Greece’s beautiful scenery, fascinating history and exciting culture have made it a hotspot for real estate investors from America. Those wishing to buy a second home or invest in rental property can benefit from the country’s low property prices, lenient tax rules and pleasant way of life. This article provides a roadmap for Americans and Canadians looking to buy real estate property in Greece.
1. Establish a Financial Plan
Establishing a financial plan is the initial step. Pricing for Greek real estate is highly condition and location-specific. Setting a budgetary limit is the first step in your search. Taxes, legal fees, and upkeep expenses should also be accounted for.
2. Research the Market
Researching the Greek real estate market is essential before making any purchases. This involves learning about the many areas of Greece and the various real estate options in each. Learning about the zoning laws, property taxes and other rules that apply to real estate purchases and ownership in Greece is also essential.
3. Find a representative and a Real Estate lawyer
A wise move would be to hire an agent to assist you in your search. If you’re ready to buy, you’ll also need the assistance of a lawyer familiar with the requirements for non-EU citizens purchasing estate in Greece. Take control of your Greek property investments easily – let POMS handle your entire portfolio with legal matters, paperwork, and due diligence.
4. Choose the right location
Coastal beaches, historic cities and rural villages are just options for property investment in Greece. Consider public services, accessibility and rental revenue potential while deciding on a site. Seeing the location firsthand is essential for learning about the people and customs of the region.
5. Look at the listings
Now that you know which houses are viable options, it’s time to check them out in person. This is a crucial phase of the buying process because it gives you your first look at the property and a better understanding of its features, location, and surroundings. To help you find the perfect home, a real estate agent can set up showings and even accompany you.
6. Guaranteed Funding
If you need a loan to buy a house, you should thoroughly examine your financing choices before making an offer. To qualify for a mortgage from a Greek bank, foreign purchasers will need a high credit score and appropriate paperwork. You might also use equity from an existing home or obtain financing from a foreign bank.
7. Propose a price
Make an offer on the home of your dreams if you find one you like. The offer should detail the purchase price, any conditions or contingencies, and a proposed closing date, all of which your real estate investment agent will help you with. The seller will decide whether to take the offer or make a counteroffer.
8. Due diligence
If your offer is approved, the next step is to perform due diligence to ensure no financial liabilities on the property. Get a survey done, look over the title, and double-check for any unpaid taxes or debts; your lawyer & real estate agent can help you with all these things.
A deal can be finalized if all the information gathered during due diligence checks out. Greece’s final paperwork and ownership transfer occurs at a notary public office. It is possible to have a problem-free closing with the help of your real estate agent.
Real estate investment in Greece may be a satisfying and pleasurable venture, but only if you put in the time and effort to learn the market and deal with a trustworthy real estate agent. Your goal of purchasing real estate in Greece is within reach with the help of knowledgeable advisors and diligent planning.
Let POMS take care of your real estate portfolio in Greece with our expert partners. We offer complete management for buying, selling, investing and upkeeping your assets. Contact POMS to safeguard your future today.