You’ve seen the TV shows and gazed longingly at a couple of beautiful and unloved chateau while in France and now, you want to turn that dream into a reality. Buying a French chateau can be incredibly exciting and rewarding – life changing even. But before you sign on the dotted line (or spend out money on searches and surveys), read this excellent advice on how to buy a French chateau from expert Patrick Joseph at My-French-House, the award-winning, bilingual Property Agents who specialise in chateau properties in France.
Get clear on your purpose and vision
The dream of owning a French chateau is wonderfully romantic and it will undoubtedly change your life. But it also nearly always involves a lot of hard work and a significant financial commitment.
Business or pleasure?
If the chateau is your home or holiday home, what are your expectations? Do you want it renovated to a luxuriously high standard before you move in? Are you happy to camp out in a couple of rooms during the renovations? Will you get stuck in and do the work yourself, come rain or shine, or hire someone else?
Business plan
Don’t overlook the importance of having a realistic business plan, not least because if you need any funding or finance, this may be a prerequisite of any lender. You need realistic and substantiated projections of how much you can earn, especially if you’re moving to France and buying the chateau to run as a business.
If you’re going to be earning money, you will also have French tax to take into account, and you may need to apply for an appropriate visa that allows you to work. There are lots of companies that can help you manage all these aspects so you can choose what you focus on.
Legacy planning
The short to medium term plan for you and your chateau may be crystal clear but don’t overlook the long term and what you want to happen to your property in the future. There are a number of things to take into account including having an exit strategy if you’re running your chateau as a business, French inheritance laws and inheritance tax obligations. You may need specialist financial advice.
Cost and budget
Just as important as refining your dream is getting clear (at least roughly) on your budget and the likely costs of ‘project chateau’.
First and foremost, bear in mind that a lot of chateaux that come on the market may seem like a bargain. Perhaps you’ve seen a couple of chateaux you love, and the cost is so low it’s really tempting. Just keep in mind that the asking price is the initial investment and if a chateau that you’ve seen seems to be a bargain, it may well be because it needs a lot of money spent on it.
Essential expenditure
In addition to the purchase price, other essential expenditure that you will need to factor into your budget includes:
- Surveys and renovation costs. It’s really important to have proper surveys done so that you know what work is going to be needed. The chances are it’s going to be more than a quick lick of paint and you may have to completely rewire or install proper plumbing, do structural repairs such as reroofing and foundation work or put in new stairs and floors.
- Tax and insurance. With a chateau, insurance is likely to be more than for a normal house. And there are also taxes to consider which include property tax and even luxury property tax.
- Ongoing upkeep. There’s likely to be maintenance, inside and out especially if there’s a lot of land and fencing. Plus the cost of heating and lighting may be considerably more than you’re used to or expect.
Funding your purchase
There are not many people in the chateau buying business who don’t need to consider some sort of funding so allow plenty of time to sort that out, a mortgage may take a lot longer to organise for a chateau (and they’re not an easy to get), plus you may need to show a business plan.
The law and old buildings
One of the great allures of a chateau is often the beautiful architecture, design and interior, and the sense of history that goes with it. Historic buildings come with a unique set of responsibilities so just be aware that you need to make sure that you understand what these are, and comply with them, especially when it comes to listed buildings. There are different classifications of historic monuments (such as Chateau classé and chateau inscrit) and the classification may affect what you can do. As in many countries, you may need to get permission (from the Ministry of Culture) to do certain works and they may have to be done sympathetically. You will probably also need a building permit from your regional conservation authority (DRAC).
Finding and buying
When you’re searching for your perfect chateau, there are some key points to consider:
- It really does help to work with an experienced estate agent or expert.
- Always make sure you get the proper surveys done so that you know what you’re letting yourself in for.
- If you can, don’t just visit your chateau on a beautifully sunny day. Revisit on a cold, bleak day and see if you can imagine yourself living here then, possibly in a semi-refurbished building.
- Think carefully about the size of the property and the amount of land. Is renovating and maintaining it really realistic for you, bearing in mind your financial circumstances, your stage of life and any other commitments. Be brutally honest with yourself.
- Be aware that the whole process will usually take two or three months but can take longer.
How to buy a French chateau
Buying a French chateau can be a wonderful and inspirational experience, but it can also be complicated, and the more carefully and professionally the process is managed, the more stress-free and successful the experience is going to be.
Working with professional and bilingual experts definitely helps, and Patrick at My-French-House.com has over 20 years of experience, especially with historic and unusual properties. He has helped many people to buy their dream chateau in France and has written a comprehensive 40-page guide to buying a chateau in France. It’s full of expert tips and you can download the PDF for free at: my-french-house.com/buying a French chateau
