Holiday Home...Rent or Buy?

Historybuff

It's always been a dream of mine to live in France. I've spent several extended stays there and love being part of the community. I'm coming up to retirement in a few years time, once I've cleared the debts, and will have a lump sum to be able to achieve this : if not full time living in France, at least longer stays.
What I need to work out is whether to buy or rent? OH is a fan of renting because you can move around and stay in different places, but I want to become part of the community, so think putting the money into buying a place would possibly be the best thing to do. Or maybe that could still be achieved through renting?
I don't know. Lots to think about. Just at the start of thinking about it really. I'd be really interested to see what others views are and if anyone has experience of living abroad.
Thanks for reading.

dimbo61

Once retired I would go away for 2/3 months at a time and rent a property in an area you might want to live in.
Will your retirement income provide you with enough money to live on in france?
French taxes, laws and benefits are very different from the UK so do some research.
If you find and area you love then look at renting long term or buying

knightstyle

We have lived in France for many years before retiring to the UK.
Where are you thinking of going in France? Holiday area, I would rent, rural "real" France, buy. The taxes for owning a French property come to about the same as UK, we found that electric was cheaper due to a special tariff which charged less in summer and more in winter when we were often away.
Be aware that tax d'habitation is paid by whoever owns the property on Jan 1st if there is furniture in it.
Renting is common in France but as a tenant you are expected to do minor repairs etc. not the landlord plus you cannot be evicted in winter.
I would add that you need to check health insurance carefully before committing yourselves.

Historybuff

Thanks. I have French friends in Mayenne and Deux-Sevres, so would be looking to those areas. I think renting first is very good advice, but I've got a few years yet to research before deciding. I love the idea of owning my own little house in France, but it might be more sensible to rent, at least at first.
My OH and I both have good pensions and will be debt free by the time I retire, so I don't think money would be a problem. What I don't want is to be in an 'English' community abroad. I want to live the French lifestyle that I've aspired to for years! Lots to look into and think about.

slopemaster

We bought our house in a French village 20 years ago as a holiday home; we are now "semi-retired" and spend much of our time here. We didn';t rent first, though it does seem a good idea. In fact we weren't even looking for a place but just saw this house up for sale and everything fell into place!

A couple of things to be aware of if you buy:
1) When you sign the compromis de vente, this is roughly the equivalent of exchanging contracts, and is binding except in very specific circumstances such as a problem with the title. However, the compromis is usually signed at the immobilier's office as soon as you decide to buy, and the solicitors do all the searches etc after it is signed. So you might want to take advice at this stage - it will be too late after!
2) French property passes in accord with French law on inheritance, whereever you live. You cannot leave it to whomever you wish (eg your spouse) if you have children. If this is the case, take advice on this too.

I second that renting is common in France and you have much more stability - a normal contract is 3 years and there are very limited reasons for the LL to not renew. If you have an official contract that is. But in the villages you may find it is all done on a handshake and in ignorance of the regulations.

slopemaster

By the way, if you decide to buy, I would recommend a village house rather than a place with lots of land - if you won't be living there all the time, you want to be able to lock it up and leave it - with neighbours to keep an eye on it - not have to spend all your visits cutting down the undergrowth.
The one time a storm blew tiles off the roof, my neighbour not only contacted us, but arranged the roofer in our absence.

Historybuff

Thanks slopemaster. So much to think about. I'm thinking of a place in a village or small town. I don't want to be in the middle of nowhere. I'll have fun looking. Off to France on Sun for a week, so I'll have a nosy round then. I know I'm not going to be in a position to move forward for a good few years, but will need to have a clear idea of what I'm looking for when the time comes.

Running_Horse

I have heard many are returning as they approach old age. As you would expect there is a forum answering a million questions.

http://www.expatforum.com/expats/france-expat-forum-expats-living-france/

I love the idea, but my wife may need healthcare, and both our incomes would reduce to zero, not to mention uprooting our very happy child. Just not right at the moment, but maybe one day.

slopemaster

By the way, you might want to have a look at the thread (I think it's a sticky) on the over-50s board, about living abroad. Not specific to France, but there's some useful stuff in there.

knightstyle

As we are now in the UK our house in France that we built is available for rent till next summer, PM me if interested.

Historybuff

Thanks for your help everyone. At the moment I'm veering on the side of renting. Spent a week in Mayenne in October in a beautifully furnished old house. Loved it. Am just getting ready to explore Normandy in Feb. I'm amazed at the quality of the rental houses. What you get for your money is well worth it.