PARIS Real Estate Finders (PREF)

FAQs

Questions

• Why choose PREF to be your representative?
• After I buy, what next?
• Are you happy with owning property in France?
• Any surprises after you purchased your property?
• Do you rent out your property? If so do you use a company to manage in France?
• What is a reasonable budget?

Answers

• Why choose PREF to be your representative?

  PREF owns and manages its own real properties in Paris and is experienced with the complexities and vagaries of the Paris market. There is no Paris MLS (Multiple Listing Service). PREF's proprietary software identifies and organizes properties that meet your specific criteria. We maintain an electronic database of available properties in Paris and can "tweak" that database to find properties that will interest you.

  We know how hard it is for non-French speakers to find, negotiate and buy from thousands of miles away. PREF is available to you and prepared to act at your direction starting today. We are technologically sophisticated and keep you closely informed during this exciting, but demanding endeavor.

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• After I buy, what next?

  We often have questions from our clients about renovation and management services. While we do not directly handle either of these aspects of ownership ourselves, we do work closely with people in whom we have confidence and who we will recommend without hesitation.

  It is important to understand in advance that we work with small, individual enterprises. They are much in demand and often there are delays in setting up renovation projects. So it is important to be patient and organized when undertaking renovations. On the positive side, the craftsmen and enterprises with whom we work are honest, reliable, guarantee their work and do high quality work.

  We can help you find assistance with all elements of renovation, including architectural services, plumbing and electrical, painting and plastering, carpentry, kitchen installation and decoration. The range of services can be adapted to your preferences--from individual services to "turn-key" operation.

  To give you an example of some of our regular renovation "associates", you can contact the following:

  Caulaincourt Cuisines: contacts@caulaincourtcuisines. Supplier of Nolte Kitchens.

  Paul and Victoria: Decoration—Furnishing: pauletvictoria@yahoo.fr

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• Are you happy with owning property in France?

  To own property in France, you need to be both very determined and understanding of cultural differences. If you are buying in France because you want an "investment", you would probably do better to buy in your home country where management is easier, the markets are more familiar and there are fewer language and cultural differences. People who love France and Paris are delighted to be owners here, even if there are special hurdles to overcome as a property owner.

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• Any surprises after you purchased your property?

  We can assure you that there will be surprises 100% of the time after purchasing your property. The magnitude of the surprise may range from the wonderful welcome you receive from your neighbors as you move in, to a flood of "Noah's Ark" proportions requiring a canoe to get to your front door. Much of the housing in Paris has plumbing, electrical, heating and other maintenance problems. We do our best to help you anticipate these, but there are always surprises--and that's a promise!

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• Do you rent out your property? If so do you use a company to manage in France?

  Most foreign owners rent their properties in our experience. Some rent virtually full-time and others only occasionally. There is a very wide variety of arrangements, from full-management to long-distance internet management by the owner. We can help you assess the best solution for you. We can recommend people who will help you do it successfully.

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• What is a reasonable budget?

  Paris apartments are remarkably accurately priced by their sellers. This is due to the fact that the market is very active and gives clever owners a lot of feedback about what their property is worth.

  Our experience is that very few pricing errors are made and only very modest amounts of price negotiation are tolerated in most circumstances before the seller looks for other buyers. Occasionally, special circumstances operate (short notice professional move, death in the family, divorce) to create more flexible “motivated sellers.” A successful transaction depends on the French seller feeling confident about your interest and ability to pay at or near their asking price.

  Setting a budget is a matter of selecting a general location, figuring out how many square meters one needs and then multiplying that figure by the typical Euros per m2 figure for that arrondissement. Then, if one wants additional amenities (garden, parking, elevator, view, terrace, modern kitchen and bathroom), incremental percentage increases must be added to the budget (see question 9 on the Buyer's Apt Specifications page of the Web site). One rule of thumb is that properties cost ~130,000 Euros per piece on the Left Bank and ~110,000 Euros on the Right Bank. Hence a 3-pieces apartment typically starts at 330-390,000 Euros depending on where you are looking.

  “Low-balling” the market doesn't work very well in Paris as it might elsewhere because of the low incidence of pricing errors. One can still find reasonable buys, but they are almost always dependent on having good help and using a realistic budget figure.

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