Owning a home in Paris involves more than just basic utilities. Your monthly expenses of owning an apartment in Paris will include "charges de copropriété", "taxe foncière", "taxe d'habitation," and don't forget individual home insurance. These are important pieces to grasp for anyone considering buying a Parisian home.
🥐 Charges de Copropriété
Monthly expenses for owning an apartment in shared Parisian buildings are called "Charges de copropriété" (similar to condominium fees).
These "Charges" cover the maintenance, repair, and management of the common areas and amenities of the building:
Common area heating, hot water, electricity and cleaning
Elevator Maintenance (if the building has an elevator)
Concierge and/or Property Management
The amount of monthly charges can vary significantly depending on the size of the building, the services provided and any amenities available.
👉 On average, in Paris, Charges de copropriété cost 46€/m2. They are due every quarter.
Example: for a 50m2 (about 538 square feet) Parisian apartment, charges would cost an average 2300€/year, or 575€ every quarter.
The Charges are typically calculated based on a unit of measurement called "tantième." The term "tantième" refers to the share or proportionate interest that each owner in the condominium has in the common areas of the building. This share is expressed as a percentage or fraction.
Here's how the calculation generally works:
Determination of Tantièmes:
- Tantièmes are assigned to each unit in the building based on various factors such as the size of the apartment, its location within the building, and any specific features (like balconies or parking spaces). The total sum of all tantièmes in the building equals 1 (or 100%).
Allocation of Common Expenses:
- The Charges are then calculated based on the total budget needed for the maintenance, repairs, and management of the common areas. This budget is divided among the owners according to their respective tantièmes.
Calculation of Individual Contributions:
- Each owner's annual contribution to the Charges is determined by multiplying the total budget by their allocated tantième.
The formula is: Owner’s Contribution = Tantième × Total Budget.
Then the total annual amount is payable in quarters.
👉Typically, the seller provides a copy of their assigned Charges de copropriété to the potential buyer early on, before the offer is even made.
🥐 Individual Expenses
Individual monthly expenses, which you would need to pay separately, include electricity, gas, water, cable/satellite TV and Wifi within your individual unit, property taxes "taxe foncière", "taxe d'habitation" (only for a secondary residence), home insurance.
"Taxe Foncière" is a property tax that is usually paid by the property owner. It covers the value of the property. This tax is an annual obligation but is often divided into monthly payments for easier budgeting. To know more, read Property Tax in Paris: How Much Does it Cost and What Factors Impact the Rate?
"Taxe d'Habitation" (only for a Secondary Residence): This tax is based on the estimated rental value of the property and is typically paid by the occupant. Primary residences are now exempt from this tax.
Home Insurance: It provides coverage for potential risks such as damage to the property or its contents, liability for accidents that may occur within the property, and other specified perils.
In a nutshell, owning a slice of Parisian paradise is more than just croissants and quaint balconies. But you certainly don't have to be a millionnaire to own one. Monthly expenses can be anticipated and managed (for example, by renting out your apartment for several months when not in Paris). Also those monthly expenses are worth every penny and they are usually much cheaper than in America, for example.
Happy property hunting, and may your French real estate journey be as smooth as a buttery croissant! 🥐 🇫🇷
As always, I love to read your comments and answer your questions.
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