French real estate customs help prevent buyer’s remorse

The act of making a purchase causes the release of endorphins into your system resulting in a temporary euphoric experience.  The more emotional attachment you have to a particular purchase the more extreme you experience can be.  There is little in this world that one can purchase with more emotional value than a home.  When looking at a home for the first time, you can be enthralled by the beautiful kitchen or excited by the possibility of decorating the nursery and unknowingly overlook the negative aspects of the property.  If you are purchasing a property in France, you have seven days to come to your senses.

There are a few things you can do, if you start to experience buyer’s remorse, after signing the Compromis de Vente.  First and foremost, do not panic.  In France, you have a seven day cooling off period in which you can change your mind about purchasing a piece of real estate and withdraw from the contract without losing your 10% deposit or any other penalty.  Now, before you act on your emotions and bail out of the contract, make constructive use of your seven days with the following actions:

1. Get a Level Head.  Take a deep breath or ten, and get your emotions under control. This is a big purchase and you need to make big decisions based on reason.  Realize and take comfort in the fact that you have some time to think about it.

2. Sleep on it.  Stress uses up the body’s resources and cause emotions to overwhelm a tired mind and body.  Get a good night’s sleep and look at the decision again tomorrow.

3. Ask if you can see the property a second time.  If the seller allows it, take measurements and pictures so you can reason out how you will live in the house and if your furniture will fit.  The visual reminder of what you love about the property and mathematical confirmation that the property will meet your space requirements may help assuage a lot of fears.

4. Go back to your original list of needs and wants and compare the property item by item.

5. Make list of the advantages and disadvantages of the property.  If the advantages out weight the disadvantages, you can proceed with some peace of mind.

After thinking over all the aspects of the transaction over a couple of days, make a final decision.  Proceed with the transaction or take advantage of the seven day grace period and withdraw.  Either way, make the choice without regret and move forward accordingly.

by Cheryl Hartzman, AboutFrenchProperty.com - Copyright © About French Property