Buying a Property in France: A Guide to Taxes & Fees
Category: Finance > Finance | 31st Jan, 2023
When buying a second home in France, you'll face additional costs beyond the property price. This article provides an overview of the additional taxes and fees to keep in mind when buying a property in France.
Notaires fees can be estimated at approximately 8% of the property price and include both the actual notaire’s fees and taxes. The notaire fees are however often a lot lower in the case of a new build. There is a further charge to the Notaires office of approximately 1% if taking a French mortgage which is to be registered against the property.
Agency fees are usually already included in the advertised price as they are paid by the vendor. This is indicated in the property advert.
If buying an apartment in a block with shared costs and management fees, there may be extra payments to make at the point of completion, mainly reimbursements of amounts that the vendor has paid in advance for the management of the building. The estate agent can advise on this.
Then as a property owner, you'll be responsible for two annual taxes: "taxe foncière" (property tax) and "taxe d'habitation" (a kind of council tax). The estate agent can find out the property tax amount, while the council tax depends on personal situation and is estimated to be slightly less than the property tax for a 2nd home owner. To avoid surprises, many second home owners estimate council tax to be the same as property tax. You'll be asked to pay the property tax for proportion of the first year for which you'll own the property at the point of completion of the sale. The council tax is payable by the person that owns the property on the 1st January and is paid for the entire year, regardless of when you take possession.
At France Property Angels, we understand that the process of buying a home in France can be overwhelming. As a professional and experienced property finder, we are here to guide you. Our team is dedicated to helping you find the perfect property that meets your needs and budget, and we will be with you every step of the way to ensure a smooth and stress-free buying experience. Contact us today to learn more about how we can help you buy your dream home in France.
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