Live like a lord

Owning a French chateau has got to be one of the ultimate property fantasies and it's not as far out of your reach as you may think...

Hear the words ‘French Chateau' and rolling countryside, turrets, crenellations and antiques spring to mind. As well as all this, a chateau comes with something priceless - a large slice of history.

Of the thousands that buy a second home in France each year, Parisian boltholes, rambling farmhouses and coastal apartments are common choices. But, whilst most buyers are busy discounting a chateau as an unreachable dream, some can represent excellent value.

Chateaux are available from as little as £251,000 and the majority have been sensitively restored and remain crammed with period features such as original fireplaces, wood panelling, cornices, parquet floors and solid wood staircases.

The asking price is a fraction of what it would cost to build one today, and, as they are no longer being built, supply is limited and prices should continue to rise.

Buying a chateau is one of the last remaining opportunities to acquire a part of Europe's heritage, to live in a building that witnessed the Thirty Years War or the scientific revolution, or which marked the birth of modern ideas about nature, man, and Government or the reign of the Sun King, Louis XIV.

Prestige Properties has over 120 chateaux to choose from with prices ranging from £251,000 to £16 million.

‘‘At present, chateaux offer superb value for money compared to other luxury property around the world," said Roger Willoughby of Prestige.

While buying and maintaining a chateau can be a pricey business, the property could prove to be a real money spinner, providing the perfect setting for a luxury hotel, holiday rental, bed and breakfast, or wedding and corporate event venue.

Many chateaux also have existing income from timber or wine production. If your budget won't stretch to a whole chateau, or you are reluctant to face the inevitable security and maintenance issues, an increasingly popular trend is buying an apartment within a chateau.

These often feature recently refurbished rooms and facilities, with the added bonus of a shared swimming pool, incredible setting and onsite caretakers.

Buying a chateau in France must be done through a French notary, who must authenticate all deeds and documents and oversee issues such as land registration.

You are tax liable in France if you spend 183 days or more there in one calendar year, if your principal residence is in France, or if your main source of investment, income or business is in France. The largest mortgage lender for residents and non-residents is Credit Agricole. By law, mortgage payments cannot exceed 30 per cent of your net income.

As a general rule, you will be able to finance up to 80 per cent of the purchase price and renovations for a period of up to 25 years. Because of the rise in foreign buyers in France, lenders are beginning to develop ways to provide more attractive financing options.

Picture by Madzik