Dave&Olive Posted March 8, 2005 Share Posted March 8, 2005 ok all the last posting leaned towards a second home in Francewhat happens if say we have bought a ruin in France renovated it our selves and lived in it as our main residence for ..18 months so we are French residents with no uk house all the work has been done by us so no receipts the house is now worth 3 times what we paid for it what are the French government going to take off the house sale . Lets say we paid €100,000 for the house spent €50,000 doing it up and its now worth €350,000 . interested in the answers Dave Link to comment Share on other sites More sharing options...
BJSLIV Posted March 8, 2005 Share Posted March 8, 2005 If it has been your main residence since you bought it, and you have been completing French tax returns, then you should have no CGT to pay. A note of caution. You may need to make a provision / deduction from the full market value to cover the required ten year guarantee for the work you have done yourselves. I am assuming that for such a large increase there must have been more than routine decorating involved. Link to comment Share on other sites More sharing options...
Iceni Posted March 8, 2005 Share Posted March 8, 2005 When we bought our barn our French notaire was very concerned about the work that had been done by the previous owner and did not have insurance - she went through each and every item, one by one. We did not care, we had all the paperwork from the fosse and the rest looked so dire that we thought we would have to remove it all, we were right and it is all going. Buying a property that you have renovated yourself 'could' be a problem if you had a notaire like ours. Also be aware that although the property may be worth your estimated value when finished, you might find it hard to sell if too expensive. We have a house in our hamlet that has been on the market for one or two years - this seems very normal.We are using registered workers for everything that needs a 10 year guarantee as we may well want to sell before the 10 years is up (old age creeping up and not looking for a profit). Link to comment Share on other sites More sharing options...
letrangere Posted March 8, 2005 Share Posted March 8, 2005 Admitedly maths isn't my strong point but I couldn't get the poster's figures to add up. In many parts of France 350K, even today, is a fair amount of money for a house and I would have thought that potential purchasers would be looking for a bit more for their money than a relatively cheap 50K renovation. M Link to comment Share on other sites More sharing options...
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