make sure that there are no problems in the procedures and in the property that the person buying. The final contract is either done by one notaire or by two (the vendor and the buyer). The fees are not more expensive, if there are two notaires, the fees are divided into two. But the notaire is not there to follow you through the courts if there are problems between the two halves. For every contract you are obliged to buy the property without being able to come out of it apart from if you find there is something hidden volontary and in this case the courts will help you.

Deposit when signing the compromise:

When you sign the compromise, a deposit will be asked, around 5% to 10% of the total price of the property. You will know that you are not obliged to do so and you can ask to sign a compromise without putting down a deposit, especially when there is a 100% mortgage. So it is not obliged but the vendor prefers that there is a deposit put down.

The price of the final contract:

Signing the final contract at the notaire’s office, about three months after the compromise, the fees are between 5% to 10% depending on their fixed scale. The notaire’s fees are always marked on the compromise.

Tax:

When you will be finally owner of your property of your property, there will be two different taxes that you will have to pay. First of all : TAXE FONCIERE, which has to be payed by any owner of any properties (example : in Creuse for around 150 m² habitable is around 600 Euros and is more expensive in the town center). This tax has to be payed from the day that you sign to be the owner of the property ( but for example if you sign the final contract the 01/03 you will need to pay 10 months out of 12 months). The second tax is : TAXE D’HABITATION, this tax is around the same amount as the taxe fonciere. Payed when you live in the property the 1st of January.

Surveys:

In each region there are different obliged surveys to be done by the vendor. In Creuse, since 2007 there has to be done the surveys of energiques performances, lead abd asbestos.

French law on properties:

For any questions on French law, get in contact with a notaire who will help you.

Author: Kerri-Ann GOODALL
ESTATE AGENCY
ADRESSE AGENCE CREUSOISE
Email: kerri@agencecreusoise.com
Web: www.agencecreusoise.com

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Disclaimer: This article should be regarded as a guideline only. It has not been updated since Feb. 5 2007. Total France cannot warranty that the information it contains is either accurate or current. Do not make any decisions without obtaining professional advice that you know to be current. The above article is © the author where stated, or © TotalFrance where no author is named The article may be printed for personal reference, but may not be published,copied or re-used for any other purpose without permission.