When the parties meet at the notary’s office the first time, it is the moment when both parties go to contract. The description of the property is read, the history of the property, the necessary information about both the buyer and the seller is disclosed and the contract is signed. It is customary for the buyer to write a check for 10% of the purchase price, which is held by the notary and not given to the seller until the final sale date. There is usually a thre- month date set from the date of contract, which will be the final closing date. This gives the buyer sufficient time to get a mortgage for the property. At the time of contract, in the contract, the mortgage criteria are listed (interest rate, mortgage amount, etc) and if the buyer cannot find a mortgage that meets the criteria, then this will annul the sale, and the buyer will recuperate his 10% down payment.

Let the Work Begin

Assuming that all goes well, in about three month’s time, you will be the proud owner of your new Parisian ‘pied-à-terre.’ Congratulations. What to do now? Assuming that there will be at least some minor renovation work to be done, you should have some estimates done by some of the major construction firms first. They are not always the hardest working people, and sometimes they will keep you waiting, but at least their estimates will give you a basis for comparison. Don’t be timid. Ask everybody you come across if they know of good workmen. Ask your notary, ask your neighbors, ask the concierge of your building if you have one... ask, ask, ask. You will eventually come across somebody who incites confidence in you and who offers you reasonable estimates for the work. Follow your instincts.

Materials cost less in Paris than they do in America’s big cities. There are a number of lower priced stores that sell medium to high quality tiles, stone, building materials, paint, etc. These stores are usually located in the suburbs, so plan to rent a car if you don’t have one and spend a day going to the various stores to pick out all that you will need to get your workmen started. Most stores deliver to Paris addresses for a nominal cost to you, further simplifying your life. For one example, I recently redid an entire bathroom, with all new pipes, a new shower, basin, toilet, new tiles on the floor and faux marble on the walls. The entire bathroom cost about $10,000. The same work in New York would have cost between $40,000 and $50,000.

When buying an apartment in Paris, verify the state of all of the pipes and electric wiring. These are the two areas that are often neglected in older Parisian buildings and this neglect can cause problems over time. Most owners will experience flooding either in their apartment or caused by their apartment to the neighbors below at least once every ten years. It is virtually unavoidable. The best you can do is to verify that your pipes are all in order, well maintained and not leaking anywhere within your own apartment. Needless to say, sometimes leaks occur within the walls, and you have to wait until somebody brings them to your attention to repair them. C’est la vie! That is what homeowner’s insurance is for. Make sure that you have taken out an insurance policy that starts on the day that you sign the final sale papers in the notary’s office, to avoid any nasty surprises.

Furnishing Your Parisian Pied-à-Terre

Once your workmen have finished the work and the apartment is the way you want it to be, it is now up to you to start purchasing furnishings. Obviously the choice of furnishings will be determined by your intended use of the apartment. Your furnishings should be functional, simple and immaculate if you are planning on putting this property on the rental market for tourists of business travelers to Paris. There are a number of stores in the Parisian region that offer suitable choices for this type of furnishing. There are Ikea, Habitat, the BHV and Conforama which are the main furniture stores in Paris and the suburbs. These stores are all moderately priced and offer good value for money and a wide selection of styles to choose from.

If you want to add some special touches to your apartment, you could go to the numerous flea markets located around Paris, or even plan some weekend trips to the country where you will stumble over a number of ‘brocantes’ or village garage sales of pots, pans, beds, dining room sets, door stops, napkin racks, dishes, etc. In these types of markets, one can really find some great items for an apartment that add a lot of charm and old world taste. You could also furnish apartments with items coming from stores like Ikea and then add accent pieces from these country markets to give your place a personal touch.

To Rent or Not to Rent, That is the Question

A number of owners of Parisian apartments have decided to put them on the market for short term ‘vacation’ rentals during their absence. This is a way for owners to recoup some of the costs of owning property in Paris. The growing demand for furnished apartments in Paris on a short term basis makes this an ideal solution for owners who want to be able to use their apartments several months of the year and earn some money when they’re not here. Well-located properties in good buildings that are nicely furnished can earn about the same price as comparable hotels in the same neighborhoods.

Owners can either sign contracts with the various rental agencies that handle the administrative details involved with short-term rentals or they can handle the details themselves. Just keep in mind that when renting an apartment there are a number of things that can go wrong, and it is usually useful to have somebody available to take care of problems that arise in an apartment. Even if you choose to rent your apartment out from home, you should always plan to have a contact person in Paris, in case anything goes wrong. In most cases nothing does go wrong, but you never know...