Q&A

This week Q&Alooks at buying property in Greece and getting an apartment valued

 What should I know before buying in Greece?

Encouraged by one of your Take Five choices, I intend looking for a possible holiday home when I am in Greece this summer. Is there anything I should be especially aware of?

The basic rule for anyone buying abroad is to take your time, don't be pressurised into making a decision, think hard about what you want, both now and in the future, and be clear as to whether you are looking for a holiday home or an investment - it's not easy to mix the two.

Some areas of Greece are quite remote (you don't say where you are going), so you will have to think hard about how often you are going to use this home, how you will get there and how much it will cost.

In these days of rising interest rates you also need to make sure that in financing your purchase, you are not in any way putting your primary home at risk. EU citizens can buy property in Greece but you must get a local tax number (an AFM) from the local tax office. Get a local lawyer to advise you, as it is crucial that the title deeds of all properties are checked thoroughly and that the person selling the property is in fact entitled to do so.

This is especially important in rural areas where land may have not changed hands for generations and boundaries and ownership are not straightforward.

Once you make an offer on a property and a preliminary contract is drawn up you will be asked for a deposit of around 10 per cent - which is generally non-refundable. You will probably need to open a bank account in Greece to carry out your transactions. Above all, seek independent tax advice. Revenue is becoming very interested in Irish people who own holiday homes abroad, so best get your tax affairs in order (and make a will) and be sure about your ongoing tax liabilities.

How can we get our apartment valued?

Our landlord has approached us about buying our apartment. He has pointed out that the rent would probably be the same as the mortgage and that by buying privately we are saving on costs. He will be getting back to us with a price soon. We have only lived in this country for three years and are unaware about the buying process. How do we go about getting the apartment valued?

Well he's certainly taken a hard sell approach! And the harder the sell, the more wary you should be. Selling privately (without the fees of an estate agent) is in his favour, buyers do not pay fees (other than legal ones and stamp duty taxes and you have to pay those no matter how you buy). A local estate agent will be able to tell you how much your apartment is worth - but as there is a great deal of apartments on the market, this price might still be on the aspirational side and not reflect what a buyer might be willing to pay. Before you go much further look at the articles on buying property on www.myhome.ie which explain, in plain English, how the process works from start to finish. While you're on the site, search for an apartment in your complex and start tracking prices in your area. The more informed you are the better deal you will get. Take you time.

Despite his hard sell, you as a buyer have the advantage.

Your questions
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