When your agent tells you more about a property and reveals that the owner is a « Marchand de biens », your first ideas are most of time:
- « he bought first and cheaper, and now I will pay full price »
- « I won’t buy, this owner will not make money at my expenses »
- «I should have been the first for buying cheap »
- « I am sure the level of quality/ finishings is not the one I am expecting »
I would tell you need to think twice here.
For the last eight years, « Marchand de biens » have been working more and more in the Principality of Monaco as they benefits from tax /registration fees advantages while redoing properties on a strong real estate market. Acting as a “marchand de Biens” is easier than ever before, and of course several « Marchand de biens » were clearly redoing properties to make money with a certain lack of quality.
But I must admit that they are not the majority.
Today, the rules to refurbish properties are quite tough and developers are helped with Monegasques architects to fill in a complete registration processes to prove everything is in order until delivery. The Notary guarantees that the sale is perfectly and honestly done. They use foreign and local compagnies to do the works and you can always rely on these professionals for after service. And keep in mind that the first aim is to sell at the best possible price, and quality matters.
So my advice is for you to focus more on the proposed property than on the owner you don’t know.
If the apartment is presented to you and you accepted to view it, it is almost meeting your budget range and requirements.
Moreover, you should keep a clear idea of your project. Do you know what It takes to refurbish a property in Monaco? If you are used to it, or even helped by a local partner, redoing a property can take from three months to a year depending on the surface and type of projects. Are you really prepared for such a project/budget?
The price you are paying for a property owned by a « Marchand the biens » includes time, means and professional efforts to renovate a property driven to the best current standards; the apartment is ready to live in, or rent out.
Of course, even if it not an easy task to cope with, your agent is more likely to sell you a property of quality, for your satisfaction first, and/or to get this property in management, or later resale without any issues.
Once again, trust your agent to defend your best interests as he/she is certainly working with you in a long term perspective.