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Tips You Ought To Follow When Buying Property in Greece

July 07, 2022
2022-07-07
Who wouldn't want to buy a property in Greece? Firstly, the country is among the most beautiful in the world. Its paradisical islands are second to none! Secondly, you can get to know Greece a lot better. You can learn more about its culture, enjoy its delicious cuisine, and meet its wonderful people. You'll only be able to do all of these if you have a place to call home here! So what are you waiting for? Are you nervous about the whole thing? Don't worry! As long as you follow a few tips like knowing your lawyer, visiting the property personally, and doing the survey, you have nothing to worry about!

Tips You Ought To Follow When Buying Property in Greece


Know Your Lawyer

If there's one person you'll need to have absolute trust over, it's your lawyer. Before you hire a lawyer to help you buy a new property in Greece, you ought to get to know them better. Check out their experience, who they've worked for, and how well they've done their job over the years. Remember that your lawyer will serve as your legal representative throughout the entire purchasing process. And if you don't live in Greece, there might be times wherein you'll have to grant them the power to sign documents and pay fees on your behalf.


Visit The Property Yourself

Let's say you plan to relocate to Athens so you intend to buy a new place here. You probably found one on a reliable property listing website and you asked your real estate agent to check it out. Then, they tell you everything about the property and even add their own opinions to the mix. Do you think that's enough for you to decide to buy it or not? Of course not! When you want to buy a new property in Greece, you owe it to yourself to check it out first. Visit the place in person and see it with your own eyes!

Tips You Ought To Follow When Buying Property in Greece



Make Your Offer Carefully

Making an offer is an important part of buying real estate in Greece. It essentially starts the process altogether. You're showing your intent to buy the property to the seller and you're negotiating a price that you'll eventually have to pay in full. Consequently, you ought to be careful about how you go about it. Through the seller already set an initial asking price, you can still go lower or higher depending on your situation. And if you plan to go lower, don't go too low since the initial price is also a result of a property valuation. The seller has a valid reason to set such a price and going too low won't do you any favors.


See The Seller In Person

Speaking of the seller, you'd do well to see them in person too. Though not necessarily a requirement, it's better that you get to know them and that they get to know you? Why? It's mostly due to one thing: trust! As a buyer, you're essentially paying this person a lot of money. You'll even go so far as to take out a loan just to buy their property in Greece. You owe it to yourself to see if the seller is someone worthy of your trust. You need to be wary of scammers because there are many of them in Greece and the rest of Europe.

Tips You Ought To Follow When Buying Property in Greece



Sign The Pre-Sales Contract ASAP

When you and the seller have agreed on a final price for the property in Greece, sign the pre-sales contract as soon as possible! This will serve as your guarantee that, at the end of it all, you'll still get the keys to your new home in the country. Much like how it is in other countries, the pre-sales contract is a legally binding document that ensures the transactions. Once signed, the seller will be legally obliged to sell the property to you and only you. On your part, you will have to pay a 10% deposit.


Get a Loan from The Bank

When you deal with real estate in Greece, there are two options on how you can get financial help. You either get a mortgage or take out a loan from a Greek bank. And between the two, although the former is more common, you're better doing the latter. Various financial institutions in Greece set pretty specific standards when it comes to lending mortgage loans. If you don't meet any of them, you can kiss your chances of getting a mortgage goodbye! Meanwhile, if you already have a local bank account, it'd be easier for you to take out a housing loan from a Greek bank.


Avail of The Golden Visa Program

Though your Schengen Visa is enough for when you plan to use your new property in Greece as a vacation home, it's a different story if you plan to use it as your main residence. Of course, if you intend to live in the new place you just bought, you'll have to become a resident of Greece. Luckily, you can easily do that through the Golden Visa program. The condition here is that if you buy any property that's worth at least €250,000.00, you can easily gain residency here. The program is open to all who plan to buy real estate in Greece.

Tips You Ought To Follow When Buying Property in Greece


When you buy a new property in Greece, there are a few tips you ought to follow. Not only are they helpful in the long run, but they'll also ensure that this often tiresome process runs as smoothly as possible!




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