Considerations for ski flat ownership

[redjumper]

I'd love to hear experiences from people who own property abroad. We are considering buying a holiday home in the Alps. What do I need to consider in terms of ownership costs, running costs and buying costs? What do I need to know in general which might not be immediately obvious?

[Skilover]

Hi there, I bought an apartment in the Alps 10 years ago and would be happy to talk to you if you want to get in touch? I don't know the rules on this on MN but it is too long a story to go in to on here. Let me know.

[VeryPunny]

We have a place just outside of Geneva (in France). Bought for skiing but we use it far more in summer than we do in winter. We don't let it out any more (except to close friends) as it was just too much hassle. We bought in a place that has excellent summer activities too.

It's really worthwhile having a good agent located near where you buy, and I would say that it's imperative if you don't speak excellent French. French banking is still very old school. If you are using a mortgage to buy make sure you can cope with exchange rate fluctuations. Also I have no idea whether France has restrictions on nonEU nationals owning property, so you might want to consider that.

[dontcallmethatyoucunt]

Check how any shared spaces are funded when maintenance is required. What if the roof needs fixing after you've been there 10 years. How is this funded?

Be aware of IHT rules as they are not the same as the UK.

[redjumper]

Thank you very much everyone. A couple.if questions..
What are IHT rules?
What are the taxes on holiday homes in France?

I'd love to hear your personal experience Skilover, perhaps I could pm you.

[dontcallmethatyoucunt]

Inheritance tax and the rules about passing property on. Not quite a difficult as when it's not the main home, but it's not like England and you will need a French will and knowledge of how it works.