Several tens of thousands of castles are currently for sale. If the French seem to shy away from these real estate properties, the Americans have taken a passion for these buildings which often fall into ruin. Surprised by the very attractive prices on the French castle market, many are tempted by the purchase and very quickly discover that the work will be expensive and time-consuming.
Business Insider met several American buyers of French châteaux. They have all encountered major difficulties since their purchase. “You can buy a castle for next to nothing in France. For a very simple reason: no one wants it!”jokes Adrian Leeds, an American real estate agent who has been in our country for 30 years. Since the end of the pandemic, foreigners looking for a new life in the French countryside have turned to these financial pits in the making.
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Lots of hidden fees
Mark Goff and Philippe Engel hesitated before buying the Château d’Avensac, in the Gers. With its 48 rooms renovated in the 1820s, the couple was not sure whether the building was “pretty old” to satisfy their desires. The entrance arch, erected in 1320, finally convinced them. In 2021, for 1.2 million dollars (1,143,000 euros), the Château d’Avensac was theirs.
Since then, the couple has spent $500,000 to redo the electricity, plumbing, heating, fortifying the foundation and replacing the roof. They already know that they will have to pay the same amount in the coming months to continue renovating a place which has not been intended to accommodate residents for many years. The castle did not meet any of the safety standards in force when the couple purchased it.
The hope of a quick return on investment
In addition to the money required to renovate the buildings – several million depending on the size of the castle – buyers find themselves confronted with the French administration: it is impossible to begin work without the agreement of Bâtiments de France and the ministry. of Culture. Only 31 architects are accredited in France to carry out these renovation projects.
Some Americans, however, persist. Often, they share their renovation adventure on the networks, then rely on this new found community to come and visit the place once the work is completed. Abigail Carter knows something about that. In 2022, the Canadian, accustomed to large-scale projects, purchased the Château de Borie, near Agen, for 581,000 euros.
A few hundred thousand euros and a cliff fall on its roof later, the chatelaine was able to organize her first American stay at the castle this year. She hopes to earn $60,000 a year in income from these stays.
