Greek House Hunting Tips

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House Hunting Tips

According to market experts, prior to beginning the search for your next house, or apartment, to be used as an investment, you should clearly determine the available budget, you’d be willing to spend. Based on this budget, you can then proceed to choose the location, as well as the main characteristics you’d like the property to have.

The help of a real estate professional will help towards steering the buyer to the most suitable properties, based on his needs and expectations. It’s also advisable that you walk in the location of the property you’re looking to buy, before doing so.

Check out the roads, the traffic, the available schools and the retail market, in order to evaluate, if your information on said location is accurate and reflective of the reality.

Then, after you decide on the property which is satisfactory, you may begin with the process of negotiating with the seller, whether he’s an individual, or a professional developer. If the house is under construction, the best agreement that a buyer can make, depends on the down payment, he’s willing to commit. What you need to know is that if the building’s main frame has been concluded, the developer has already spent about 30%-35% of his construction budget. If the walls are also in place, then this percentage rises to about 40%, while if all electrical work and plumbing is also completed, the budget spent should amount close to 45%. Finally, if the coatings are also done, that number rises to 52%.

If the seller is an individual, then a lot depends on his expectations he has for his property, in conjunction with the demand for it. At this point, it’s better if you seek expert advice, in order to better prepare your offer and save quite a bit of money, compared to the asking price for the property. Today, supply in the Greek residential market is substantial, however not all areas are the same.

In the summer housing market, the best season to buy is winter, because that’s when you can secure a better price, given that your bargaining power should be higher. By contrast, when house hunting for an apartment in a large city, all seasons are the same.

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