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
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.
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 â‚¬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.