Americans see French châteaus as money makers. Turns out they're money pits.
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The Lede
Three years ago, when Mark Goff and Phillip Engel had their first viewing of Château Avensac in the south of France, only one thing prevented the California couple from putting in an offer: Was it old enough? In the end, they decided there was "just enough 14th-century château stuff going on" to fulfill their fantasies and make it their new home. By the fall of 2021, Château Avensac was theirs for $1.2 million. That's when reality set in.
Key Details
- All across France, there's a glut of châteaus for sale. But there's a reason they're on the market: The properties are huge money pits.
- Real estate agents say buyers should expect to set aside as much as 1.5% of the purchase price for annual maintenance, and significantly more if the château requires extensive renovations.
- Most of the Americans who take on a château aren't looking for a European life of leisure. Their goal is to start a business.
