Louise Sayers takes a close look at what you will have to pay in terms of taxes and utility charges when you take ownership of your dream property in FranceOne of the most frequently asked questions posed by those considering purchasing a little bit of France is: “What ongoing costs are there to pay?” It is wise to factor in these costs when you are buying to make sure that you know exactly what is coming. Here is a comprehensive guide to what you can expect to shell out if you become a homeowner in France. 1) Taxe foncière
2) Taxe d’habitation
3) Water supply
4) Utility bills
5) Co-ownership chargesHere is a little more about Co-ownership charges. If you have a property in a shared building, there will be shared costs associated with the running of the building such as buildings insurance, cleaning and maintenance of the common parts, and any repairs. These are often managed by a managing agent or syndic de copropriété and this industry is heavily regulated in France with those operating as managing agents requiring a licence (carte professionelle). Sometimes the co-owners of a building save on the managing agent’s fees and manage the building themselves although, if this is the case, they still have to adhere to certain rules. The rules regarding how shared buildings must operate are extremely strict. There must be an annual meeting (assemblée générale) of all the co-owners who each have the right to vote on any resolutions proposed. For example, if a vote is passed to repaint the façade of a building, quotes must be presented at the AGM and each co-owner votes on whether or not to accept the proposals. Voting power is relative to the percentage of the building each person owns. Costs are also borne according to this percentage; i.e. the more you own, the more you pay. If you are buying in a shared building, ask to see the réglement de copropriété and the minutes of at least the latest AGM, preferably the last few years. It is worth taking the time to understand this information and refusing to sign the compromis de vente until you have seen it, just to ensure that you are not inheriting substantial costs for works that have already been voted or problems of which you are unaware. Complete article: French property costs
http://www.completefrance.com/french-property/french_property_costs_1_1657968 Video: Will Smith's View on French Taxes
2) Taxe d’habitation
3) Water supply
4) Utility bills
5) Co-ownership chargesHere is a little more about Co-ownership charges. If you have a property in a shared building, there will be shared costs associated with the running of the building such as buildings insurance, cleaning and maintenance of the common parts, and any repairs. These are often managed by a managing agent or syndic de copropriété and this industry is heavily regulated in France with those operating as managing agents requiring a licence (carte professionelle). Sometimes the co-owners of a building save on the managing agent’s fees and manage the building themselves although, if this is the case, they still have to adhere to certain rules. The rules regarding how shared buildings must operate are extremely strict. There must be an annual meeting (assemblée générale) of all the co-owners who each have the right to vote on any resolutions proposed. For example, if a vote is passed to repaint the façade of a building, quotes must be presented at the AGM and each co-owner votes on whether or not to accept the proposals. Voting power is relative to the percentage of the building each person owns. Costs are also borne according to this percentage; i.e. the more you own, the more you pay. If you are buying in a shared building, ask to see the réglement de copropriété and the minutes of at least the latest AGM, preferably the last few years. It is worth taking the time to understand this information and refusing to sign the compromis de vente until you have seen it, just to ensure that you are not inheriting substantial costs for works that have already been voted or problems of which you are unaware. Complete article: French property costs
http://www.completefrance.com/french-property/french_property_costs_1_1657968 Video: Will Smith's View on French Taxes
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