Property Buying, Selling, Renting Investment Proof Greek Islands Property
Investment Proof Greek Islands Property
There is no doubt that those property buyers with cash in hand can not only take advantage of cheaper prices but also incredibly low interest rates to bag a great value-for-money home on the Greek Islands. We take an inside look at what makes an investment-proof home on the isles. Prices are generally holding steady but a fair few number of homes have shown a drop and sellers are being more realistic about what they can achieve. Some foreigners are tentatively dipping a toe back in the property water as they believe prices are bottoming out and it is true to say that there are some good property bargains available right now.
If you are looking for a great property which will increase in value over the long-term, then we have some tips and hints to follow.
Location. More important than ever. It didn't really matter over the last few years if you chose a property in a slightly less popular location as the rising market hid the problem. This is definitely not the case today as location is more important in the current financial climate. The longer established areas on the islands are the most popular at the moment as buyers seek a safe haven for their purchase. Be aware of current pricing and don't pay too much: this is the time to negotiate hard.
Resale. Think this through if you are going to buy a property with the intention to resell, rather than buying a long-term family home. Consider which buyers you are likely to be able to attract. Fortunately, the Greek Islands have the advantage over many other locations, as the isles attract buyers from all over the world and the Greeks themselves. Most buyers will avoid remote locations. They will prefer amenities and facilities available, although they also do not want to be overlooked directly by neighbours. Property with easy access from an airport usually commands a better resale value. Whatever property you decide on, it is essential to ensure there is outdoor space (even if it is just a balcony) and that fast internet access is available.
Views. If you are buying on the coast, then sea views are essential and the closer to the beach, the better. Views are very important to buyers, whether the property is in the countryside, city or coastal. Views are an investment which stand the test of time. For those buyers looking at high-end homes, then views become more critical. Avoid anything that has any kind of 'horror' which can be seen, including pylons and run-down neighbouring properties. Also avoid properties if you believe the land directly in view can be built on.
Access. Ensure there is easy access to the property, from both an international point of view and also right up to the property from local roads. Whilst access is important, so to is noise, so keep away from any home where you are under a flight path or can hear busy traffic.
Those buyers considering rural property should still ensure that the road to the property is easy to travel and that day-to-day shopping is no more than a few minutes drive. Whilst potential buyers will forgive poor roads in the countryside, big potholes to get to your home are to be avoided. Buyers looking for village property, will specify edge of village as they want access on foot to shops, restaurants and bars, plus the same to get into open countryside. If you get the chance to find a home with a good piece of flat land, enough for a swimming pool, then so much the better.
Renovations. Verify the quality of the work. If any of the works would have required planning permission, ask to see a copy. Look at roof insulation, air conditioning, wiring, and so on. If the renovation has been done well and has used traditional materials, this will add value as it enhances the original character of the property and adds to its long term price potential.
Size. People generally come in two's or four's. There is no need to go for a massive property just because you can. It is an interesting fact that homes over 280 sq.m living space are less popular amongst the main group of buyers. If you or your potential buyers are likely to be second home owners, then look for manageable gardens not thousands of square meters of land.