.:French Apartment - Nice:.
Late in 2005 I had a bit of spare cash and nothing big I wanted to buy (I already had a house and sports car). So I decided to invest it. The obvious choices were:
- Pay off some of my mortgage
- Move to a bigger house
- Let to buy mortgage (rent out my current house and buy another one)
- Buy to rent mortgage (get another house to rent)
Of all these I decided that getting another house to rent out would be the best option. So I looked around for a UK property. After a few months of looking around and waiting for the perfect investment, I visited a show in Milton Keynes for foreign property - run by the international estate agents MacAnthony Realty International (MRI). What really caught my attention was the promise of guaranteed rental opportunity in France. After lot of research (well some), it seemed like a good, safe investment.
So 2 weeks later, I flew out to France and over 2 days, saw 6 apartments in Nice and 5 in Cannes. On the morning of the 3rd day I made the decision to purchase an apartment right in the centre of Nice! It wasn't the biggest apartment, but it was the 2nd most expensive that I saw and the location was excellent.
By some good fortune, I got a good discount on the apartment - due to 3 factors:
- The apartment had been sold before and fallen through
- It was the last apartment to sell in a block of apartments (all owned by one developer)
- The developer was feeling unwell so was probably gave in easily
A couple of hours later I was at the solicitors office, signing the contract. While I was there I was informed that 4 other people had put offers on the apartment - but the legal system in France means that the apartment was mine! Guzumping is not allowed in France.
I flew out and signed the deeds on 14/06/2006.