Greece's stunning landscapes, rich history, and vibrant culture have transformed it into a popular destination for real estate investors from the United States. Those interested in purchasing a secondary residence or investing in rental properties can take advantage of the country's affordable real estate prices, relaxed tax regulations, and delightful lifestyle.
Establish a Financial Plan for the Real Estate
The first step is to create a financial plan. The cost of Greek real estate varies significantly based on its condition and location. Thus, setting a budgetary limit is critical when embarking on your search. Additionally, you should factor in taxes, legal fees, and maintenance expenses.
Research the Real Estate 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.
Find a representative and a Real Estate lawyer
Engaging an agent to aid in your property search would be a prudent decision. Additionally, if you are prepared to purchase, you will require the guidance of a legal professional who is well-versed in the stipulations governing non-EU citizens buying real estate in Greece. Simplify your Greek property investments by entrusting POMS to oversee your entire portfolio, including legal matters, documentation, and due diligence.
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.
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.
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.
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.
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.
Closing
The conclusion of a deal is contingent upon the verification of all information obtained during due diligence. In Greece, the transfer of ownership and finalization of paperwork takes place at a notary public office, where a smooth closing can be facilitated with the assistance of a reliable real estate agent.
While investing in Greek real estate can be a fulfilling and enjoyable experience, it requires dedicated efforts to understand the market and work with a trustworthy agent. With the guidance of knowledgeable advisors and careful planning, achieving your goal of acquiring real estate in Greece is attainable.
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.
