New-build or resale — which is the smarter Greek property investment? We compare cost, construction quality, legal risk, and Golden Visa eligibility to help you decide.
Am I better off investing in a new-build property or a resale? It’s a question every homebuyer faces, sooner or later. That’s because the initial price of a new-build is usually higher than that of a comparable resale property. Style and architecture also differ, as resale properties often have the charm of tradition and may be surrounded by mature gardens that make them appear warmer and more welcoming. However, it is wise not to let such emotional criteria alone sway you. Here are some facts that will help you make a safer and informed decision.
Searching for a resale property is bound to be more time-consuming, as agents have to identify individual sellers, keep track of the property’s availability, and make several site visits to carefully assess the details of the property and compare with sellers’ descriptions. It could easily take up to a year, before a property that matches your requirements is found.
On the other hand, new-build properties from reputable developers are widely advertised on websites, while drawings and technical specifications are always provided. Also, a handful of developers are likely to have a large portfolio of projects and types of units available to choose from. On average, buyers will find a property they like within a couple of months, often even sooner.
While the initial investment may be higher, buying a resale property can surprise you with substantial expenses. Poor renovation works, invisible plumbing or electrical issues, unexpected wear and tear – these could all appear at any time.
New-build properties come with a construction guarantee that will give you peace of mind when you move in. Apart from that, today’s energy-efficient construction specifications deliver a long-term financial benefit in the form of reduced energy bills, often significantly lower than in older properties that have inadequate thermal insulation.
It is a fact that the current anti-seismic construction regulations are far more stringent than ever. Even without going to the extreme of a serious earthquake, older properties are more likely to suffer damage even in the event of minor tremors.
If you have your heart set on a resale property, bear in mind certain risk factors, so you can try to eliminate them.
To begin with, make sure there are no legal defects in your contract in relation to unexpected possible problems arising in the resale property. Similarly, it is imperative to confirm that there have been absolutely no illegalities in the property’s construction process and that all necessary permits were duly secured. This is particularly crucial in the case of properties built before 2013.
Finally, bear in mind, that unlike an established developer, an individual seller will not have a long-term vision or reputation to protect. At the same time, a private deal is by nature riskier than a contract with an established business.
Buyers interested in combining their property with an application for Greece’s Golden Visa must note that resale properties are often burdened with a mortgage, which will have to be covered one way or another, for the property to be compatible with the Golden Visa’s eligibility requirements. While considering your options, check our properties in Greece or the Greek Golden Visa Program to see how investing can also pave the way for an advantageous residency status, enhancing the value of your investment in Greece.
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