Holiday home purchase

Crete Property: Q&A’s – buying, selling, property off-plan, legal, architects, regulations

This topic contains 5 replies, has 5 voices, and was last updated by  Kefalas 27th March 2017 at 4:46 pm.

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  • #47741

    Hbuyer
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        • BIC 2.0 Newbie
        Member since: 17th March 2017

        Hello Everyone,
        We are thinking about buying a holiday home in eastern Crete in sitia area,

        do you think its good idea, we intend to use it as a holiday home only , go over whenever we get time off to enjoy and relax, not taking about big investment,the property we are looking at is around 40K,

        the only thing worries me now is access in and out from chania airport-quite long

        looking forward to hear your thoughts

        Compare hotel prices and find the best deal - HotelsCombined.com

        #48042

        Peebee
        Participant
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            • Practcally Cretan
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            Member since: 15th September 2009

            4F4C4647424F5D46475C422E0 wrote: the only thing worries me now is access in and out from chania airport-quite long

            Why would you fly into Chania? Heraklion is much closer.

            #48172

            fireman sam
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                • BIC Old Hand
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                Member since: 27th November 2005

                And Sitia airport even closer for the winter months!

                #48246

                Hbuyer
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                    • BIC 2.0 Newbie
                    Member since: 17th March 2017

                    Cost flying in Heraklion is quite high, compare to chania

                    #48298

                    Fowles
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                        • Practcally Cretan
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                        For what it’s worth, my opinion is to long term rent and not to buy, especially if you are only using it for a few months of the year. The biggest problem with having a home here but living most of the year elsewhere, is maintenance and having somebody to oversee things in that respect along with bills being paid etc. If you want to look at it from a financial point of view, it’s true that you would probably be able to pick yourself up a bargain at the moment but as the song goes "there may be trouble ahead" so, if you don’t need to take the risk you can still enjoy one of the numerous long term rentals available without the headaches of being a home owner.

                        #48333

                        Kefalas
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                            • Practcally Cretan
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                            Member since: 8th March 2014

                            40K seems very low. The cheapest (decent) properties that I’ve seen here in the west start at around 150K.

                            As Fowles states, maintenance costs can be high. You won’t believe how much things deteriorate in winter. Houses need to be painted at least every 5 years (sometimes every 2 years). Cracks occur in pipes, walls, roofs. Budget at least €1000 a year for maintenance and maybe more. Don’t even think about having a pool.

                            Then there’s the bills to pay for water, electricity and taxes.

                            Renting is certain to be cheaper but don’t pay in advance "to get a discount". The building may have faults; the neighbours may be horrible. Make sure you are in a position to quit with no more than a month’s notice.

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