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Greece: Making the right decisions - Mike Saunders, Snobby Homes

Making an honest decision now saves worry in the future

Statistically, those who live permanently in Greece tend to be over 55 – mainly those who have taken early retirement, or are already retired. Easy credit and soaring property prices during the earlier part of the decade meant selling a property in the UK released sufficient equity to realize the dream which could never be afforded in the UK - a big house with lots of land, a swimming pool, money left over – and a life in the sun too. However, a prostrate pound and a shattered UK economy means that dream could now seem a long way off - or is it?

The biggest property market in Greece, for overseas buyers, is the island of Crete, which accounts for some 85% of the market. While the UK housing market may have crashed, house prices in Crete have not fallen and a couple can still live comfortably on £12,000 per year – providing you don’t spend all your money in tourist areas, or buy nothing but UK branded foods, which are expensive.

What it's like to realise a dream

We are seeing some Brits who bought their homes in Crete a few years ago now beginning to regret their decision, because, at the time, they never honestly faced up to reality. Very few regret moving to Greece, with the sun, its friendly people and a better quality of life; they just weren’t honest enough, when they originally chose their house, to identify the difficulties and inconvenience they would face in the years to come.

You’ve got the big house, the land and a swimming pool – you’ve arrived - but is that enough? There are two of you, but just like buying an oven that has to be big enough to cook a large turkey at Christmas, a big house with spare bedrooms is barely fully utilized for more than a few weeks a year. Maintaining the pool is a big cost both in the daily grind needed to clean it and the cost of chemicals. What’s more, it hardly gets used. And all that land? Mix a drop of sun with a regular supply of water and plants grow like wildfire. You end up with spending hours and hours – every day – just to keep pace with nature and prevent the garden from turning into a jungle. And that’s too much for even the keenest gardener. Remember when you originally fell in love with the plot? Where once you were on your own, chances are that now there are more houses all around and bang goes the view you had originally or the privacy you once enjoyed. Big plots by their very nature are outside a village boundary, which can present a problem if you get too old to drive – or cannot afford to run a car. Are you on a bus route? Can you walk to the shops?

These are typical of the problems some ex-pats experience. However, as time ticks by, many have been to Specsavers, swapped the rose tinted pair and are seeing life a lot more clearly now. Downsizing seems the way to go and enjoy life.

Making a decision you won't live to regret

Buying for holidays? Buying to live permanently in Greece? Either way, my advice is to be brutally honest with yourself before you make a commitment. Do you really need all that land? Can you afford to employ a full time gardener? What happens to all the carefully tended plants should you spend some time away? Is that perfect location too far to walk to the shops? If there’s no bus service, can you afford to pay for taxis?

When it comes to a home – be it for holidays or for living in permanently, never let your heart rule your head. You’ll only have regrets in the future. Draw up a realistic tick box to see how a potential property truthfully measures up – not just for now, but for years to come, because that’s the time when you can’t afford to have got it wrong. TICK - a location near everyday amenities, open all year round. TICK – a garden you can really manage. TICK – a size of house that fits you comfortably. TICK – a buying price, with no hidden extra costs, that will stretch your budget.

Armed with these ticks you’ll find the perfect home and discover that Greece is a wonderful place to spend the rest of your life, without worries.

Mike Saunders

Mike is Marketing director of Snobby Homes, www.snobbyhomes.co.uk

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