Today marked an exciting milestone in my journey towards relocating to France — I heard from my second agent, Suzanne, who works alongside Patrick. I feel confident in my choice and even though it is early, their advice has already proved valuable. I am eager to share three key tips that may benefit fellow adventurers considering a move to France.

Forget French Mortgages for Non-EU Residents:

For non-EU residents like myself, navigating the French mortgage landscape is exactly like scaling Mount Everest without a rope. The hoops to jump through are absurdly daunting, with stringent requirements and sky-high minimums. To even qualify, one must prove substantial investments and commit to a mortgage of at least 250,000 euros, with a whopping 50% deposit required. This translates to a minimum property price of 500,000 euros—a figure that’s simply out of reach for me. As a non-EU resident, I will need to pursue a cash sale when the time comes. 

While I’m not currently in a financial position to make such a move, I’ll share insights on currency conversion options from Canadian dollars to euros when the time is right. Patrick has emphasized that most individuals sell their properties in their home country before relocating to France. This allows them to secure the funds and be prepared to buy immediately upon finding their dream home. However, given the unpredictable nature of the current real estate market in Canada, it’s too early for me to consider putting my home up for sale. The likelihood of receiving a fair return in this climate is unrealistic, so I am patiently waiting for all the right signs to align. This phase of the process is undoubtedly part of our ongoing learning experience.

The Paris Olympics Effect:

With the 2024 Olympics about to descend upon Paris, the real estate market may experience a profound shift. Foreigners, particularly those from the UK, are snapping up properties in anticipation of the event. The allure of spending the Olympics in France has enticed many across the channel, leading to increased activity in the market. Whether this influx of buyers will lead to a surplus of properties post-Olympics or encourage owners to retain their vacation homes remains to be seen. As I navigate these waters, I’ll rely on Suzanne and Patrick to keep me aware and focused on market trends.

Exploring Normandy and Burgundy:

Patrick recommended exploring both Normandy and Burgundy—a suggestion that I was comfortable with. Normandy’s proximity to Paris, combined with its distinct charm and affordability, is why I love the region. However, the allure of Burgundy, with its renowned wines and picturesque landscapes, is equally compelling. While Normandy may be my initial focus and I will exhaust that search first, I’ll keep an open mind about Burgundy. Flexibility is key, and I’m excited to explore both regions when I visit Patrick and Suzanne in September 2024.

Stay tuned as the search continues, the research persists, and my dream edges closer to fruition.

A bientôt.