After three years of declining prices and sales, foreign investors are finally returning to the French real estate market. Of course, the activity is far from a feeding frenzy as many shoppers have been burned in the past. This is particularly true of UK buyers, who saw their property values plummet when the French market went into a freefall in 2008. And since UK residents are the largest foreign investors in French real estate with over half a million properties, they are understandably a bit apprehensive about diving back in.
French brokers and bankers have grown increasingly sensitive to this fact, which is why they are offering extremely attractive French mortgage rates to foreigners. That is probably why the market has experienced a slight increase in sales to foreigners.
What are they buying? Most of the UK shoppers are searching for great deals. In fact, there has been a sizeable spike in sales of older homes and fixer-uppers. Why should you buy a home that needs a little work? Well, for one thing they are much cheaper. And for another, fixing up an old home is not nearly as difficult as it seems.
More often than not, an old home just needs a little spit and polish, rather than a complete overhaul. And that is the most common mistake new couples make. They dump all of their money into fixing a room or two—often the kitchen or the master bathroom—and they forget to work with what they have.
Where to start? Put away your wallet and pick up your paint can. That’s right! Instead of replacing the kitchen, spruce it up a bit. Paint the walls, sand and stain the cabinets and put in a cheap floor, preferably linoleum. Also, replace ancient appliances with items you find on sale. That is how you save twenty-thousand pounds on a new kitchen.