Plan B

Today I met with an amazing realtor who brought up the topic of Plan B – what if we don’t find our coup de coeur before the end of May?  This woman is on the ball and outlined a few alternative plans, along with the financing options and nitty gritty details.

Plan B: Find something to buy, anything,* before the end of May, keep looking for our dream apartment, and sell the placeholder apartment when we find the dream apartment.  This allows us to benefit from the Pret a Taux Zéro (PTZ).

Plan B-bis: Buy apartment X that this realtor put on the market today, put 15k of work into it, try to resell in August for current sale price + 30k.

Plan C: Forget dream apartment, find an apartment that would make a smart investment: something located close to a metro (any metro), that requires the least amount of additional investment (low maintenance charges, no works needed in the building), not ground floor, live in it for a year or two then use it as furnished rental.**  Purchase dream apartment in 5 yrs (and dedicate at least 1 yr to the search!).

This are obviously very broad brushstrokes of possibilities and we need to sit down and really reflect on our options and what we want.  I am torn.  I’m disappointed in the search and the thought of giving up on “the” dream apartment, but the realtor brought a fresh perspective to the search: think rationally, make a smart investment, try to maximize the PTZ, and build up our equity for a few years while we wait for the coup de coeur.   And let’s be realistic: three months after our first apartment visit, we’re in exactly the same position as when we started.  Except we only have about five more weeks to find an apartment.***  The future does not look bright.

Any ideas for Plans D, E, or F?

*Ok, so not anything, but not exactly la perle rare I’ve been after either: something that would be easy to resell and would retain or increase in value.  Near a metro, not ground floor, not 4th floor or above walk-up.  The idea is not to make money from a quick flip but not to lose any either – and most importantly not to lose out on the PTZ.

**We might not be living in Paris in a few years, though we would eventually return.

***I am KICKING myself for not starting looking in September.  I have no excuses except stupid ignorance.  However eliminating elevator from our requirements has not had any noticeable impact on the amount of visits I’ve been on – pickins are still as slim as ever.

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One Response to “Plan B”

  1. Struggler Says:

    I’m glad this realtor brought up the subject of Plan B, I had been getting a bit concerned at your time running out. I’m not at all familiar with how much the fixed costs are to buy and sell in Paris, but something along the lines of Plan C (with an open-ended search, so you can take as long as you need to find the Rare Pearl?) might be a smart move. Even if it’s not your dream home, a good investment property which you don’t mind living in for the short-term, is no bad thing.

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