Buying an apartment in Paris and avoiding the pitfalls

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Don’t Just Look at the Price Per Square Meter

The price per square meter is a useful benchmark. But it’s not enough to determine whether an apartment is priced right. Two apartments located on the same street and with the same square footage can have very different values. The floor level, elevator, natural light, view, floor plan, condition of the apartment, quality of the building, or even the presence of outdoor space can make a big difference.

You should therefore compare comparable apartments, and not simply the listed price against the neighborhood average. An apartment that’s slightly more expensive per square meter may actually be a better buy if it offers sought-after qualities that are hard to find.

A Point of Reference

In Paris, a neighborhood’s average price is just a starting point. As a point of reference, you’ll often see the following variations:

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Distinguish between what can be fixed and what cannot

This is probably one of the most useful things to keep in mind during a viewing. Outdated decor can give a bad impression. Conversely, a beautifully renovated apartment can make you overlook a major flaw. A kitchen can be replaced; a view of the building across the street cannot.

Before ruling out an apartment because of its flaws, ask yourself which ones can actually be fixed. And before buying it, figure out which ones you’ll have to live with.

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During the viewing, also look for what the photos don’t show

Listings are designed to make you want to visit. That’s normal. A viewing should therefore allow you to check what the photos and description can’t actually show.

The Checklist for the Viewing

It may also be helpful to return to the street at a different time of day.

A street that’s very quiet at 11 a.m. isn’t necessarily quiet in the evening. Conversely, a street that’s bustling during the day can become very quiet after the stores close.

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Never forget that you’re also buying into a condominium association

An apartment may be in perfect condition, yet the building may be facing significant problems. You need to look at recently completed renovations, planned projects, the level of maintenance fees, the building’s overall upkeep, and the financial situation of the condominium association.

Reading the minutes of recent general meetings is particularly informative. It often helps you understand what’s really going on in the building: work that’s regularly postponed, conflicts, water leaks, payment difficulties, problems with the roof, facade, or elevator… Some information only comes to light as documents are gradually provided. You must therefore remain vigilant until the contract is signed.

An apartment we liked… but a homeowners’ association that worried us

A property search experience: We recently assisted a client with the purchase of a beautiful apartment located on the 4th floor in the 9th arrondissement, near the 10th. Although we had already negotiated the price, our analysis of the documents revealed that the homeowners’ association was facing significant financial difficulties.

The seller and the real estate agent believed the situation would resolve itself. That was possible. But the difficulties could also persist for several years, with consequences that were difficult to anticipate. We felt the risk was too great and advised our client not to proceed.

You never just buy an apartment. You also buy a share in a building and its financial situation.

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Calculate the total cost of the purchase, not just the price of the apartment

Another common pitfall is basing your decision solely on the listed price. The actual budget includes several components:purchase price + closing costs + renovations to the apartment + any condominium association improvements.

When the apartment requires major renovations, it’s best to come up with a realistic estimate before committing. And you need to build in a buffer. Renovations often end up costing more than expected, especially when certain issues are discovered after work has begun.

In Batignolles, a beautiful apartment… that ended up being too expensive

We assisted a client looking for a one-bedroom apartment in the 17th arrondissement with a comfortable budget. We toured an apartment that had many appealing features: high floor, unobstructed view, very pleasant, though it would require significant renovation. Our client wanted to move forward. We then reviewed the entire budget: purchase price, closing costs, and a realistic estimate of the renovation costs.

The gap between the price and his budget wasn’t huge, but it was enough to make financing much more difficult. After discussing the matter with the mortgage broker, the risk of not securing the loan seemed too high to us. We ultimately advised him not to make an offer on this apartment.

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Before making an offer, do one last check

A purchase offer shouldn’t be the result of enthusiasm from the viewing. Before making a decision, it’s helpful to review the various factors with a much cooler head.

Checklist before making an offer

☐ The asking price has been compared to that of truly comparable properties
☐ The apartment’s major defects have been identified
☐ Defects that are impossible or difficult to fix are acceptable
☐ The overall condition of the building has been verified
☐ The available condominium documents have been reviewed
☐ The cost of renovations in the apartment has been estimated
☐ Any potential condominium-wide renovation projects have been taken into account
☐ The surrounding area and any potential nuisances have been checked
☐ The overall budget for the transaction is compatible with the financing

There will always be some uncertainty involved in a real estate purchase. The goal is not to look for an apartment without any flaws but to know exactly what you’re buying.

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Buying with Full Knowledge of the Facts

A good real estate purchase isn’t necessarily a perfect apartment. It’s an apartment whose qualities, flaws, actual cost, and potential risks you’re aware of—and one that aligns with your plans.

In our work at Parlez-moi de paris, a significant part of what we do obviously involves finding apartments. But it also sometimes involves advising our clients not to buy. Passing on an apartment that presents a risk that hasn’t been properly managed can be just as important as finding the right one.