This Buying Property in Crete Top Tips is from the Completely Crete Buying Crete Property Section.
Ok, so you are fed up of the weather, the traffic, the overcrowding, worried about rising crime, concerned about the growing lack of respect people show for each other with no sense of community any more.
So, let's move to Crete!
Here's our Top Tips for embarking on this exciting journey featuring information on those things we would have wanted to know before thinking about this major step. A lot is common sense though!
One important thing about buying property in Crete is the actual costs involved.
There are several charges, fees and costs attached to property transfer in Greece that are calculated as a percentage of the total cost of the property selling price.
This means that you can expect to pay an additional 10%-15% above the selling price of the property. This can work out to be a hefty amount (€22,500 on a €150,000 property, for example).
In the UK, buying a £100,000 property without a mortgage will cost about £1,500 above the purchase price, to include Land Registry and local searches, valuation and other surveys, and all legal fees.
This can come as a bit of a shock to some!
Don't forget the advantages of renting first so that you can get a good look at Cretan life all year round.
One disadvantage is that you might feel you are losing the value of your investment through paying rent. But you could actually save a lot of money by avoiding mistakes through buying too soon, buying the wrong property, or buying in the wrong location.
If you have reached this stage in your journey of considering buying property in Crete, you probably have a good idea of the type of property you want, and it's location. Renting a property of the type you want and in your preferred location for a time will help confirm your decision, or otherwise.
How do you find a list of suitable properties if you are stuck in some distant country such as the UK? There's no substitute for being in Crete when looking for your dream Crete property, but you can do a lot of "looking" before you arrive on the Island.
When searching for and compiling your list, try to keep an open mind. Remember that you could so easily fall in love with a property you see, even if it bears no resemblance to your initial criteria.
The best medium to start with is the internet, as most Crete estate agents with the biggest portfolios of properties for sale have websites. Google something like "Crete property" and you'll get loads of pages of possible interest to you in your search.
You can contact the websites directly with your requirements and they will get back to you with relevant property details.
There are many property fairs and events in the UK and other countries where overseas developers and sellers will want to promote their Crete real estate. You can find venues and details in specialist magazines such as Greece Magazine, and also advertisements in the property section of the national press, such as the Observer and the Daily Telegraph.
Be wary of the hard sell though, and keep focused on what you want and the amount of money you want to comfortably spend.
Steer clear of timeshare-type options because you will almost certainly regret signing anything and committing to a property ownership of this type.
Many property sellers, both through agencies and private sellers, will post classified advertisements in specialist magazines and national newspapers.
Greece Magazine regularly features a lot of properties for sale in Crete, and all over Greece. When selling our Crete home we advertised in Greece Magazine and got a good response - even months after placing the advert and after our house was sold!
After a period of research, you will most likely have a list of likely properties scattered around Crete, so your next job will be to...
If you are concentrating on one area, then you won't have a problem. But if you plan to view properties at both ends of the Island - choose a central location as your base.
Obviously, it's best to group appointments by location, so you can can visit two or three agents in one day.
Contact the agents/owners and tell them that you will be in their area on such-and-such a day, and make appointments to view the properties you have an interest in.
This will be hard work if you are planning to view a lot of properties, especially if you plan your trip in the height of the summer.
When you get to Crete, armed with your list of properties and details of appointments, you will need to find time to get some people on board to facilitate the buying process.
You might read some frightening tales about how complex and convoluted buying property in Crete can be.
And it's true. But it's no different than in the UK - which is why you hire (and pay for) professionals and others to do the work for you, whether in Crete, the UK - or anywhere else.
The estate agent will be an invaluable ally in your quest to find a suitable property, but their services are by no means essential.
Many offer a lot of valuable help, advice, and after sales services, which can be reassuring to anyone trying to buy a property in a foreign land.
It's worth bearing in mind one or two things about the Cretan estate agent.
You might find some properties you come across on the books of several different Crete estate agents. This is because sellers will invariably go to more than one agent.
This is relevant because as a buyer, you can expect to pay a commission to the seller's agent when you buy. Different estate agents might charge different (and widely ranging!) fees.
However, it can be hard to nail down the commission an estate agent will charge you, as some can be a little cagey about this - especially as they are vying for business selling the same properties as their competitors.
The services of an English Speaking lawyer will be necessary if you want to buy property in Crete.
Like in the UK, Crete lawyers are not graded by ability, but all must exercise a consistently high standard of service and customer care to their clients in the performance of their legal services.
Your estate agent will have access to one or more suitable lawyers who will represent you. If you are not in contact with an estate agent, or you want to find your own, you can walk through any main town and you will see a lawyer's office sooner or later. (The notice will be in English!)
Alternatively, we have a list of English speaking lawyers throughout the Island, who you can contact, just click here.
When you finally decide on your dream holiday home in the sun you should make an offer as soon as possible.
However, remember that you will need to make a deposit of 10% to ensure that the property is taken off the market. There is nothing to stop the seller from selling to another buyer before you make this deposit.
It's a good idea to have your Greek bank account set up and with some cash in it to make sure you can finalise this formality as quickly as possible.
For information on opening a bank account click here.
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