honest opinions please

[thetallfairy]

so the dream has been to buy a place in Paris and hopefully spend a lot of time there when I retire

I have seen a lovely studio
255 000 euro

it would be 1100 euro a month for the mortgage over 20 years

I dont know if it would be easy to air b and b it for 90 days a year and if so could end up covering a lot of the rent

this is a dream

but am I being crazy to go ahead

fees are obv 10k on top of that

air b n b may need the whole building approval?

I have lots of relative who would want to use it too

a cousin who would like it for a month per year at least

it is in a good central location
metro 15 min walk
nice area

but the hesitation is thinking about the what ifs....

what if there are bad neighbours
what if some months I cant cover my payments etc
what If the insurance is so high
or the place is freezing cold each winter??

.

would plan to stay easter and xmas there and longer when. I retire.

Could you cover the mortgage if the worst happened and you couldn’t let it out?

What is your nationality? If only British, have you properly researched the visa requirements if you want to stay there for more than 90 days in a 180 day period?

When do you retire?

I’m sure this exact thread was posted a few months ago?

not the exact same thread I was posting about wanting to look into a place in paris

I have an EU passport

retire in ten years

A not so hidden cost and/or inconvenience may well be the dreaded copropriété.

Depends on your mindset though and the property agents in charge.

Either they are there to help with the maintenance of the building, keep everything looking respectable in your absence and are good value really.

Or, a total rip off and an ideal opportunity for commitee meetings, arguments about who should have what on their balcony, "Disruptions to the harmony of the immeuble" and most memorably, in our case, the construction of a kind of patio arrangement on the ground floor of our flats, all the better to provide a privacy nook next to the pharmacy condom machine.

That was a fun meeting. The pharmacist couldn't see the problem. He thought he was making a rain shelter for his customers waiting outside for the 2pm opening time.

The copropriété may also be difficult should you wish to do tutoring. English lessons or any other subject. Music or even childminding. Some are OK and don't care.

Maintenance of the lift is often problematic and expensive but I wouldn't recommend buying an appartment without one.

It's not for me to say, really. You could be very happy. I don't want to be a damp cloth.

yes for the next few years thankfully

good to know

what may they think about air b n b

I know it can only be short term ??

could be too complicated

Please look into the copropriété fees per month. That will be on top of your mortgage and in the seventeen years of me owning my flat in Corsica, they have never come at or under budget.

There’s always been more to pay. On the other hand, there's copropriétés that do nothing for the upkeep and just pocket the cash.

We all (forcibly) chipped in to buy Monsieur Ratty, his various Madame Ratties and all the p'tit ratties a new cosy home over the bins two years ago. 12,000€. Between us.

Completely bricked in place with a roof and security door. It looks better that just bins on the side but still. I gag every time I open it. Especially in August when they all come out to greet me, show me what they've learned at rat nursery and thank me for my charity.

Another thing. There will be tax. Normal property tax. Second home tax. Unlived in building tax. Income tax. Rented out building tax.

Please do your sums. They will catch you. Nothing goes unnoticed.

this sounds lovely.

I have an inheortoace and need to make soem changes in my life.

I have a half share of an apartment in Tuscany but it has so many memories for me after I ahd a truly catastrophic breakdwon

my goodness

yes see I think I have all areas covered

but am oblivious to a lot of the tax I may need to pay

yikes !!!!!!!!

may be a crazy idea

its a dream but could it work??

Anything can work if you've got money. Just as a sidenote, my electricity bill - for two months - single person, hardly cooks, no central heating, went from 84€ to 414€ by my using a small electric fan heater in one bedroom.

It CAN work. Just don't be caught out.

You may also want to look into getting a carte vitale, or health care card. Possibly, as well, depending on how much time you mght stay in France, a mutuelle or health insurance.

I'm not saying that you haven't thought of these things and they're not difficult to sort out but be prepared.

Mind you, there's a lot of leeway, more than people would have you believe. If we lived our lives scared, we'ed never do anything.

well aint that the truth

thank you so much

very helpful @Redheadedstepchild

Wouldn’t it be more sensible to rent somewhere in France for Easter and Christmas?
I think it’s the relying on rental income that would put me off plus it would be so nice not to have to do this and treat it 100% as a second home.

Would you be confortable sharing with me the appartement listing, or some idea of the arrondissement, which storey, mètre squared?

I've lived in France for 26 years now and am an old hand at living in, "Various locations." And suchlike.

DM if you like.

Can you speak French OP? To a standard where you can deal with solicitors, estate agents, utilities, neighbours, land registry, tax office etc?

I have always said whilst it would be lovely to own a place abroad, I know I just couldn’t cope with the stress of buying, selling and maintaining it.

I have sold 4 properties in the UK ranging from small flats to big houses and without doubt it’s the most stressful thing to go through. The last place I bought had an issue with the septic tank, it delayed the sale by six months, I became an expert on EU law surrounding cesspits. Flats are even worse with management companies to sort out. I sometimes find all the conveyancing jargon confusing, solicitors bamboozle you with searches and surveys and problems you just didn’t know existed. The thought of doing all that in a language I wasn’t confident in would fill me with dread. Would you get stung for capital gains tax if it was a second home and you used it as an Air BnB? Would that be HMRC in the UK or the French equivalent? Logistical nightmare.

I’d be a bit careful without knowing everything. As it won’t be your primary residence you can’t just air nNo it out without changing its status.

• Secondary Residence: Renting out a second home requires administrative authorization to change its usage from residential to commercial, which is difficult to obtain in Paris.

A lot of European cities are creating rules against air bnb so I wouldn’t count on this. Some have maximum nights such as 90 days for Barca so this could change. A lot of cities dont want to people to own secondary properties in places where housing is hard to come by.

And you will have to pay tax on any rental money - air bnb reports to the French authorities so be ready for this.

yes that is the plan for most of aug and see from there I guess

my gosh yes

so so true

and all of this could be a total nightmare

yes max 90 days per year

and a lot of hoops to get through
so could be a Total pain really

who will get it ready if I am not there and cant make my way over?

who do I get that I can trust??

I think it may all be a crazy idea
I dont even know what the fees per year are for the apartment

I've just looked up AirB&B and you can sign up to a, "Co-host" programme. A local person who will manage the flat for you. For a fee.

Sounds absolutely lovely! Trustworthy. No pitfalls at all. No scope to fleece anybody!

I mean, it does work, in some way, or else AirB&B would have folded by now but I don't know if I would want to involve myself.

I had a relative who bought an apartment in spain and the amount of hassle with guests damaging property, cleaners not doing what they are supposed to etc its hard when you are not there to oversee things. Everytime they went to enjoy it themselves they spent the whole time having to fix things and sort issues. They ended up selling it and just using the money to enjoy actual holidays it also meant they could travel more rather then repeatedly having to return to the same place