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Real Estate, Civil Engineering & Tourism in Greece

Usefull Subjects on Buying or Selling a Property

Critical Points for Future Investors - Loupassis S.A.

INFORMATION FOR FUTURE INVESTORS

1.Sometimes the price asked for a property is higher than its actual value. In many cases property owners ask a price - and very often they even get it - which lies over the actual value of a property. This is why every potential purchaser should look at the market prices and compare before he/she decides to buy. Not every property on the market is a bargain. Our investment consultants will help you find the best form of investment for you.
2.Estimate the future development of your property. A successful investment means to buy property, which is expected to rise in value. You should inform yourself about the short-term and long-term development of the area you want to invest in. Very often there are scheduled projects in an area that let the value of property rise or fall dramatically.
3.Carefully check the property titles. This is an important point in every transaction, for every kind of property, business or private. If the titles are not checked properly, there can be big difficulties for new owners. You have to ask a lawyer to check the property titles, and you or your architect must verify in the urbanism office that the property has been built legitimate or that it is possible to build on the land you have chosen.
4.Discuss the property with your architect. An architect or civil engineer must have a look at the property to give his/her expertise and to find possible construction problems.
5.Inform yourself about the regulations in an apartment block. If you buy an apartment, you have to inform yourself about the regulations of the building. They are mandatory for new owners. There might be regulations about the use of the apartment (e.g. only private use might be possible) or about the common spaces of the building, like storage rooms or parking space.
6.Estimate the total costs if you buy a building under construction. If you buy a house that needs construction or renovation works, you have to consider the location of the property. E.g., in remote areas, building costs can be up to 20% higher than close to the big cities.
7.Check if the property you are going to buy is in a restricted area. In some areas it is not possible to build because the area is restricted, either because it is an archeological area or because it is a protected nature area. All land outside city limits has to have a paper from the Ministry of Agriculture to ensure that it is no forest - and these papers are given according to the air photographs from 1945, so there is no way for anybody to know by just looking at the land! In case that during the excavations for the house an archeological site is found, the works will be interrupted immediately and the owner can use a relevant amount of money.
8.Be careful about the future development of the area your property is located. If you are buying property, especially in areas with little or no infrastructure, you very often do not know what can happen in this area in the future. So if it is not possible to find out what plans exist for the use of a special area, it might be better to buy property where these plans already exist.
9.Verify the possibility to build on land outside city-limits at the urbanism office. The normal regulation to build on land outside city limits is that you need a minimum of 4.000 sq.m. There are some exceptions to this rule, though. Under some circumstances you might be able to build on 2.000 sq.m. or on 8.000 sq.m. If you buy part of a larger piece of land, you have to check when the separation has been registered and if the created new building plot fulfills all regulations to build on it. One example: if you buy a piece of land of 8.000 sq.m.and want to create tw building plots of 4.000 sq.m. each of it, there might be problems if the law foresees that an access road has to be opened between them.

If you need more detailed information or have further questions, please contact LOUPASSIS S.A. (click)

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