Buying a new build property on the French Riviera
The advantages of buying a new build real estate in France are not subject to doubt as the new property with its technological innovations has a higher level of comfort in comparison with the older property. New property is ecological, has better sound and heat insulation, a modern layout with a good organisation of the space. Almost all new buildings on the Cote d'Azur of France have an underground parking. Many new residences have a swimming pool and a park in the grounds.
Moreover, under certain conditions, before the construction starting date, it is possible to make changes in the construction plan, taking into account your personal wishes and following your individual needs on how your property should be equipped.
The quality of a new property construction in France and their compliance with the technical standards are subject to careful monitoring.
The new housing is safe: a two-year guaranty is designed to eliminate possible problems in the technical equipment functioning of the building, and a ten-year guaranty covers the risks associated with the stability of the foundation and its bearing parts.
Any defects in construction, arising during the year after the property commissioning, are also subject to elimination by the full completion guarantee.
When building new housing in France, the norms of fire safety are strictly observed and controlled. For example, the use of health damaging materials (asbestos, lead, etc.) previously used in construction, is now completely prohibited.
Economically, the undoubted advantage of new housing is the absence of repair costs, and utilities costs are low. Depending on the new building location, it is possible to be exempt up to 2 years from the property and residence tax.
On signing the notarial deed, the Compromis de vente, of a new real estate purchase, only notary fees are paid. No other fees are charged for registration of the new housing. The cost of notary services is 2-3% of the new property total value (compared to 6-7% when buying in the existing housing market).
If you make investments in real estate in France with the purpose of leasing, it is possible to choose the most favourable tax regime (based on the laws of Robien, Borloo, Scellier).
When you buy apartments in already completed residences there is no possibility of choosing or adapting the construction plan for your personal needs as most of the apartments are bought out at the stage of design and construction. If you would like to buy an apartment in accordance with your personal requirements, it is better to get acquainted with the new housing construction programs at their initial design stage, and to purchase the new home through the system of VEFA (Vente en l'Etat Future d'Achèvement). It means buying the property in the process of construction.
Payment for the real estate under construction in France is made in accordance with the stages of construction:
- not less than 5% of the total value of housing at the time of its reservation,
- at least 35% of the value at the time of the foundation building
- at least 70% of the value at the time of roofing
- not less than 95% of the value at the time of construction completion
- 100% of the value at the time of the property delivery to the customer.
The VEFA reservation contract includes the following information:
- approximate living area of a new housing
- number of living rooms and premises
- location of your home in a building or residence
- price and conditions for its revision
- technical facilities description (materials used in the construction, equipment, etc.)
- date of signing the sale and purchase contract, Acte de Vente.
information about guarantees (one-year guarantee of construction qualitative completion, with the obligation to eliminate all construction defects, a 2-year guaranty for electrical equipment, a 10-year guarantees for the strength of the building)
It is also possible to include in the sale and purchase contract the deadline for your new home delivery, the calendar of payments, the fixed final cost, and the need for a loan.
When signing the sale and purchase of real estate deed in France, the buyer is given a full package of ownership documents: a certificate of ownership, an act of technical compliance with the full and final description of the housing, residence, space, equipment, etc.
When buying real estate on the French Riviera,
Property ServiceAzur, the real estate agency provides assistance in mortgage registration
at 1.8-2% per an + Euribor, as well as making changes in contracts for
utilities. Upon the request of the client, we can manage your purchased