Buying Property In Greece? What You Need To Consider
Buying a property in Greece, no matter the size and price, is an investment. Regardless if you’re planning to flip a property or turn it into a rental investment, buying a property in Greece will require money from your pocket. To ensure that your next property in Greece will become a smart investment and provide value to your money, let this article help.
Contrary to popular belief, buying a property in Greece doesn’t only require checking the price and overall aesthetics. For you to end up buying the best property in Greece, don’t forget to consider the following:
- Ask Help From Property Agencies And Agents.
Deciding what property to invest in, in Greece can become a struggle. This is especially true if you’re not a local resident of Greece. Usually, you’ll be unsure about where to start looking for properties and what factors to consider when looking.
Asking help from property agencies and agents who are operating locally in Greece can help when making your choice. They’re knowledgeable in the real estate trends in Greece and provide insights on which properties are attractive to your target market.
If you’re a foreigner who’s planning to invest in Greece, some businesses and professionals assist with the paperwork required for the resident permit application. Companies such as Greece Golden Visa can process all of the required documents so you can meet all statutory requirements of Greece.
- Know How To Determine Scams And Make Sure To Avoid Them.
Greece is one of the most beautiful places on earth. This is probably one of the reasons why more and more tourists are visiting this country – and this might even be the reason why you’re planning to buy a property in Greece.
However, no matter how breathtaking Greece is, keep in mind that real estate scams are still present in this country. You’ll come across several scammers during your Greek property search, and if you’re not careful, you can become a victim to these scams.
Aside from being keen with your search and making sure that you’re only working with professionals in the real estate industry, here are some tips to help you avoid scams:
- No matter how tempting it can be, never send money or make any deposit for a property unless you have personally met the seller. Even if you think the property is a bargain, never trust a seller who presents themselves online. It’s best if you meet the seller personally, and conduct a background check, too.
- Always ask for an up-to-date property inspection. This will give you an idea of the condition of the property and if any repairs are required. A reputable seller should be able to provide this document. If the seller you’re talking to can’t, start looking for options.
- Thoroughly assess this document with your real estate agent. Let them inspect the document, especially if you don’t have any background in doing this alone.
- Make sure that you’re only dealing with someone who is the legal owner of the property. Ask for supporting documents to ensure that you’re only buying from a legitimate seller. Making transactions with a person who isn’t qualified to make decisions regarding the property is just a waste of time.
- Don’t forget to check your rights on the property. As an investor, you should know if you’re allowed to make changes in the property. And if you’re allowed to do so, you should be aware as to the extent of changes that can be made.
- Research The Different Regions.
If this is your first time to invest in Greece properties, take the time to know about its regions. Different regions will have different prices on properties. If you’re looking for a pad or an apartment in Mykonos or Athens, be ready to spend at least £1 million. The more developed the region, the more expensive the property is.
To expedite the process of learning about the different regions of Greece, search online listings. The information you can get online can help you determine what kind of properties or neighborhood you can actually afford in Greece. After you’ve searched properties which you like and fit your budget, take the time to visit the property. Pictures can be deceiving and won’t show what the neighborhood is like. It’s best if you visit the neighborhood at different times of the day to assess if the people living there will suit your lifestyle or the lifestyle of your target market (for rental properties).
- Do Your Math.
Money will be an important deciding factor when you’re buying a property in Greece. As an investor, you would want to buy a property which will help you earn profit and return on investment. Before buying a property, it’s best to know what costs or expenses you’re required to pay. This information will help you manage your finances more effectively so you won’t end up being bankrupt.
Aside from paying the upfront cost of the property, expect that you’ll pay for the following once you buy a property in Greece:
- Estate agent fees (1 to 2% of the price of the property + 24% VAT): It’s common for people in Greece to work with a real estate agent when looking for properties. If you’re leaning towards this direction in searching for your next property in Greece, be prepared to pay for estate agent fees.
- Notary Fees (1% of the price of the property + 24% VAT): After choosing a property to buy and making negotiations with the seller, your purchase won’t be considered legal unless notarized by a Greek notary public. This person will act as an advisor to make sure that both the seller and buyer adheres to the legal responsibilities of the purchase.
- Land registry fees (.3 to .5% of the price of the property): This fee is computed based on the value of the property. Aside from the land registry fees, you also have to pay for stamp duties and other necessary certificates.
Make Sound Decisions
Buying a property in Greece is one of the most important investments in your life, which is why you shouldn’t make any hasty decisions when buying. You want this property to improve the quality of your life in the long run, not become the reason for you to be covered in debt. Are you ready to buy a property in Greece?