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Facts To Consider Before Investing In Greek Property

News Posted On: 02 December 2012

With the availability of properties at amazingly discounted prices, many people have expressed their desire of securing a home in Greece. Before you can do so, however, a ‘real estate investment facts’ check list must be considered. Firstly, what is the main reason that attracts you to a property in Greece? Decide whether you want a sound monetary investment or if you’re looking for a place where you can spend time with your family – a second home, a home for retired life or a home for permanent relocation.

Research about the Greek real estate market

Research is very important before purchasing Greek property. Real estate agents may be consulted, but to be on the safer side, makes sure that you have studied the market condition of the country before your journey. It will be much easier to assess a particular property if you’re well-versed with other factors. Although Greece is a wonderful country, not all areas are picturesque. There’s a good chance that you will be dissatisfied on your first few outings looking for a suitable property. But don’t get disheartened as most buyers browse through almost 40 different locations before settling for the property they deem best.

Look for only fully-constructed properties

The most important thing to remember when looking for a Greek property is that under-developed or developing projects can be a risky investment. The nation’s plight makes it uncertain as to whether you will actually receive a good value for your money or not. Developers’ projects shouldn’t be relied upon. When you’re taken to view properties with a real estate agent, keep the questions flowing. Try and analyse every little fact about the property. Take pictures and create a list to help remember the area, the property and the details associated with it.

If possible, go to assess the property with a friend as they will have a separate observation which may be different than yours, thereby helping you notice issues you wouldn’t otherwise see. If you’re interested in purchasing a property and then renovating it, you need to be realistic about the costs. Based on the quote of the builder, add about 50 per cent to the money and time.

Consider the amenities

When looking for a property, don’t just go by the looks of the building or its cheap price. It is important to assess the availability of amenities as well. If the property is going to be your home, it has to have easy access to the airport, restaurants, schools, beaches and shops if you want a convenient life. If the property is being purchased with the intention of renting, make sure that borrowing costs are covered as renting income may not necessarily prove rewarding.

But if you’re buying a home with the intention of moving in, make sure the amenities are checked and that you learn the language so as to fit in and make friends. Visit the location on several occasions and at different times so that you can figure out what it’s like living in the locality.

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