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Buying property in Greece – Top 10 Tips to Avoid Pitfalls
1) Take your time. Shop around, compare prices and credentials. existing properties may be offered by more than one agent, and the price of the same property can vary considerably. Choose an experienced agent with real estate license. If buying off plan to compare the companies, their properties over and what the price includes. Do not rush into a purchase. What will you really find out for a trip of 3 days of purchase? Would you buy a property in the country a boost?
2) Location. If you are thinking about living permanently Greece visit your chosen location in the winter. You may have found the perfect property but if you have only visited in the summer months may find that an attractive village near a small complex, but far from the city, becomes much less attractive in the winter months when everything in the nearby resort is closed. If you retire to consider in Greece the suitability of the location where they may be less agile – hills, steps or being away from a bus route, shops and health services could be a problem in the future.
3) House with a view. That olive grove in front of the plot could soon become a construction site. To ensure they keep an unobstructed view to buy land or property that is in its own field or a high slope.
4) Advocate. You must appoint a lawyer ('Dikigoros'), under Greek law to make a property purchase. His lawyer is the most important person in your house purchase Greek so you need to be sure he / she will be taking care of their interests, a lawyer, recommended by the manufacturer or agent may have a conflict of interest. The British Embassy in Athens provides a list of English speaking lawyers in Greece and the islands.
5) Construction and renovation of Standards. If you are considering building or renovating a property yourself is aware that it is not entirely clear. The law requires you to use an architect to comply with the Strict building codes with earthquake regulations. You are required to obtain a building permit and pay taxes and insurance for the construction IKA – even if do it yourself. Official tax bills (timologio) must be obtained for all supplies and labor. Only registered dealers may submit certification Greek adequate electricity and water connections.
6) Properties distance - Water and Electricity. If you are buying on a developer's plan costs for connection to the electricity grid and water supply are usually included in the purchase price, but this is not always the case. Check your contract if you buy or build a house in a remote area, as it may have to pay thousands of euros for connection to utilities and phone. If extra pylons or transformer need to be erected to bring electricity to your property can bear the cost. The same applies to the telegraph poles of the telephone line – if there are no posts around, paying for connection and installation of telegraph poles, and water supply could end up paying for the pipes to connect to the nearest grid.
7) Keep a record of the construction. A number of people who have their plans made, sign a contract and a year later expecting to find her house completed, only to discover that lags far behind or that things are not built to the plan, we have omitted or incorrectly fittings and accessories have been installed. Keep in touch with your agent or manager of the project and request for pictures at all stages of construction if they are on the site.
Buy to Let. Not having to pay rental income on your investment. There are a lot of competition for vacation rentals and oversupply in some areas so there is no guarantee of rental income. To rent your property legally Greek holidaymakers to be licensed by the Greek National Tourism Organization (EOT).
9) Taxes. At the beginning of a purchase of property in Greece, the buyer must enroll in a Greek tax number (AFM). A Once the tax identification number has been issued you are required to file an annual tax return in Greece, regardless of income or residence. Unless are residents and / or no income in Greece this may be a zero, but must be declared. Import slides (the "pink slip") must be obtained by transfers cash to prove that the money has originated elsewhere and has already been taxed. Using a local accountant to give advice on your personal circumstances and obligations is essential.
10) Capital Gains. The market in Greece was to increase ownership costs sharply between 2002 and 2006, but has now begun to slow. If you are buying property as a short-term investment are not expected to make a quick profit. Remember that you will also need to recover the costs of buying high around 12% (lawyers, estate agents, notary fees and taxes) and paying capital gains tax.
About the Author
Carol Palioudakis is the author of Living in Crete. A Guide to Living, Working, Retiring & Buying Property in Crete available from her website www.livingincrete.net
ケータイ狂想曲 烏田晴奈