From picturesque Parisian streets to the French Riviera, there’s a reason France holds a fascination for many Americans dreaming of an overseas home.
Adrian Leeds, a real estate agent in France whose services cater to North Americans, is an evangelist for La République — and there’s a reason why she’s known for her TV appearances on “House Hunters International.”
Leeds, however, said there are many things for Americans to consider before they buy property across the Atlantic. Here are some of her tips to keep in mind:
Laissez-faire pace
America’s hustle and bustle won’t be found in many places throughout Europe, especially not in France.
The property buying process usually takes months once an offer has been accepted. Leeds said there are many times when a prospective buyer can cancel the transaction.
“They built in consumer protection. They want to make sure that you know what you’re signing,” Leeds said. “It’s a very long process, so you’re not flipping properties here.”
Know the right questions
Most Americans anticipate smaller floor plans, different bath fixtures and older architecture in Europe, but Leeds said the most important questions often slip under the radar.
Most French property owners won’t disclose whether a home is barred from being a short-term rental or whether certain plumbing fixtures are connected to sewage systems. In addition, there is no multiple-listing service in France that shows all available properties on the market, so prospective buyers have to go through separate real estate agents and rely on their networks and expertise.
“We see it as a kind of insurance policy, because if you’re a foreign buyer and don’t know the lay of the land, you don’t know the right questions to ask,” Leeds said.
Notaries are important
French notaries carry outsize power in comparison to their American counterparts.
While an American notary’s job is primarily to authenticate documents, they are effectively specialized attorneys in France who oversee property sales and other legal transactions. Leeds said picking a notary is as important of a decision as picking an agent, an attorney or any other licensed professional.
“They’re highly culpable because if they have a problem on a transaction, on a deed or on a title, they can be easily sued,” she said.
Get used to higher taxes
From taxes to health care, French social services and government functions often expand beyond their American equivalents and should be something to consider before relocating, Leeds said.
For example, she said about 45% of her income goes into the French social security system, roughly triple what Americans pay into Social Security and Medicare through the Federal Insurance Contributions Act, known as FICA.
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