| Copyright 2004-2012 Carol Palioudaki. Buy Property Crete Greece. Living in Crete www.livingincrete.net |
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Index > Property in Crete > Buying Property
| Buying Property |
| Buying Property In Crete & Greece |
Owning a home in Crete
If you are thinking of living in Crete or elsewhere in Greece, you may already
have an idea of which area you will choose to live. However you may have only
visited in the summer months, and you may be surprised to find that an
attractive village near a small resort, but far from town, becomes much less
attractive in the winter months when everything in the nearby resort is closed
down.
Before you buy a home to live in Crete year-round it is well worth renting a
house or apartment in the area you are considering to get a feel for the area
and the people, or to give you time to discover other unknown locations before
you commit. Location is one of the most important consideration when buying a
property abroad, particularly if you are moving to live in Greece permanently.
Some things to consider are:
There are numerous estate agents, property developers and construction
companies, in Crete, the Greek Islands and Greece mainland, selling land and
properties.
Take your time. Shop around, compare prices and credentials. Existing
properties may be offered by more than one agent, and the price for the same
property may vary considerably.
If buying off plan compare companies, their finished properties and what the
price includes. Don’t be rushed into a purchase.
Whichever company you choose, they will be able to advise you on the
legalities, arrange surveyors (civil engineer) and put you in touch with English
speaking lawyers. Beware! Your lawyer is the most important person in your
Greek property purchase so you need to be confident that he/she will be
looking out for your interests, and one recommended by the builder/estate
agent will not always be the best option. An independent lawyer can be sought
through the recommendations of friends or other third parties who have had
similar dealings in Greek property purchase.
Before buying, and particularly before you sign on the dotted line for an off plan
property purchase, you are advised to check out the company; search online,
read buyer reviews (on independent sites, not on the company's own website)
and ask to be put you in touch with previous buyers for recommendations.
A reliable building company should be able to deliver a new build on time ....get
a delivery date in writing. If you are not around to 'supervise' the work being
done you can appoint someone to do this for you, such as a lawyer or surveyor
/ inspector.
Buying land / DIY building / Renovation
This often looks like a great alternative to buying an existing or off plan
property, but beware! Quotes for plans and building costs are very often
underestimated and you can easily end up spending much more than you
anticipated.
Renovations very often work out more costly than quoted due to unknowns.
Just one example is the state of the walls beneath old plaster. This will only
become apparent when work starts and it is stripped away; knocking down
whole walls may then be the only option and this may not have been costed in
to a quote.
Capital Gains
The property market in Greece saw property costs rise steeply between 2002
and 2006, but has now slowed down. Don't expect to make a quick profit if you
are buying property as a short term investment.
Resales are generally slow; Greeks often have their own family plot of land to
build on while expat buyers tend to first opt for a new build.
Remember that you will also need to recoup the high purchase costs of around
12 % (lawyers, estate agents, notary fees & taxes) and pay capital gains tax.
Buying to Let
See the pages on Buy to Let and EOT licences
Pitfalls
You can avoid some of the common pitfalls of buying in Crete just by being
aware of them. See the Pitfalls page.
If you are thinking of living in Crete or elsewhere in Greece, you may already
have an idea of which area you will choose to live. However you may have only
visited in the summer months, and you may be surprised to find that an
attractive village near a small resort, but far from town, becomes much less
attractive in the winter months when everything in the nearby resort is closed
down.
Before you buy a home to live in Crete year-round it is well worth renting a
house or apartment in the area you are considering to get a feel for the area
and the people, or to give you time to discover other unknown locations before
you commit. Location is one of the most important consideration when buying a
property abroad, particularly if you are moving to live in Greece permanently.
Some things to consider are:
- How far are the nearest shops & tavernas for year - round living?
- Accessibility of the property - steep tracks, steps etc may be a problem in
the future. - What types of schools are in the area, if you have children.
- How far are the nearest medical facilities / hospital, if this is important for
you.
There are numerous estate agents, property developers and construction
companies, in Crete, the Greek Islands and Greece mainland, selling land and
properties.
Take your time. Shop around, compare prices and credentials. Existing
properties may be offered by more than one agent, and the price for the same
property may vary considerably.
If buying off plan compare companies, their finished properties and what the
price includes. Don’t be rushed into a purchase.
Whichever company you choose, they will be able to advise you on the
legalities, arrange surveyors (civil engineer) and put you in touch with English
speaking lawyers. Beware! Your lawyer is the most important person in your
Greek property purchase so you need to be confident that he/she will be
looking out for your interests, and one recommended by the builder/estate
agent will not always be the best option. An independent lawyer can be sought
through the recommendations of friends or other third parties who have had
similar dealings in Greek property purchase.
Before buying, and particularly before you sign on the dotted line for an off plan
property purchase, you are advised to check out the company; search online,
read buyer reviews (on independent sites, not on the company's own website)
and ask to be put you in touch with previous buyers for recommendations.
A reliable building company should be able to deliver a new build on time ....get
a delivery date in writing. If you are not around to 'supervise' the work being
done you can appoint someone to do this for you, such as a lawyer or surveyor
/ inspector.
Buying land / DIY building / Renovation
This often looks like a great alternative to buying an existing or off plan
property, but beware! Quotes for plans and building costs are very often
underestimated and you can easily end up spending much more than you
anticipated.
Renovations very often work out more costly than quoted due to unknowns.
Just one example is the state of the walls beneath old plaster. This will only
become apparent when work starts and it is stripped away; knocking down
whole walls may then be the only option and this may not have been costed in
to a quote.
Capital Gains
The property market in Greece saw property costs rise steeply between 2002
and 2006, but has now slowed down. Don't expect to make a quick profit if you
are buying property as a short term investment.
Resales are generally slow; Greeks often have their own family plot of land to
build on while expat buyers tend to first opt for a new build.
Remember that you will also need to recoup the high purchase costs of around
12 % (lawyers, estate agents, notary fees & taxes) and pay capital gains tax.
Buying to Let
See the pages on Buy to Let and EOT licences
Pitfalls
You can avoid some of the common pitfalls of buying in Crete just by being
aware of them. See the Pitfalls page.
_____________________________________________________________
Learn more about buying property in Crete and Greece and how to avoid
potential pitfalls from the guide
"Living in Crete. A Guide to Living, working, Retiring & Buying Property in
Crete"
__________________________________________________________
Learn more about buying property in Crete and Greece and how to avoid
potential pitfalls from the guide
"Living in Crete. A Guide to Living, working, Retiring & Buying Property in
Crete"
__________________________________________________________
Living in Crete Index > Property in Crete > Buying Property
| Related pages in 'Property in Crete' section: Buy to Let Pitfalls EOT Licence Home/Index |
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