It’s not surprising that Greece is a popular place to secure a vacation home. With brilliant blue waters and endless sunshine blanketing the country’s rugged cliffs, it’s the perfect place to relax.
You can find lavish beaches in Zakynthos or enjoy the views in Mykonos. Whatever your preferences may be, you’ll find it in Greece. But you’ll need to be careful as you navigate the home purchasing journey.
Keep reading to learn how to land a second home in Greece that will become a lasting investment.
Know Your Lifestyle Preferences
Are you hoping to hit the club scene each night? Or are you more interested in stunning views of white-washed villages in Santorini?
You’ll want to determine if you’re hoping for a bustling vacation experience full of energy or one that’s quieter and remote, with luxury spas and secluded beaches. Make a list of your priorities before you start considering different locations.
Islands like Paros, for example, offer city energy that can appeal to younger renters when you’re not there. That can translate to income to help offset vacation home expenses.
On the other hand, a village like Epirus offers a more tranquil environment. Or areas in northern Greece, like Vergina or Thessaloniki, can provide a greater sense of local flavor and cultural immersion.
Be clear on your climate preferences and the level of accessibility you desire, too, so you can narrow down the options. Often, partnering with an established real estate agency in Greece is your best bet when you’re searching for a home. You can buy a house in Greece with Elxis to gain local insights and find the right fit for your needs.
Determine a Budget
One of the benefits of looking for a vacation home in Greece is that there’s a property to meet every price point. You can choose a modest home with water access in a less-populated place to save money, or go big with a luxurious choice in Santorini.
Be aware that the property itself won’t be the only cost you’ll incur. You’ll need to budget for closing costs, furnishings, and maintenance.
Typically, you can expect to pay up to 10% of the purchase price in closing costs, which cover taxes and processing fees. And, any homeowner can expect costs related to insurance, utilities, and renovations. Know the exchange rates, too. Generally, a U.S. dollar can be stretched further in Greece, but that may not be true for all currencies.
Consider Locations
You won’t have a shortage of options in Greece. Once you’ve determined your priorities and a budget, it will be easier to narrow your selections. Maybe you want to settle on Crete, where you’ll have access to both beaches and mountains. Or perhaps mainland Greece’s coastlines are the draw, or the historical sites of Athens.
Other popular options include Sikinos, with its gorgeous views and quiet appeal. You can go on hikes to build a healthier lifestyle without bumping into lots of tourists. For lush scenery, try the Ionian Islands.
The island of Meganisi, for example, looks like a postcard with its tranquil waters and vibrant treetops. Make a shortlist of your top choices and, if possible, visit them. When you’re making a big investment in a vacation property, you want to make the right choice.
Be Clear on the Logistical Details
When you buy a Greek vacation home, you’ll need a Greek Tax Number, and you should plan on opening a Greek bank account to make the financial transactions easier. Find an attorney with real estate expertise to guide you through the process and ensure you’re buying a home with a clear title.
Additionally, pay attention to the details when you’re touring different properties. Make sure that any property you’re considering is in good shape, with connections to water and electricity. You’ll also want to weigh a home’s location relative to other amenities, like grocery stores or hospitals. And, if there are building restrictions in the area, it’s important to know them if you’re anticipating doing any renovations.
Once you’ve landed on the right home, the last step is processing the paperwork and finalizing the sale. Your attorney will register the property with the National Cadastre, and you’ll want to get a tourism license if you’re hoping to rent out the property when you’re not there.
Find Your Dream Vacation Home
Greece is the perfect place to invest in a vacation home. With its wide-ranging Mediterranean terrain, history, and cosmopolitan excitement, you’ll be able to find a spot that suits your preferences.
With a methodical approach to research and planning and a little help from the locals, you can arrive at the ideal property. You’ll be able to kick back, relax, and know you’ve made a great investment!
