I’m not a gambler. I like a sure thing. Especially when it comes to real estate investing.
However, there are tantalizing deals out there for folks willing to accept some risk.
One of the most intriguing of all are “vente en viager” deals found in France and Belgium.
The term “viager” owes its origin to the old French word viage, meaning “duration of life”—which will give you some clue as to how these deals work.
In short, you buy a property from an elderly person for a significantly reduced price. In return, the seller gets to live in the house for the rest of their life, while they collect an annuity payment (usually monthly) from you.
Theoretically, the deal works for both parties. The seller secures a pension. While you pay a reduced price—often up to 40% below market value.
Once the seller passes away, the house is yours. And if they pass away within a few years of the purchase, you can do very well out of the deal.
Take this historic four-bedroom, 18th-century residence in Prunay-Cassereau, it has 2,800 square feet of living space, on an 11,000-square-foot lot. It’s just 20 minutes from the local train station with connections to Paris, which is a 45-minute journey away. It’s in France’s Loire Valley region, historically known as “Valley of the Kings” due to the high concentration of royal residences.
The Loire Valley is famous for the high concentration of royal residences, but you won’t need to pay a king’s ransom for this for this four-bedroom home. Listing here.
The home is available for an initial payment of €84,500 ($88,900), and the monthly payment will be €800 ($840). The listing is here.
The seller’s age is 75 years, and the property is valued at €350,000 ($368,200).
The house has four en-suite bedrooms, an office, living room, dining room, kitchen, pantry, boudoir, linen room, and workshop. There are also convertible attics, a garage, two cellars, a south-facing terrace with arbor, and a well.
However, there is a one obvious drawback to this system. If the seller lives well beyond their life expectancy, you might not get the house as soon as you anticipated. Worse, you could end up forking out a monthly payment for decades.
There have been some incredible cases of viager going desperately wrong for the buyer.
In 1965, Jeanne Calment, aged 90, sold her apartment in Arles to a man half her age. It was a viager deal, and the buyer agreed to pay her 2,500 francs (about $500 at the time) per month. It seemed like a good deal considering the age of the seller. However, Calment went on to become the world’s oldest living person, dying 32 years later at the age of 122.
And the buyer never even got the chance to enjoy their purchase. He died two years before Calment.
Some buyers have even tried to accelerate the process, so to speak. In 2015, a man was charged with attempting to poison his 85-year-old viager tenant, by putting medication in her mineral water.
In fact, any death involving a viager is automatically investigated by the police, to clear up any suspicions.
This may all sound very morbid, but the system exists because it generally works. In fact, there’s been a version of it in French law since 876 AD. And now, due to France’s aging population it’s becoming fairly popular once again.
Generally, the sellers in a vente en viager are between 70 and 90 years of age. Therefore, you can make a fair calculation as to their life expectancy—considering age, gender, social background, etc.
I suggest if you’re interested in this kind of deal that you first calculate what the cost would be if the tenant lives well beyond their life expectancy. If the deal still looks acceptable, then it might be worth pursuing.
There are also variations of the viager system that might offer more appealing deals. For instance, you’ll find some properties listed on the market as viager libre.
This means that the seller vacates the property immediately upon purchase and the house is yours to move into or to rent out. However, you’ll still have to pay the down payment and the annuity payment. And because you get use of the property right away, the annuity payment is usually higher.
Some deals come with a limited-time annuity period. This removes much of the risk. For instance, you might only be required to pay the annuity for a maximum period of 10 years.
Here are some more en viager deals that are on the market right now…
Vihiers, Pays de la Loire
Listing Price: €13,175 ($13,860)
Monthly Payments: €600 ($630)
Not only is this two-bedroom house priced at just $13,860, but it also comes with a lot of more than 7,500 square feet. Listing here.
My team found this charming two-bedroom house with a two living rooms and a kitchen. Upstairs, there are two bedrooms, a bathroom, and a hallway. An adjoining second building has a main room, a bedroom, and a shower room with a toilet. The property is on a wooded lot of more than 7,500 square feet.
The house is in Vihiers, a charming commune in France’s Pays de la Loire, resting among gently rolling hills and a picturesque countryside crisscrossed by hiking trails and scenic byways.
The town’s historic center includes the striking Romanesque church of Saint-Pierre, which dates to the 12th century. Vihiers serves as a gateway to the larger Anjou region, giving you access to vineyards, orchards, and artisanal food and drink producers. The region is especially known for its unique blue-veined Bleue d’Anjou cheese and its dried pears, a traditional local delicacy.
The house is listed for €13,175 ($13,860), plus monthly payments of €600 ($630), and you can find more details here.
The seller’s age is 75 years, and the property value is €155,000 ($163,000).
Autun, Burgundy
Listing Price: €198,000 ($208,300)
Monthly Payment: €600 ($630)
This three-bedroom property comes with a barn and converted chapel. Listing here.
This spacious three-bedroom property in Autun, has 4,400 square feet of living space across two houses and multiple outbuildings.
The main house has a cathedral living room with fireplace, kitchen, dining room, and vaulted cellar, while a second converted chapel is awaiting renovation. The estate comes with a barn and views of Vallon d’Autun lake.
Autun is a city founded during the Roman period and still has architecture from both Roman and Medieval times. The remarkable Gallo-Roman architecture includes a well-preserved Roman theater and ancient city gates. In the medieval quarter you’ll find the magnificent Saint-Lazare Cathedral, home to wonderful Romanesque sculptures.
Located in Burgundy, Autun is surrounded by a verdant natural park with dense forests and pristine lakes, making it an ideal spot for enjoying time outdoors. Visitors can explore the countryside on horseback, visit local vineyards, or cycle along quiet routes that wind through the region’s delightful landscapes dotted with châteaux and traditional farms.
The property is available for an initial payment of €198,000 ($208,300), with further monthly payments of €600 ($630), and the listing is here.
The sellers are a 79-year-old couple, and the property value is €500,000 ($526,000)
Andeville, Oise
Listing Price: €49,000 ($51,550)
Monthly Payment: €1,000 ($1,050)
Monthly payments for this house are higher than usual, but the owner is 83 years old. Listing here.
This cozy three-bedroom farmhouse in Andeville, Oise, sits on a 3,500 square foot lot. The main house has a double living room with fireplace, kitchen, laundry room, and storage on the first floor. The second floor contains two bedrooms, an office space, and a bathroom. There are also two outbuildings: one with a bedroom and cellar, and another featuring a workshop with attic space.
The house is in Andeville, a small peaceful commune in northern France’s Hauts-de-France region, around 30 miles north of Paris. Despite the proximity to Paris, the area feels rural with wooded areas and a patchwork of agricultural farmland. The region was the site of some major WWI battles and visitors can explore numerous memorial sites and battlefields.
The farmhouse is listed at €49,000 ($51,550), with monthly payments of €1,000 ($1,050), and the listing is here.
The seller’s age is 83 years, and the property is valued at €270,000 ($284,000).
Verderonne, Hauts-de-France
Listing Price: €515,000 ($541,800)
Monthly Payment: €1,300 ($1,370)
The true value of this seven-bedroom manor house is over $1.1 million. The vente en viager price is half that. Listing here.
This incredible seven-bedroom, 17th-century manor house, located 40 miles from Paris, has period features such as original woodwork, terracotta tiles, and multiple fireplaces. The property comprises a living room, dining room, office, kitchen, and four bathrooms. There are also outbuildings, a garage, a cellar, and convertible attic space.
The manor house is in Verderonne, an enchanting village in the Hauts-de-France region, situated about 40 miles north of Paris. The commune is known for its historic château—the Château de Verderonne—an impressive example of French Renaissance architecture from the 16th century.
Verderonne is surrounded by peaceful French countryside typical of the Oise Valley with rolling hills, dense forests, and quaint medieval villages. The manor house is close to two large towns and their amenities, but still enjoys all the benefits of being in the pastoral countryside.
The manor house is priced on the market at €515,000 ($541,800) and the montly payments are €1,300 ($1,370). Listing here.
The seller’s age is 79 years, and the property value is €1,100,000 ($1,157,250).
Gravona, Corsica
Listing Price: €240,000 ($252,200)
Monthly Payment: €703 ($740)
This two-bedroom villa in Corsica has a swimming pool and enjoys both mountain and valley views. Link here.
You can find “vente en viager” outside mainland France, as well. This stunning two-bedroom villa is on the French island of Corsica and has 969 square feet of living space on lot of jjst over half an acre.
Built in 2003, the single-story villa has a cathedral-ceiling living room, kitchen, dining area, fireplace, air conditioning, and two en-suite bedrooms. Other amenities include a garage, swimming pool, vegetable garden with shed, and multiple terraces. The villa has views of Mount Gozzi and the Gravona Valley.
The villa is in the Gravona Valley, in the heart of Corsica. This scenic river valley stretches from the capital city of Ajaccio, inland toward the mountainous center of the island. The valley is particularly beautiful in spring when wildflowers bloom, and in the autumn when the chestnut forests turn golden. It’s also home to the ancestral village of the Bonaparte family, Peri, where they lived before moving to Ajaccio.
The Gravona area is a popular spot with rock climbers and there are several established routes. The clear waters of the Gravona River provide places for swimming and fishing during summer months.
The villa requires a one-time payment of €240,000 ($252,200) and the monthly paymnet is €703 ($740). Click here to view the listing.
The sellers are a 74-year-old couple, and the property value is €675,000 ($710,150)
Ronan McMahon, Founder, Overseas Dream Home & Real Estate Trend Alert
P.S. Have you heard of any other interesting ways to buy property overseas? Or maybe you’ve done it yourself? Or perhaps you have questions about the buying process overseas? If so, drop me an email with your comments/questions…you can do that here.
P.P.S. If you’re interested in any of these listings you should hire an attorney and do your own due diligence. We haven’t done any due diligence on them.
