Buying a country house in Greece: how not to turn a dream into a nightmare

Buying a holiday home in Greece can be a successful investment, but without checking documents, repairs and a real budget, the dream easily turns into an expensive problem.

According to Greek company estimates Greece Home Investspecializing in the sale of country and resort houses, interest in such housing in Greece is shown by about 3 million buyers from Western Europe.

Briefly about the main thing

• Holiday home in Greece attracts Europeans with lower prices compared to other European markets.
• The average cost of a new holiday home is now estimated at approximately 300–350 thousand euros.
• For Western Europeans, this amount is often available without a loan, but for the average Greek household this is already a serious barrier.
• Need to check before purchasing documents, repair, debts, unauthorized buildings, humidity, electrician And plumbing.
• Too low a price should not please, but alarm. Free cheese, as it turns out, feels great near the sea.

The interest of foreigners is understandable. Prices in Greece in many regions are still lower than in popular markets in Western Europe, the climate is pleasant, the sea is nearby, and the landscapes are almost indecently beautiful. For many buyers from EU this means that they do not have to take out a loan: the savings can be enough for a house, which will both be a vacation spot and a potential investment.

At the moment, the cost of a new holiday home in Greece is often in the range of approx. 300–350 thousand euros. For Europeans with savings, this may look like a bargain. For the average Greek household, it’s no longer so romantic. The Greeks, as usual, can only enjoy the beauty of the country and watch how it is increasingly being bought by those whose salaries were born in a more successful economy.

Additional demand is created by Greek diaspora. Many Greeks living abroad see the opportunity to purchase housing in their homeland, especially on the islands and Halkidiki.

Where competition is especially high

If the buyer looks at Cyclades, Crete or Athens Rivierahe will have to take serious competition into account. The Athens Riviera, after large-scale development and reconstruction, has become so in demand that in terms of buyer interest, in some cases it is already ahead of even Mykonos.

But Greece doesn’t end with Mykonos, Santorini and a few fancy coastlines. There are enough beautiful places in the country if you are not lazy to look. Sometimes it makes more sense to choose a less popular region than to overpay for an address that has long become a separate vanity tax.

The first rule is an honest budget.

The main thing when buying a house or holiday apartment is available capital. What is needed is not abstract optimism, but a clear budget: the minimum and maximum amount that the buyer can realistically spend. Even if part of the purchase is planned to be closed with a bank loan, the limits should be clear in advance.

Without a budget, the search quickly turns into a tour of someone else’s dreams. Today the buyer likes the sea view, tomorrow – a stone house in the village, the day after tomorrow – a villa with a pool, and then suddenly it turns out that there is only enough money to renovate the kitchen. Real estate does not forgive romantic arithmetic.

It is important to determine both the current and future needs of the family in advance. How many people will use the house? Are additional bedrooms needed? Are you planning to rent it out? Do you need proximity to the sea, airport, hospital, shops? Will the house be used only in the summer or all year round?

A clear goal saves time and money. Especially in the market, where there are many options, and even more beautiful photographs. A holiday home doesn’t have to be big and expensive. It is often better to choose practical, comfortable and easy-to-maintain housingthan to buy a “dream”, which will then require money, nerves and craftsmen every year.

Credit: Long Tail Dream

If the purchase requires a loan, the decision must be made especially carefully. A loan can extend financial obligations over many years. For a primary residence this is sometimes inevitable, but for a holiday home it is worth thinking three times: is the family really ready to pay for a second home, its maintenance, taxes, repairs and utility costs.

The house by the sea looks beautiful in the photographs. But the bank, the tax office and the plumber are usually not involved in this romance. They come later. And all three want money.

Repairs are first considered, then purchased

If the house requires repairs, its value needs to be assessed before purchaseand not after signing the contract. Repairs in Greece may turn out to be more expensive and longer than it seems at first inspection. Especially if we are talking about an old house, a hard-to-reach area, an island or a property near the sea.

Before purchasing, you should invite specialists and get at least a preliminary estimate. It is necessary to take into account not only materials and work, but also the availability of craftsmen in the region. If there are no necessary specialists in a particular area, you will also have to pay for their arrival, accommodation and time. This is how an “inexpensive house” sometimes turns into an elite project to save ruins.

What to check in the house itself

A holiday home often sits empty for most of the year. This has a bad effect on his condition. Be sure to check before purchasing humidity, mold, plumbing, electriciancondition of the roof, windows, walls and sewerage.

Particular attention should be paid to houses by the sea. Salty air smells wonderfully like a vacation, but it acts as a slow-moving enemy for buildings, damaging metals, facades, windows, balconies, pipes and exterior structures. The sea breeze is great until it starts racking up an annual repair bill.

• Moisture and mold: especially in houses that have been closed for a long time.
• Electrical: older networks may not be able to handle modern loads.
• Plumbing: Leaks and corrosion are often discovered too late.
• Roof and insulation: are especially important for houses used all year round.
• Sea and salt: accelerate wear of metal, facade and external elements.

Documents: the most boring and most important

Before purchasing, you need to check whether the object is legally “clean”. It’s about urban planning violationsunauthorized buildings, tax obligations, owner debts, encumbrances, inheritance issues and other possible problems.

If the price looks too low, this should not only make you happy, but also cause concern. Sometimes the “good offer” hides illegal extensions, undocumented documents, old debts or problems that the new owner will receive with the keys. Very generous, of course. Almost a gift, only with a lawyer and an engineer to boot.

In any case, before purchasing, you should contact lawyer And engineer. The lawyer will check the legal status of the property, debts, property and contract. The engineer will assess the technical condition of the house, the legality of the buildings and the possible costs of correcting the problems.

Bargaining and professional help

If the home is priced in line with the market or even above average, a buyer should explore price negotiations. But it is important not to cross the line: too tough a bargain can lead to the loss of a property that really suits the location, condition and budget.

If you don’t have time to search on your own, it’s wise to turn to professionals: a real estate agency, a lawyer and an engineer. Yes, these are additional costs. But they are often cheaper than buying a problem house, where every summer begins not with the beach, but with repairs, documents and new surprises.

Editorial comment

Holiday home in Greece can become a personal little paradise – a place where you want to escape from the city, relax and regain a sense of normal life. But so that this paradise does not turn out to be a trap overlooking the sea, the purchase must be prepared with a cool head.

The main thing is not to buy a picture. A beautiful sunset, a stone wall and proximity to the beach do not cancel out documents, debts, illegal extensions, humidity, repairs and taxes. In real estate, a dream ends exactly where a poorly tested contract begins.

Therefore, the best advice is simple: first the budget, then the audit, then the lawyer and engineer, and only after that the emotions. It is also possible in reverse order, of course. It’s just that then a house by the sea easily turns into an expensive way to find out how much your own gullibility is worth.

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