VINGT Paris

The keys to Paris living

One of the best parts of my job when I get to hand my client their keys to their first Paris apartment.  Ben Thompson, a young lawyer from Singapore, (but Scottish, like me) has been here for a week putting the finishing touches to his new loft in Bastille.  From the picture below, you might think it's in rural France but believe it or not, this "country lane" is just a step away from the Place de la Bastille.  On the rue du Faubourg St. Antoine between Métros Bastille and Lédru-Rollin take a peep down into the entrances to the buildings off this busy shopping stretch. There are a multitude of hidden courtyards, each with a different character you can always walk inside and have a look around, just remember to say "Bonjour Madame" to the La Gardienne!  This one is Cour Etoile d'Or and inside are almost 60 apartments, so it's like a little village. Cats roam down the lane and everybody knows each other. 

Whilst waiting for the first prospective tenant to arrive and see the apartment, (literally before the paint is dry) we take a rest at a cute café on the corner of rue Charonne.  This street is teeming with hip boutiques (Isabel Marant at no.16) and great restaurants (Chez Paul at no.13) Ben is excited for his new tenants and starts to talk about transferring to his firm's Paris office so he can live in his new neighbourhood!

Gourmandise

Living in Paris makes it impossible for us to ignore the huge part food plays in the culture of France.  I realised I'd really turned the corner (for better or worse) when one evening I found myself jumping on a bus to buy a baguette from my favourite Boulangerie - but later I realised it was 45 minutes out of my way! Changed days since London - for example, it would be impossible to imagine any French person spending their "lunch-hour" hunched over a PC, a trying to balance a Pret a Manger sandwich, a mouse and a telephone (like I used to in the bad old days).  It took time to adjust to the ryhthm of life here but I've definitely adapted now.  On a really busy day it can be frustrating if the only time I have to make phonecalls is between 12.30 and 2pm (nobody is ever available - sacred-time) but that simply forces me to go and take a break myself and sometimes I need to be reminded to do that.  When I first came here I often requested to schedule meetings at 12.30 or 1pm - people looked at me as if I were nuts. I know better now.

But today, a treat. A client bought me a present of a day with Paule Caillat founder of Promenades Gourmandes.  Paule's cooking school is legendary and she is the most wonderful feisty instructor (classes are small and intimate with only 3 or 4 attendees).  She has a tight timescale to keep to and we start on the dot of 9am at Marché Richard-Lenoir where she steers us round to the best stalls and explains the secrets of finding the best produce. "Check the cartons", she whispers.  "See those over their are plastic and it means this produce comes straight from the farm, those wooden ones are imported" (we are trying to stick to buying the best quality fruit and vegetable which are currently in season).  Next stop a stomach churning in-depth look at some offal, then a poissonerie where we detour from the menu shopping because Paule can't resist the fresh scallops.  After stopping by the boulangerie and the cave (Julien, 50 rue Charlot - for unpretentious advice from the young owners) we are back in the kitchen and set to work.  About three hours later, we are full, satisfied and extremely ready for a nap.  We've just eaten a delicious four-meal which we all helped to prepare and washed down with a thoroughly scrumptious wine. In the meantime we've gained a million and one secret tips, new ideas and insider knowledge of French food, all delivered in Paule's inimitable manner.  We leave with recipes and notes on the best products, where to find them and for me,  good intentions to take my turn a little more often in the kitchen.

Butte aux Cailles

It's always a pleasure to go to the Butte aux Cailles district in 13eme. Little known by tourists but highly sought after by those in the know. We do live in the most visited city in the world you know and sometimes you need.......peace. The village atmosphere can also be appreciated in the public places, bars and restaurants, where almost everyone knows each other.

My meeting was at a fabulous loft with great church like ceilings which I had my eye on for a couple of clients who are looking for a more out of the way apartment with all the pleasures of Paris but without the chi-chi.

Later the owner shows me around her favourite neighbourhood haunts, Catalan owned La Paracou at 25 rue des 5 Diamants (speciality is great salads for 6 euros), Salon de The, Hansel and Gretel and tells me about La Piscine de la Butte-aux-Cailles, a red-brick Victorian building on Place Paul-Verlaine, one of Paris's oldest établissements balnéaires, or spas. It's an open-air swimming pool fed by a natural spring of warm water.

Once home to workers, Butte aux Cailles hangs onto it's Communist credentials (you'd have to go to Ivry or Montrouge to hear anyone whistling the Internationale these days). There is still a political bookshop with a pamphlet about Louise Michel in the window. Aaah, Paris pre-Sarkozy.

I stroll down Passage Barrault, a famous road and just like one in a sleepy country town and hit an amazing new market on Blvd Auguste Blanqui. Well, it's new to me. Great fish stands but also clothes, flowers, household stuff and organic produce.

Working Maman?

Feeling broody? This will help. 

It's finally happened. The possibility of having kids is on the horizon. And with benefits like these, what better reason? Viva La France! 500 euros a month for three years if you quit work. Not bad, plus benefits get better and better the more you have. Veritable baby-machines get all kinds of things like special transport and holiday discounts.

I'm a business woman through and through but when my first thought was to consult my accountant rather than my boyfriend i did feel a little ashamed. I only wanted to know if the financial incentives would be extended to self-employed people like me or only those employés. We miss out on lot's of things, such as unemployment benefits if our new businesses go down the pan........Tant pis.

Victor Hugo's bakery

I'm working with a client who needed my help to buy an investment apartment to eventually rent out. I recommended the 3rd, the area of the Marais near the Musee Picasso and closer to Bastille. As it's been getting gentrified but still value for money (just) and will attract the right type of tenant we've  targeted - a young business person. I am always looking closely at the new businesses in every area and the signs here have been good for some time; young clothes designers, galleries, design agencies - and prices have been rising according to this gentrification process (around 14% over the last couple of years). There's a very cool bookshop Comme un roman... (only French titles) right below the property we saw at rue Saintonge, close to the lively gourmet shopping street of rue de Bretagne.  Nearby is the once trendy chez Omar restaurant. I think it's over priced and a bit dull. But it's in all the guide books, yawn........And no, Alexander McQueen hasn't been there for about 4 years.

Nearby is the very cute boutique hotel Hotel du Petit Moulin.  A coverted fin de siècle bakery, the oldest in Paris dating from Henry IV. And that's not all - this is where Victor Hugo used to purchase his baguettes........I drag my clients inside and we take a look. It's gorgeous and the interior is designed by my fave French colourist Lacroix - who else could mix "zen" and Toile de Jouy? It has seventeen rooms, all different and starts at 180 euros a night. Not bad and probably a lot more interesting than a more expensive "Palace" hotel in the 8th.

What are the costs aside from the apartment itself?

When the property is chosen we’d recommend a Surveyor visits, an additional budget of 500 euros.

When the pre-sale contract is signed, you’ll transmit 10% of the purchase price (minus agency fees) to the Notaire. So technically this is part of the purchase price but it's good to know the timelines for payment so you can be prepared.

To take advice on inheritance provisions, consider a budget of 1500 euros, it can be more or less, depending on the complexity of your estate.

There is a two to three month period till closing. Notaire fees of approximately 7% are paid at this time and the balance of the property price is paid – less the 10% you put down on the signature of the pre-sale contract - see above.

If you’re taking out a mortgage you’ll typically need 20% of the purchase price to put down as a deposit - this depends on the deal you’ve arranged with your lender.

You’ll normally need to leave aside a budget for renovation. As a very rough guide, you could leave 1000 euros per m² for a basic job, but it obviously depends on the scope of the project.

Should I buy to rent as an investment?

Your investment objectives will determine where you decide to buy. There may be 20 arrondissements in Paris but we do not recommend all of them! The majority of our clients choose to rent the apartment for at least part of the year and we are experienced in this field offering one of the only complete services in Paris where the same company organizes your purchase, renovation and on-going management needs.

Running Bonapart’s concurrent expatriate rental operation since our inception has given us a unique insight into the needs of the large international community in Paris. This is the market that we recommend our clients target if they wish to achieve good returns on their investment. We are uniquely positioned to advise you on this, even down to the best streets!

We will be happy to add your property to our portfolio of quality apartments for those searching for short term vacation rental or accomodation for 3 months plus - mainly business people, MBA students and academics.

Short term tourism rentals offer great returns and the maximum flexibility if you are able to use the apartment on a regular basis yourself. Location is understandably a key issue to consider if you really wish to successfully target this market. More flexible in terms of location are medium term rentals which suit owners who prefer the security of a steady renter and can block off their apartment for longer chunks of time.

Adding an apartment to our relocation division offers an investor great management and marketing solutions. Accountability and the ability to work efficiently with those based abroad in another time zone are our strengths. There won’t be any need for you even to come to Paris, it can all be handled here for you.

Of course you’d probably love an excuse to visit so why not book the apartment yourself too. This can normally be arranged to fit your schedule at a quiet time of year for example or between tenants!

How long does it take to get my Paris pad?

First and foremost we are very flexible to your needs - our clients have busy schedules. Those from overseas often ask us to liaise with them remotely after an earlier visit to ascertain objectives or spend a few days visiting Paris viewing apartments we have lined up for them.

Other clients are already resident in Paris and we arrange suitable times to view selected apartments either one-by-one or as a selection over a agreed period of time, based on work schedules and convenience.

After choosing your apartment we steer you through the legal process from France after you're back home. This includes visits to the property and organisation of structural survey and study of apartment dossier (diagnostics required by law, verification of size, background checks on home owner’s association).

Next comes the important process of engaging a Notaire (we can represent you at meetings with him/her if required and this is included in our fee) to draw up the Promesse de Vente/pre-sale agreement. After signing the Promesse de Vente/Pre-sale agreement it will normally be 3 months before the apartment keys are in your hands. Of course our support continues until final closing in liaison with banks and Notaires on your behalf and again we can arrange to represent you at the final signing if need be.

What is the Real Estate Agency fee and who pays for it?

Estate Agency fees if required are normally included in the purchase price of the property. In effect, both the buyer and the seller pay the agency commission because it is part of the sales price. Commission comprise (written as C/C) indicates that the price includes the agent's commission. Beware. A price quoted as net vendeur excludes the selling agent's fees.

There are no government controls on agents' fees, although they're obliged to post a list (barème) in their offices. Fees are usually levied on a sliding scale between 5 and 7 per cent: the cheaper the property, the higher the percentage.

The agent's commission is built into the asking price and can sometimes be negotiable but not by the buyer by the seller. If the agent is anxious to sell, he may be willing to reduce his fee to the seller in order to encourage the sale.

The search begins....

Once formally instructed we get down to the all important search process. In Paris there is (unfortunately for the buyer) no market-wide database of properties for sale (like the multiple listing system in the USA) and your perfect apartment in the Marais might well be listed with an estate agency on the Left Bank, on the other side of town!

Bonapart’s knowledge of Parisian estate agents and other property sources ensures we leave no stone unturned in finding you that property with the Wow factor. We are constantly in contact with our networks and alerted immediately when suitable property comes on the market, often before it goes into the window of the shop. We cover all available sources: Internet, private sale listings, trade journals, word of mouth, you name it.

We aim to save you time and hassle and you’ll visit only those properties that really match your requirements. We’re conscious we need to maximise your time and show you only those we’ve cherry-picked which truly fit your requirements. At this stage we also provide a detailed analysis of price relative to market valuations, property taxes and monthly charges.