“Morally, it’s very difficult”: Maxence’s real estate purchase turned into a nightmare

TESTIMONIALS. Capital goes to meet French people who have recently embarked on a real estate project, despite the unprecedented housing crisis that the country is going through. Maxence and Laurie tell the story of how their purchase of a new apartment in the Paris region turned into a disaster.

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The project of a lifetime turned into a nightmare. However, the story started well for Maxence and his partner Laurie, who work in marketing in the Paris region. This couple in their thirties have lived for several years in a 45 square meter rental apartment in Malakoff (Hauts-de-Seine), a town located on the outskirts of the capital. But like many French people, he quickly felt cramped during the health crisis. “We had a bad time with confinement, locked in our small apartment without a balcony or other outdoor space.», remembers Maxence. The young couple then decided to buy a larger apartment, possibly with an extra room.

Maxence and Laurie earn a good living and have a substantial contribution, made up with their savings, namely around 90,000 euros. They aimed to make a purchase in a town near Paris, but the mission quickly proved impossible. “Even with our comfortable salariesParis and its first crown proved completely inaccessible given our budget», remembers Maxence. The couple then set their sights on the town of Antony (Hauts-de-Seine), located 8 kilometers south of the capital. To avoid paying high notary fees, which amount to between 2 to 3% in new properties, compared to 7 to 8% in old properties, the couple decides to buy a property for sale in its future state. completion (Vefa). In other words, a new home on plans, which has not yet been built.

The thirty-somethings have a budget of 450,000 euros and will knock on the doors of several promoters at the start of 2023, in order to find the best deal. They finally opted for an apartment of 65 square meters, in the Jean Zay district, in Antony, very close to the Parc de Sceaux. Maxence and Laurie take out a loan spread over 20 years at a rate of 3.6% to finance the purchase of their home, and sign the sales agreement in July 2023. The apartment, located in the future building which includes 80 housing units, was initially scheduled to be delivered in September 2024.

Mental health takes a hit

While the project only started a few weeks ago, the bad news is piling up quickly. “A co-owner who works in the building noticed very serious defects on the site, the waterproofing work was not carried out, the windows were not up to standard, and the cellars were completely flooded“. Obviously, the co-owners alert the developer, who responds that the situation is normal, that the work is underway and that everything will return to normal. But the more the construction progresses, the more the situation turns into a disaster. “An expert commissioned by the co-owners to assess the damage estimates that the additional costs for each apartment could amount to more than 100,000 euros!», says the couple.

In desperation, the co-owners decide to found an association to speak out for the residents of the failing developer’s residences. The mayor of Antony was alerted to the situation and the president of the Ile-de-France region Valérie Pécresse even traveled to Antony to inaugurate the new district. “The defects of the construction site were hidden just before his arrival to provide a beautiful image”deplore Maxence and Laurie.

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While the delivery of their home has been postponed until at least the end of 2024, the couple finds themselves completely destitute. “The developer tells us that the construction delay is not his fault, we are given no explanation. Obviously, we cannot withdraw, we cannot do anything except wait, and we know very well that the announced deadlines will not be respected.» Thirty-year-olds find themselves in a difficult situation, financially, with a rent of 1,200 euros per month to pay for their apartment in Malakoff, in addition to the costs linked to the release of their property loan, namely interim interest. “Mental health takes a hit, we are in permanent uncertainty», concludes Maxence.