BUYING A PROPERTY IN GREECE - TIPS FOR ARRANGING YOUR FINANCES
Calculate your total expenditure for the purchase, as near to exact as possible.
Overall calculation must include all Government application/registry fees, developer's costs, charges for any extras, Lawyers fees, shipping costs, and future management fees.
Take into account costs for furnishings, electrical equipment such as air conditioning units, and general property equipment (linen/towels/utensils/crockery etc).
Always remember to convert euros back to British pounds, as there can be a big difference between the two, depending upon exchange rates.
Leaving anything to chance is not advisable or cost-effective. You are buying an asset, so maintenance costs are inevitable - obtain quotes from a reputable management company.
Consider whether you will be shipping any furniture or electrical goods from the UK. Compare cost of shipping against buying locally.
Organising your finances from the outset is important. It's a good idea to open two Bank accounts locally, one in euros and one in British Pounds (both will be classed as 'external') - this will make international transfers above and beyond the purchase of your property easier and more controlled.
Seek advice from your local Lawyer (Advocate) about immigration, wills, taxation and residential status - all these extra costs soon add up.
Try to stick to your original budget when considering extras for your property, such as a swimming pool, upgraded fittings, landscaping etc.
Stay focused on what you want or you could be shocked when the final bill comes in. Do your homework rather than risk a trip to your bank manager!!
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