Paris is one of the best places in Europe if you’re thinking of investing in real estate. There are many different properties to buy, and they usually sell for a nice profit too.
If you own property in Paris and want to sell it, this guide is for you. Below, we’ve listed 15 of the most useful tips on selling real estate in the French capital city:
Preparing Your Property
A big part of selling your property in Paris revolves around getting it ready. There are certain things you need to do to ensure you’ve prepared it properly. Here are our tips regarding this:
1 Complete 8 Diagnostic Examinations
By law, if you’re selling a property in Paris, you need to complete these 8 diagnostic examinations:
- Precise measurements of the surface area in your property
Electricity installation test and examination of condition
Gas installation test and examination of condition
Insulation quality test and grading of energy emissions
2 Provide Results Of These To Anyone Interested In Your Property
Once you’ve done all the diagnostic examinations, you need to collect the results and have them ready in case anyone is interested in your property. You’re required to show them to prospective buyers, so they know the state of your home.
3 Estimate Cost Of Any Work
After going through the diagnostics, you may find your property requires significant work done. In which case, now’s the time to go through any repairs and estimate how much they cost. Once this has been done, you can weigh up whether or not you should pay for them yourself or knock money off your asking price so the buyer can do them when they move in. It’s well worth getting more than one estimate to get a more accurate picture of how much it all costs.
4 Make Your Property Visually Appealing
Finally, when preparing your property for sale, you need to make it visually appealing. We suggest you take into account the type of property you’re selling. Is it:
- Holiday accommodation in Paris
A family home
A short/long stay apartment
Each type requires you to present your home in a certain way. For example, you need to present a family home in Paris to look very welcoming and warming. Perhaps emphasise typical Parisian interior design if you want to grab the attention of prospective buyers too.
Listing Your Property
In this section, we start our tips by telling you some important things to know about listing your property when you want to sell it. Check them out here:
5 There’s No MLS in Paris
When most people look to list their property, they seek out a multiple listing service (MLS) which lets them list on different sites all at once. This makes things easier, but there isn’t one in Paris. If you buy an apartment in Paris and want to sell it, you can’t just hop online and find a service that advertises your apartment on multiple places at the same time
6 Don’t List With Multiple Agents
Bearing the first point in mind, if you want to get as much exposure as possible, you might think that listing with multiple agents is the best approach. However, it may get you a lot of exposure, but it won’t help you sell your home for the best price. Agents will compete and convince you to accept lower offers just to finalise the sale before any of your other agents. Don’t get sucked into this, list with one agent that know Paris like the back of their hand instead.
7 Find Agents Relevant To Your Property
The beauty of Parisian real estate is that there are so many different types of property you can buy and sell, there are:
- Houses to buy for students
Apartments in Paris for short stays
Homes for a holiday near the Eiffel Tower
Properties to buy for long-term
The list goes on and on, but this just showcases the variety. So, if you want success, you need to find agents relevant to the property you’re selling. If you’re selling student accommodation, you need an estate agent that specialises in listing student properties. Once you’ve got a handful of potential agents at your disposal, you need to narrow it down to the best one.
8 Understand The True Value Of Your Property
In Paris, property prices vary depending on where your property is located. If you’re selling in the 1st or 2nd arrondissement, you’re going to have a home that’s very expensive and worth a lot of money. But, as you move out to the 5th arrondissement, 6th arrondissement, and 7th arrondissement, you get lower prices, which makes selling a lot easier.
Go out even further towards the 16th arrondissement and the market changes again. The outskirts are more family friendly, which bumps the price up a bit. For example, places like the suburbs in Marais for families have high house prices. So, bear in mind the location of your Parisian property if you want to find its true value.
9 Understand Current Currency Rates
If you’re selling real estate in Paris and you’re not local, you need to know about the current currency rates. While you may notice your property has a good selling price in Euros, this may not translate to a great price in your home currency. So, don’t be afraid to wait if the exchange rate is poor at the time you’re thinking about selling. By waiting until it’s more in your favour, you can make more money when you sell your home and convert the cash back to your currency.
10 Highlight Your USP
Selling real estate in Paris can be made a lot easier when you list your property and highlight its USP’s. Most notably, is your property near any of the following:
If so, these are desirable places for people to purchases houses or properties for vacations in Paris. A lot of people are also looking to buy an apartment in Paris with parking, or for something for sale with a view of the Eiffel Tower with a balcony. Think about what makes your property special, and use it to your advantage when listing.
The Selling Process
The tips in this section will look at the selling process and what you need to know about it.
11 Selling Process Is Split Into Two Stages
When selling a property in Paris, there’s a two-stage process you have to go through if someone expresses an interest:
Stage 1: Preliminary contract prepared by a notaire or estate agent
Stage 2: ‘acte de vente’ the formal deed of sale
12 Acte De Vente Is Signed A Few Months After The Preliminary
Once the preliminary contract has been signed, there tends to be a gap of around two to three months until the formal deed of sale is signed and concluded. Throughout this period, the buyer is putting everything together to ensure they have the funds ready to buy the property and want to go through with it.
13 The Buyer Has A Week To Withdraw
After signing the preliminary contract, the buyer has a week to withdraw from the purchase without suffering any penalty fees or having to pay any money. As the seller, you enter a legal obligation to sell the property and can’t pull out at this stage. Essentially, you have to be 100% certain you’re happy with the buyer and the decision to sell when you sign the preliminary contract. If you aren’t, don’t sign it!
14 The Acte De Vente Is The End Of The Sale
As soon as the acte de vente has been signed by both parties, everything is over. The buyer pays you all the money you asked for, along with any tax and additional fees. You then give them the keys and the property is now theirs. So, you walk away with a lot of money, and they have a nice house or apartment in Paris. If everything runs smoothly, the whole process should only take three months maximum.
15 Request A Simulation de Finance
We have a bonus tip for you here regarding the selling process. If you find a buyer that needs to apply for financing to purchase your property, you can request a Simulation de Finance. This is simply a formal document that proves the buyer is actually applying for finance and that their bank has approved them. The reason you should do this is because you need to know if a buyer can actually afford your home or you’re wasting your time.
Put all of these tips together, and you’ll know everything there is to know about selling real estate in Paris. Due to all the different neighbourhoods, the landmarks, and the current economic climate, this city is a great place to invest in and sell your property for a profit. Follow all of this advice if you want your sale to go smoothly from start to finish, with no bumps in the road at all.