Buying a house in
all the visitors we have ever met on the Greek islands, without exception,
has at one time or another discussed their dream of living in Hellas
(Greece), either to retire (early if you are lucky), or invest in a
home and offset costs by letting.
To experience a season on an island, starting with the spring almond
blossom in February, poppy covered meadows in March, watching the locals
prepare for the season throughout April, celebrating Easter, and then
planning your summer days and nights with friends and family, is a very
achievable and pleasant experience.Before reading on,you may wish to
see the latest legal boring bits,if so click here.
The information contained on this
page will guide you through the process of buying a home, and the benefits
it can bring. Investing in a home is a serious business, and whatever
horror stories you may have heard, if you follow our guidelines you
will find that buying wasnt so difficult after all ! Once you
have decided where you wish to live, the following points should be
considered early in your plans.
Planning your budget
* Financing your purchase
* Securing your purchase the deposit
* Legal representation
* Banking and accounting (if youre considering letting)
* The purchasing procedures
We know a number
of people who have decided on their ideal home, returned home, only
to find that after organising their finances, the house has been sold.
You need to plan your expenditure and ensure that you have sufficient
funds available to place a deposit at short notice. Property sells quickly
in Greece, especially in the unspoilt smaller islands such as Tilos
(our last development of three detached houses were sold within two
weeks following initial enquiries) ! Take a look at the illustration
below based on a 95 m2 house priced at € 140.000 ( £90.000)
note that typically, the assessed value of your home is based on government
scales relative to the type of house, the island and its use. It is
usually two thirds of the asking price. Your legal fees ( 1 -2 %) and
purchase tax are based on this figure.
The cost of living in your home
your home you should allow around € 4000 for a basic supply of
beds (2), Dining table, white goods, seating, garden furniture and sunbeds.
If you are planning on permanent residence in Greece, you will find
the cost of living is much lower than the UK, and two people should
budget for around € 13 to € 14,000 per year, with a pro rata
reduction in costs should you decide to stay for the season only. This
includes running a family car, utility bills, repairs and maintenance,
entertaining and other external expenses that may arise. Car prices
are amongst the lowest in Europe, and we can advise you on those costs.
If you are buying all of your furnishings new, we would advise you to
purchase goods locally in Greece due to the costs of shipping, which,
for a 6m container to be shipped from the UK to the Southern Aegean
would cost around € 4,750. We have on many occasions helped our
clients source goods on Rhodes with minimal forwarding costs onward
to the islands.
For general advice on finance, purchase procedures, legal matters and
banking please see our Legal and Financial
tell me you wouldn't like this view in the morning !!
if you are an absent landlord you need to build in cleaning and
maid services into your budget
planning your home, take time to get to know the locals. Ask around for
plumbers ,electricians and carpenters. But beware, when they say tomorrow
they really mean next week !
buying your main furnishings and other bulky items within the prefecture
of your choice. This will save thousands on shipping costs.
this supplier a miss !!