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House prices in Dinan - anyone know?


epinay
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Hi everyone

I had a lot of good replies to an earlier question I put about how much lower than the asking price it was OK to offer, so I'm going to tap your knowledge again, if I may.

We have now found a small stone town house with a 500sq mtr garden in Dinan - about 15 minutes walk from historic centre - requiring renovation.  There appeared to be queues forming to view it, and it had received an offer of the asking price after only being on the market for a couple of weeks.  However, he (french man) pulled out as it stretched his budget and we are next in line.  We have also offered the asking price because it appears to be in high demand and we felt we had no option in order to secure it.

It does require a lot of work to bring it to the standard we want.  We will do much of the work ourselves but may employ a builder for major work like building back the fireplace and installing a couple of beams as we take a wall down.  More questions about that will follow in the months to come!

Am I right in thinking that a small town house within walking distance of Dinan centre will always be a good investment?  And am I right in thinking that the amount of interest the property is generating is clear indication that the asking price is fair at the very least, if not a bargain?  A (french) employee of the Immobilier was taking a friend to see it the day after we viewed it , and had to cancel after we put in our offer.  This seems to indicate that its a good buy.

I know you can't give me definite answers, but if anyone knows the Dinan market well and has an opinion they would like to share, I will be interested.

Thank you hopefully in advance,

Epinay.

 

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Thanks for answering my question, so I thought I'd just comment on yours as I don't know Dinan. Is it in Brittany? As it's a specific question you might get more answers if you also put it in the regional section below eg north western France. Good luck! Pat.
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I know nothing about Dinan at all :-)

However it seems to me that someone is going out of their way to tell you things which are deliberately intended to make you believe this is a good buy, and that should make you suspicious. If it is the immobilier, then at the very least you should ignore anything, and if I were you I would question why he is so keen to persuade *you* to buy this property at the expense of his friends if it is such a good buy?

>Am I right in thinking that a small town house within walking distance of Dinan centre will always be a good investment?

No, something can only be a good investment if the price is right for the long term. There is some perception that the party is over, French house prices might be susceptable to a downturn, not as bad as the UK but perhaps triggered by a UK downturn.

>It does require a lot of work to bring it to the standard we want.

Are you absolutely, absolutely sure you are aware of everything that needs to be done and there are no hidden nasties? Structural, damp, legal etc?

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Hi Hegs and Hoverfrog

I'm not sure how to post while quoting what your reply said, but here goes:

Thank you for responding but please forgive me for thinking what a cynical lot you are!

"However it seems to me that someone is going out of their way to tell you things which are deliberately intended to make you believe this is a good buy, and that should make you suspicious. If it is the immobilier, then at the very least you should ignore anything, and if I were you I would question why he is so keen to persuade *you* to buy this property at the expense of his friends if it is such a good buy?"

We know and trust the french immobilier - they have been established for over 17 years and have sold two houses for us in the past during which transactions their professionalism and integrity has been clearly demonstrated.  Last week we had booked the ferry to come and view this house the very next day because people were queuing up to see it but they received an offer of the full asking price before we sailed, so they rang and told us there was no point in coming over after all.  We (slightly tongue in cheek and not being of such high integrity ourselves!) suggested still coming and if we like it maybe offering slightly more, us being cash buyers etc.  They said no, they don't go in for gazumping etc and priority goes to who saw it first so it should go to him which we agreed was fair.  They assured us that if anything happened we would be next in line, because our request to view was the next one after his.  End of story or so we thought.  Then a phone call a few days later.  He'd pulled out because he could not raise the finance - did we still want to come and see it, and if so come quick because requests about the house were still coming in.  Also, a member of staff (who I know) was taking a friend on the Sunday but we were next in line as promised and could see it on the Saturday morning.  We did, and offered the full price.  I know the "friend" situation to be true because I overheard a conversation in French about having to cancel that appointment now - and if you are still cynical, believe me, that conversation was not for my benefit!


>It does require a lot of work to bring it to the standard we want.
Are you absolutely, absolutely sure you are aware of everything that needs to be done and there are no hidden nasties? Structural, damp, legal etc?

This is the smallest house we have bought and worked on in France, beginning in 1986.  The other two were huge and in the country so, while acknowledging the work to be done on this little town house, we are reasonably confident we know what we are doing with regard to renovating a house in this area of Brittany - and we enjoy the work, and the satisfaction it brings, which is the important thing!   The beauty of this one is that its on mains drainage, already has recent central heating installed and many other advantages which the other two houses did not have.  I know an excellent french roofman who has always been reliable in the past and although I am sure there will be many unknowns with the house, compared to the last two houses, they will be minor!   

Maybe we are naive but we've done OK so far by not being cynical, and our experience of french neighbours and business people have only confirmed our views - they can be trusted. 

Now I come to think of it, there was an english builder that was ripping people off back in the early 90's, along with several english "estate agents" .........but I think thats whats called going off topic.....

Thanks again for your opinions 

 Epinay 

 

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I helped my Mother in Law find a house in Dinan, just a 5 minute walk from the centre in November 2003.  A few weeks ago we went and had lunch with her and she'd also invited the immobilier around too.  Over lunch we were chatting about house prices and he said that it was already worth about 80,000 euros more than it was in 2003, so I think yes, its probably a good investment.  Good luck with it, Dinan is lovely.
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Awww, thanks Annabell - lovely to hear some good news.

Yes, isn't Dinan lovely.  When we'd sold the last house and realised that was IT, it was all over after 18 years of being in the area, we felt bereft at not having Dinan in our life any more.  After a couple of visits staying in a hotel we realised we would just have to buy again, but this time in walking distance of the beautiful town. 

I'm sure your mother in law will enjoy her time there and I know we will enjoy doing up this little house.  The investment side is important, but it's not the most important thing.  Still, its very reassuring to hear your story - thank you.

Epinay

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[quote]Awww, thanks Annabell - lovely to hear some good news. Yes, isn't Dinan lovely. When we'd sold the last house and realised that was IT, it was all over after 18 years of being in the area, we felt b...[/quote]

Dinan is one of Brittany's favourite towns and has long been so. The number of coaches alone that can be seen throughout the long season, is proof enough of its popularity to tourists. Take in to consideration the fairly new (around 3-4 years old) Best Western hotel in Vieux Dinan and the huge new redevelopment of the Hotel Breatgne in the town itself, add in the number of new immobiliers offices around and in the town and it all adds up to a renewed interest in one of the best preserved medieval towns in Brittany.

Our daughter spent 4 years at Lycée there (we live not too far away) and so apart from all the numerous visits taking and picking her up from Lycée and for shopping etc we know the town very well but what I am coming to, is the fact that you have had an affinity with the town for 18 years. So surely, it is you who should know best about investment and anything else to do with Dinan, plus your immobilier has been honest with you in the past, so I would have thought that his word should be the most acceptable to you.

My opinion is that if anywhere was a good place to buy in the region, then Dinan is as good as anywhere else but as an investment, remember the old adage of up as well as down, but with properties, you would be pretty unlucky for a complete or partial collapse but not out of the question perhaps, pretty unlikely, unless some reports are correct in saying than an alignment in house prices in France could not be ruled out.

Good luck anyway.

 

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I agree with all the positive comments about Dinan.

As somebody said, it's what it's worth to you that really matters. Of course, hardly anything is certain as an investment but I would certainly think that a house in Dinan is as safe a bet as anywhere else. Don't pay too much attention to the cynical comments, people like to think that all estate agents are self-serving crooks but most of the people in that business in in NW France are perfectly honest (and I know I'm biased, being married to one).

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I'd just like to point out I wasn't being cynical - although re-reading my post it didn't come out quite right

Because it's a legal requirement for a vendor to accept an offer of the asking price - which does eliminate gazumping - the estate agent's friend could not legally pursue it after you'd offered.

It's nice to know that the agencies also respect the order of enquiries - we were 2nd in line for a house in the UK (many years ago!) and were never contacted although we discovered later the original sale had fallen through.

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  • 2 weeks later...

Hi there

You lucky person!  Dinan, I think, is one of the most lovely places to live in France.  Certainly for us Channel Islanders it is one of the places that we visit a lot, and a lot of Guerns have second or third houses here.  Compared with our local market (first time buyers properties start at about £250k for a two up two down) this is paradise at a cheap price.

I think you have made a sensible purchase actually.  Dinan is one of those places which will not go out of fashion and certainly when we have been talking to the local estate agents, places around such as Lehon, Broons etc are very popular with the English.  We looked at a property in Lehon which was glorious, and not too close to any other Brits!  Who wants to live in Dinan/Blackpool-on-Sea?!!

Have fun, and enjoy your property.

Incidently - I have been reading entries on this forum for years, and the tone never changes does it?  Just go to France and try things out - if your dream dosen't work, at least you have tried, rather than sit and knit somewhere and wonder?!!

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  • 2 weeks later...

We have a little cottage 10 minutes drive from Dinan - 3 miles to the nearest shop - best of all worlds. We reckon we were taken for a bit of a ride on the price and paid 'Brit' prices. The old boy down the road who originally owned and sold off parcels of his estate years ago almost had a heart attack with laughter when he heard what we were paying - I think his reply was the only English he has ever spoken and sounded something like "stupid *** English" - we still let him believe we are English.

However, it is what we wanted and we don't regret it. We are still new to the experience and would welcome contact from anyone else in the area. We will willingly share our buying experiences privately(we are not intending to go public and do the website bit just yet - we are however grateful to those who have done so. We have learned from them). Our contact: [email protected] .

We are off to Britanny tomorrow (17th)for two weeks having had to transfer from Cherbourg to Le Havre due to P&Os demise (most inconvenient as it puts an extra hour on travel) - Also doing  a pilgrimage to Stade de France a week Saturday - with tickets - P&S 

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Hello again to everyone who responded

Thanks for your input - its been interesting and reassuring to hear your views. 

We've paid the deposit, so the house is ours now (crossing fingers as I type) and we are just waiting for the Act to be signed.  We hope to be in by Easter.  

We know the agents and they tell us people are still enquiring about the house so we believe we have got a really good buy, though I agree that if its what we want, its worth it anyway.

And it really IS what we want.  We've had the experience of trying to maintain a huge country house and land I inherited 25 minutes south of Dinan where we spent 16 years of family hoilidays, then we downshifted (but not enough) to a lovely stone house, still with a big garden just north of Dinan which we loved but that was really too much to look after from a distance as well. 

We knew we love Dinan, and realised we wanted to be in walking distance of the centre.  We wanted a garden, but not too big.  We wanted a character stone house, not too big and we wanted to do the renovation so we could make it how we want (and we enjoy the work).  We we are feeling very lucky to have found something which fits absolutely.

To Celtic (are you Scottish like me?) I don't believe you will have a paid special over the top 'Brit' price.  The area around Dinan is rather more expensive than other parts of Brittany.  And my experience of rural french neighbours is that they are generally astonished at the prices their previously cheap houses are achieving - not just to Brits.  It is a french housing market, and unlike in the UK, rural french people do not generally keep up with what their house is worth, so when or if they come to sell, they will get a pleasant surprise when they have their house valued.  Did you buy through a french Agent? 

Epinay

 

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  • 1 month later...
Hi, I know this was an old question but we have 2 homes in that area and it is a very sought after part of Brittany. Dinan is beautiful and as a rental and an investment I would think it was a good idea. Perhaps if you did buy in the end we might see you over there.

regards

saffiere and paul
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