Many people would have argued that I started my apartment hunt in France a tad prematurely. I barely had any substantial savings, I just met the minimum requirements of securing a bank loan, and to top it off, I just switched jobs, which is usually a no-go for banks to give out loans during probation periods. 'Stop looking, you cannot...
September 08, 2024 9:40 AMMany people would have argued that I started my apartment hunt in France a tad prematurely. I barely had any substantial savings, I just met the minimum requirements of securing a bank loan, and to top it off, I just switched jobs, which is usually a no-go for banks to give out loans during probation periods.
They had a 3D tour of the place available, and my heart was palpitating in excitement as I clicked around. You guys know I love my weird tiny studios, but this one was a beast of its own. "Is the bank willing to loan you?", he asked on the phone. This was before I checked with the bank actually, most of them said no as I was on my notice period.
That was all we could nitpick about the place, because when we went into the apartment it was everything we expected it to be. There are a total of 6 apartments in my building, so not that many neighbours, and not that many co-owners. For apartment purchases, this is a jackpot.It's the first and only time I truly let myself go during a viewing. I was opening windows, climbing the mezzanine, checking the water tank with my phone torch; it felt like home. What sealed the deal for us was the fact that there was a working fireplace in the apartment, which made this place a double rarity.
But when the listing was removed from their website, I panicked a little and texted the guy. Thankfully, it was still available. He simply removed it because he was on vacation and didn't want annoying calls disturbing him. I was really mentally worn out from all the bank meetings I had to go to. The real estate community in France always recommends contacting a mortgage broker to help you compare rates and negotiate better loan conditions, but the process is long and overwhelming for locals, so it's even more so for a non-resident. I see why many first-time buyers just give up and just take a small L.
These banks give out loans using their clients' capital, so their risk tolerance is extremely low. I was upset at the rejection, but after my mood settled I thought, "Ah, that makes sense.". Unfortunately for me, the interest rates were rising quite rapidly and being a foreigner means paying an unspoken "foreigner tax" where you will be charged a higher interest compared to the locals, as the loan advisor needs to sweeten the deal to get approvals from their branch director.At the end of the day, I ended up taking a loan from back home in Singapore mainly because the interest environments are better back home.
It's good that I've worked in banking and finance for some time, so I know of these regulations, but it's definitely stress-inducing and my unfortunate decision to go with the Singapore loan was eating into me. The worst case scenario that could happen was my funds getting detained, and never seeing the light of day.
All fees are to be borne by the buyer by the way. So if you're buying in France, don't be surprised by the extra you need to pay for engaging in notaries, title deeds, and what have you. I did request a chimney sweep before the property handover, as that is the requirement from the insurance company for them to consider insuring the property from fires. I fully intend to keep and restore it to keep the heritage of the region, on top of adding a wood stove oven into the masonry structure for home cooking uses.
So on day number 8 of my cooling period, when I was eager for its end, the notary came to me with some news: The diagnostic report for the lead came back positive, so I 'benefit' from a restart of the cooling period. What this means for me is that I need to ensure that contractors and everyone else present during renovation wear protective gear if we're removing it, the toxic dust must be contained and disposed of safely, and if I choose not to remove it, I need to maintain the paint to prevent degradation that would lead to risks mentioned in the report.
For those not familiar with international money transfers, that's a freaking tight deadline. If I make any mistakes in planning my international transfer, I will have to delay signing the Acte de Vente and the collection of my keys. The money needs to be in the notary's bank account before the signing of the acte, so this was the best solution.
Basically, banking and money transfers are two separate products. I will use the bank to keep my money, and use a specialised money transfer service to transfer my money, end of story.
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