Brits in Crete asked Manolis Psomas, Sales Manager at Exantas Real Estate in Rethymno (Ρέθυμνο) to draw up a checklist of his "Top 10 Tips" to guide British, Irish and other ex-patriates who intended to invest in a dream Cretan property. They are below. Serious about his work, Manolis handles many clients from all over the world -- from the UK, Ireland, Continental Europe and as far a field as America, Canada, Australia and Russia in over 7 years in the business.
- Gerald, Webmaster, Brits in Crete
Manolis Psomas (left), is equally at home speaking English, German or Greek. He is someone who knows a thing or two about making the process of buying your dream property in Crete as smooth as possible. Remember, if you are a first time buyer it is a serious business acquiring your place in the sun. It will be a major financial decision that will inevitably require time, patience and much consideration. Avoiding obvious pitfalls in the whole buying process is half way to making it a less stressful experience especially as your home base is most likely to be in another country.
Ensure you deal only with a government registered real estate agency.
Use local estate agents, who are more knowledgeable about the area that you are interested in.
Ask the agent to show you all the available documents of the property that you are seriously interested in (and translate into English the main parts - listing how many owners, denoting any special conditions etc.) Additionally discuss the above with a local lawyer.
Do NOT pay any funds or up front "deposits" until you decide to buy, no matter what.
If you are looking for old properties research the cost to renovate them, as sometimes such an outlay can become more expensive than buying new.
Ask the agent to introduce you to previous clients in order to talk with them about their experiences.
If you are able to rent a place for some time, use this option before you buy in order to be sure about the lifestyle and the Cretan way of life.
If you are going to get a mortgage to purchase your property, it is a good idea to arrange this mortgage from within Greece as the interest rate is highly competitive (low compared to most European countries). Also ask the estate agent to recommend and then to help you arrange a mortgage (Most agencies offer the service free of charge).
Consider the option to buy a property with an EOT license that will enable you to let it when you are not in Crete and generate income. Also be aware that the only way to get a private EOT Licence is to build in a detached plot of land separately (not to be part of any complex). Also, think about building the off plan property in cooperation with a good named company as you will save money and you will be able to design a house as you wish. Moreover, building on a detached plot of land you will be able to apply for a personal EOT licence.
Be aware that the prices of all types of properties without sea view are 10-40% cheaper than comparable properties with views to the Sea. If the sight of the Mediterranean is not necessary for you, use the lower price option. You will easily find beautiful properties in quiet traditional villages but usually close to the beach (2-5 kms), with inspiring mountain views. Mountain villages are healthier also for all year living
Crete is a beautiful island and attractive location to own a home in the
a good time as any to buy as the prices are still lower than other comparable places around the Mediterranean. Follow Manolis Psomas' Top 10 Tips and you will be well on your way to a smoother purchase to acquire your dream property in Crete! Manolis reminds you that Exantas Real Estate has two conveniently located offices in Rethymnon and serves the whole of the Prefecture of Rethimno and beyond. (Notice the three variations of the spelling of Rethymno, Rethymnon, Rethimno. They are all transliterations in general use from the original place name in Greek, Ρέθυμνο.)
Exantas Real Estate Licence: Permit Number is: 12041 Issued by the Prefecture of Rethymnon.