Recent research has revealed that the average age of first time buyers in the UK is 34. As first time buyers in the UK have all but disappeared in recent times, as they are unable to secure 100% mortgages, it’s not surprising that almost a third of all first time buyers will now opt to buy abroad instead.

For many, the decision to buy overseas is based on a lack of affordable property in the UK – despite recent drops in house prices. According to a recent survey by a leading UK property investment specialist*, aspiring homeowners should look to France for the best buy to let mortgage investments due to the opportunities and values presented by rural properties.

However, many first time buyers simply relish the idea of seeking a whole new life abroad, with some 48% of people buying in France planning to live there permanently. The younger generation see much advantage in starting their working life in a more affordable location, away from the stresses and strains of commuting, longer working hours and higher costs of living, all of which are common in the UK.

Thanks to the proliferation of low-cost airlines to European destinations buying a place in the sun has never been easier for wannabe-home owners. France is made particularly accessible with flights to most French cities, or if flying isn’t your thing the Eurostar offers quick and easy access to Paris, Lille and beyond. However, before jetting off across the channel, remember that although property investments abroad are potentially high reward, they are also high risk.

It is important to consider the level of risk you are prepared to take. If you are risk adverse it is advisable to purchase a property in an area that has guaranteed rental income, France being a great example. Whilst emerging markets offer great value for money and attractive investment opportunities, they are still relatively unknown to the British traveller and have a far less advanced infrastructure.

One of the most important considerations when buying a property is location. The wrong decision regarding location is one of the main causes of disenchantment among foreigners who have purchased property in France.

Before deciding where to buy your home, it's important to do your homework and thoroughly investigate all the available options, particularly as there is an overwhelming choice of property available for sale in France. Although it offers almost anything that one could want, you must choose the right property in the right spot. Ensure you have a good look around in your chosen region to obtain an accurate picture of the different types of properties available. Many buyers often end up regretting their decision, wishing they had purchased a different property, in a different region or even another country!

There are a number of factors to take into account when choosing an area of France to invest in. It is particularly important for first time buyers to consider the financial implications of buying overseas as they are likely to have less money initially. For example, do you want to enjoy the sunshine and glamour of St Tropez or the fresh air and snow of the Alps? If you are planning to rent your property what are the rental opportunities? Will you be able to sell, and at a realistic price, should the need arise?

French property laws depend to some extent on the type of property; for example, a vineyard or farm will be subject to different procedures and costs than a new-build. Despite having a reputation for being the home of bureaucracy taxes in France are simple; for example habitation tax and land tax both of which you have to pay.

Undertake as much research as possible on the region, local agents, lawyers and the legal regulations that apply. All too often people fall for the charms and romance of France and as a result don’t think their property buying decisions through. There are a number of things to bear in mind before you fall in love with your property. Ensure that you have carefully planned your finances around the average rental yield and remember that you may not be able to rent your home throughout the year.

Although property in France is relatively inexpensive compared with many other European countries, the fees associated with the purchase of properties older than five years are among the highest in Europe and can add up 10 to 15 per cent to the total cost. However, if you buy an apartment less than five years old you will only pay between 3 and 5 percent. Also enquire about property taxes, which tend to be less in Paris than in the country. Other monthly outgoings to consider include management, cleaning and marketing the property. It also makes great sense to include an emergency cash reserve within your financial plan, to cover any unexpected costs that may occur.”

So you have decided to buy your place in the sun, but what about making arrangements to ensure the transaction runs as smoothly as possible? When you are buying a property for investment be savvy about the buying process. Work out areas where you can make your pound travel further, for example ensure that you get the best rate for your money when transferring from sterling into local currency for the purchase. 

Once you have acquired your dream home you also need to consider how to manage your banking and finances, particularly if you are based in the UK. Set up a local bank account to manage standing orders and meet bills and taxes. For regular monetary transfers, such as overseas mortgage payments or management charges, it is worth taking advantage of a regular payments plan. Foreign exchange providers can automate your payments, offer commercial rates and often offer free transfers and no commission charge.

There’s no denying the attraction of buying a gorgeous gite as an investment opportunity, particularly as the younger generation struggle to get a foot on the property ladder in the UK.  However, before rushing into the purchase it is important to be cautious and ensure you have carried out thorough research. By thinking about the serious issues in advance you can avoid the common pitfalls and ensure that purchasing your property in France is one long holiday. (* Taken from research by Assetz Property Investment Tracker).