Posts Tagged ‘dream home’

Buying property in any foreign country can be a nightmare and there are many frequently asked questions about buying property in Greece. This list of questions and answers has been compiled to give you a starting pointing and aims to help you with the necessary research that is involved when buying a property in Greece,

What types of properties are available to buy in Greece?

There are many different types of properties available to buy in Greece: Cottages, villas, village houses, town houses and apartments. There are old properties to renovate or you can buy a plot of land and design and build a new home. There is usually something for everyone’s tastes and budget.

Can I buy a property in the Peloponnese?

Yes, there are no any restrictions for foreigners wishing to buy property in the Peloponnese.

Are foreigners welcome in Greece?

Yes, The Greek people are among the friendliest in Europe. There is now a large number of citizens from all nationalities living in Greece.

Do I have to have my finance in place before my inspection visit?

It’s advisable to have your finance in place before your inspection visit. If you see your dream home you will be able to purchase it without any delays. This way you will not miss out.

I’ve found the house I wish to purchase in Greece – now what happens?

Choose an English-speaking lawyer. The British Consul’s provide lists of recommended lawyers. Tel: 0030 210 369 2333.

You can sign a proxy in order that your lawyer can represent you; obtain your tax number (AFM). You need this to complete your purchase; check title deeds and ensure there are no problems; and to sign the contract on your behalf. In this way the property can be signed over to you and it’s not necessary for you to make extra visits. Your lawyer will also deal with the Public Notary on your behalf. The Public Notary is responsible for drawing up your contracts, witnessing the signatures / payments and registering the new ownership of your property. When this process is complete the lawyer will provide you with a copy of the deeds. The original is placed with the land registry department.

All transactions are in Euros. You will need to set up a Greek bank account to pay for your legal advice, transfer money and pay bills. There are foreign exchange brokers that can transfer large amounts to Greece according to the business rate. Payment of utility bills can be set up very easily by direct debit via the bank, and money can be transferred online. The Leki Bank is connected to the HSBC and accounts may be open in the UK.

The ‘PINK SLIP’ for wire transfers of money from abroad. If the buyer cannot justify the amount of money they have spent, the Greek tax authorities will assign it as unreported income and the buyer will be assessed for income tax.

Do I have to pay a deposit?

Yes, it is normal to pay a deposit of 10 / 20 % of the agreed purchase price. This seals the contact between the seller and buyer.

If the seller pulls out (which is unlikely) he must return the money plus the same amount again. If the buyer pulls out the deposit is forfeit. However, if previously known problems are revealed the deposit will automatically be return.

How long does the purchase process take?

Property purchase is generally completed in a short period. It can take as little as 48 hour to 2 weeks. However, if the seller has not collected all the necessary documents for the transaction, it can take up to 3 months.

Will I have to pay tax on the property that I purchase?

Yes. The custom in Greece is to keep down the declared value of the property to reduce legal fees and property taxes. The one time purchase tax (which is the Greek equivalent of our stamp duty) is calculated at between 9% and 11% of the assessed property value for plots of land. For apartments and houses the charge is between 11% and 13%. The Inland Revenue will base their assessment on special tables issued by the Greek Ministry of Finance. The tables help determine the value of the property according to its merits, i.e. location, nature, quality of construction etc. The assessed value will usually amount to around two thirds of the true purchase price.

What other costs can I expect?

Other costs include the following:

Union fees: 1% of the taxable price of the property up to EUR44,000 and then 0.5% on the remaining taxable property price.

Lawyer’s fees: Lawyers charge between 1% and 2% of the assessed value as recorded on the contract of sale.

Public Notary fees and registration charge: The Notary Public fee is between 1% and 2% of the assessed property value

To the above cost of purchasing your property you should make an allowance for either buying furniture or appliances in Greece or transporting your furniture and household effects from the UK.

Do I have to pay a fee for finding a property?

Yes, commission is usually paid by the seller and the buyer in Greece. Fees and are normally 2% – 5%. After sales services are often available and will also incur an additional charge. Fees are generally fixed in accordance to the services that you require.

If something happens to me will the property automatically go to my next of kin?

Yes it will go to next of kin. Death duties are payable on property up to £100,000. This can be avoided if the property is made a “Parental Gift” to children. If there are no children a will should be made.

Now, enjoy your new home in Greece, you deserve it!

Please Note
This information is provided in good faith and believed to be correct at the time of writing. However, its accuracy cannot be guaranteed.

Claire May is a knowledgeable author of articles regarding property in Greece and Messinia. Her articles aim to Make buying and selling property in Greece easy and helps buyers with their research and assist them through the unfamiliar Greek property purchasing procedures. Claire has also designed a website to provide readers with information about buying property in Greece

Author: Claire May
Article Source: EzineArticles.com
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How to Sell Your House Now

Everybody knows that we are in the buyer’s market. The majority of the houses sold are either short sale or foreclosures.

So if you are regular guys who want to sell their good looking, median price range house in decent neighborhood what choices do you have?

1. You can wait until the market bounces back. This is not the option if you want or need to sell your house now.

2. You can roll up your sleeves and take the challenge. Easier to said than done right? Don’t worry I will lead you through the whole process and you will see how easy and fun that could be. So let’s get started.

First you can hire a real estate agent and delegate the whole work to him or her. Usually, this will work in a Regular Real Estate Market but with the market we are in now, it will take somewhere between 6 months and 2 years to get the job done.

Second you can help the real estate agent or even you can try to sell your house on your own. How will you be able to sell the house now when it is almost impossible for the professionals to do it? Well, when you are trying to sell something the one and only thing you need is to create a Perfect Marketing Plan using all available possibilities. I will go in details about every marketing strategy I know to help you sell your house now, and not in the future. But first let me ask you something.

Do you know what the first place the potential buyer goes when looking for a house? Yes, you guessed right – the internet. More than 80 % of the buyers start their search for the dream home using Google and Real Estate websites they know. That’s why you should also start there.

There is one site you can use to create very good looking online flyers to advertise your property for sale. This site is www.postlets.com and it is free. What makes this site unique is that it will automatically submit your ad to 10 more websites. Another good use of Postlets is that you can easily copy your ad and paste it manually to Craigslist and Backpage with a click of the mouse.

Alright this is only one of the many techniques you can use to Sell your House Now – in just 21 days or less. To learn everything possible you need to know to succeed in this market read bellow.

http://www.sellhousenow.info/

Talk to you soon and Good Luck!

http://www.sellhousenow.info/

Author: Dimo Demirev
Article Source: EzineArticles.com
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Lease Purchasing is a fascinating concept that allows a prospective tenant the realistic possibility of becoming a home owner, sooner rather than later. I currently work in an office in which the demographic tends to be people in their late 20′s or early 30′s that have recently graduated from College or University. The majority of people I work with rent homes or apartments within the Greater Toronto Area. Over the past couple of months I have started a number of casual conversations with people asking why they choose to rent instead of rent to own or lease purchase a home. I figure why pay a landlord monthly rent that ends up paying his mortgage instead of building equity in a home of your own?

There are a number of obvious reasons why it is not easy, nor practical, for some people to buy a home outright in today’s economic environment. Through my many conversations with my work associates, I constantly hear all the usual reasons that keep people from home ownership. They include: having bad credit, not having enough money for a down payment, they cannot afford the upkeep of owning a home, and many other seemingly legitimate reasons. Having said all that, I never heard anyone say that they had no interest in owning a home. In fact, everyone I talk to say their goal is to either save enough money for a down payment and eventually buy a home or wait a few years and fix their credit so a financial institution will grant them a mortgage. These are all plausible strategies to home ownership. However, what they have in common is that they postpone home ownership for the future and they do not allow for equity building in their dream home right now.

The main problem is that a majority of people think that the only way to own a home is through the traditional method of saving up for a down payment and applying for a mortgage. In the meantime, they are spending thousands of dollars per year in rent and helping someone else pay down their mortgage instead of doing that for themselves. We live in an era where the constant mantra is: “one must think outside of the box”. This quote could not be any truer especially in today’s economic environment where banks are no longer freely lending money to people. Credit scores today must be in the 650 range to be in the ballpark for mortgage financing. As a result, cancelling credit cards is not a real option because it can negatively affect your credit score yet having too many credit cards or a credit line also drops that score because you have too much exposure to debt. In short, the banks are finding reasons not to lend people money. Therefore, less people are being approved for mortgages and as a result they feel forced into renting. As a result, they postpone, if not forget about, their dream of home ownership and getting on the right track to financial stability.

However, why feel pressured to rent and waste your money when you can Lease Purchase, also known as, Rent to Own? The simple explanation of a lease purchase transaction is that a deal is set up with the home owner in which a standard lease is agreed upon. What is different is that the tenant/buyer is afforded the option, for an agreed upon non-refundable option consideration fee, of purchasing the property at any time during the lease term.

One of the many advantages of lease purchasing is that the tenant/buyer gets to live in the home and decide whether he likes the home or the area. It gives the tenant/buyer the time to determine if the home is in good condition or if it needs major repairs. In short, the tenant gets the opportunity to try out the home before exercising the option to buy. Better still, if the property is not what the tenant/buyer wants by the end of the lease period he does not have to purchase the home. There are no penalties, no hard feelings, or added fees. Remember it is an option, not a requirement, to buy.

As terrific as the above described scenario is, from the tenant’s perspective, it can be taken to the next level. A properly structured Lease Purchase contract can get the tenant/buyer even more advantages than a simple lease purchase deal. A well structured lease purchase deal will allow the tenant/buyer the benefit of having his rent money work for him instead of the landlord. This is possible through a proper deal being negotiated with the right wording and clauses in the contract. For example, one can structure a lease purchase deal that will provide the tenant /buyer with as much as 100% rent credit. A deal like this means that all the monthly rent monies can be credited towards the purchase price of the home if the tenant decides to exercise the option to buy. For example, if the monthly rent of $1000.00 is due on the 1st of each month and the tenant pay’s on time every month, a total of $12,000 is credited towards the purchase price of the house at the end of the year. One must remember, had the tenant rented that same home with a traditional tenant landlord agreement then the whole year of rent money would go directly into the landlord’s pocket and the tenant would have nothing to show for it.

Another advantage is that a tenant/buyer is able to get into a home for as little as 2 to 10% of the purchase price of the home. This payment is referred to as a non-refundable option consideration fee, as mentioned previously. This money is given to the landlord as payment for the option to purchase the property. Depending on the structure of the deal, this money may be also credited towards the purchase price of the home. For example, if the deal required 5% option consideration money and the agreed sale price of the home is $100,000 the tenant /buyer would have to provide $5000.00 upon the agreement of the lease purchase contact. In addition, if the deal was structured to include 100% rent and option money credit then the deal would be as follows: (using the numbers above) $12,000 of rent credit would be applied for the one year of on time rent payments. In addition, $5000.00 of option consideration money would also be credited towards the purchase price for a total credit of $17,000 on the purchase price of the home. That is money that is working for the tenant and not the landlord.

There are many reasons why people decide to rent over owning a home. However, if your ultimate goal is to be a home owner, and you are currently renting, why not consider Lease Purchasing?It allows a renter the time to: build equity through monthly rent credits, build up struggling credit scores so that the banks can approve the mortgage at the end of the lease term, and time to test drive the home and neighbourhood before committing to living there long term.

All the benefits of a lease purchase deal described above demonstrate that good tenants really cannot afford to continue renting in the traditional manner. The only solution for tenants that are looking to get ahead and realize their dream of home ownership, sooner rather than later, is to get into a lease purchase deal and begin building their own personal equity and financial futures today!

My name is Sam Giuliano and I am a Lease Purchase Specialist. I am the owner of RTO Home Solutions which is a lease purchase company located in Toronto, Canada. RTO Home Solutions looks to help home owners find that dream tenant and tenants find their dream home. Lease Purchasing is the answer to plenty of issues that currently exist in the real estate market today. We understand that credit markets are tight in today’s world and getting a mortgage is not easy. Having said all that, we believe that tight credit markets should not hold anyone back from realizing their dream of home ownership. As for the owner/landlords; it is time that you finally got the great tenant you have always deserved! It really is a WIN-WIN solution for everyone. If you are interested in Lease Purchasing homes or would like to learn more about this real estate tool and do your own private deal, set up your own lucrative business, or coach others please contact me at sam@rtoanswers.com.

Author: Sam Giuliano
Article Source: EzineArticles.com
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When buying vacation homes overseas there are a number of points to consider and here we will look at the basics.

If you have already have an idea of where you will buy your vacation home overseas or you are just deciding where you should, the tips below will help smooth the buying process.

You vacation home overseas can provide you with a holiday home, valuable rental income and also an appreciating asset that could make you wealthy so lets look at how to buy your perfect vacation home.

1) Research Your Location Before Buying

You need to do research and this means visiting and getting a feel for the area you wish to buy your vacation home in and find out exactly what its like to be there. Once you have done this you need to research the following in relation to your real estate purchase

1. foreign ownership of real estate rules,

2. property taxes,

3. Stability of country and political considerations

4. Investment and rental potential

5. The overall quality of life you need to visit for a few days at least!

2) Get Assistance

Finding a realtor able to assist with your search for the perfect vacation home could save you time, effort and money in the long run.

Most realtors make commission from sales so keep this in mind when buying real estate in a country abroad be careful as many don’t have to be licensed and anyone can call themselves a realtor but get a good one and its money well spent.

A local agent will understand their property market in depth and will help you buy the vacation property that suits you and relieve you of a lot of work.

3) The Rate Of Exchange

When buying overseas keep an eye on the exchange rates that can go for or against you. Exchange rates vary all the time and can have a significant impact on what you can afford

4) Legalities

Legal considerations vary as do land registry systems. In many countries title deed transfers are not registered which can make it difficult to prove you won the property. Get a lawyer. Like a good realtor its money well spent. Legal matters are complicated in many countries so don’t try and do it yourself – get an expert on your side.

5) Protecting & managing your home

Have a local management company look after your home. They can ensure the property is safe and if you wish to rent your vacation home when you are not their they can advise.

With your vacation home overseas it’s a good idea to rent as properties left by themselves can be a temptation to squatters or thieves. Make you sure you have insurance and that your property is looked after.
6. Why Are you buying?

If you have a favorite area for your vacation home overseas fair enough, if you are still looking you may want to pick a country where capital appreciation on your vacation home can make it a valuable asset. You get to enjoy your vacation home and make somec capital growth as well!

A Popular destination

A popular destination for many years has been Costa Rica for buying overseas vacation homes and this country just 3 hours direct flight form the US has it all.

It’s a beautiful, stable, peaceful, friendly country.

With fantastic nightlife and adventure sports, it offers same rights as residents on purchase, is 70% cheaper than the southern US states such as Florida and offers huge capital growth potential as well as good rental income!

If you are considering buying a vacation home overseas then consider Costa Rica.

FREE REAL ESTATE ADVICE NEWSLETTERS, PDF, DVD’s AND MORE

For more info on all aspects of investing in overseas real estate visit our website for a huge resource of articles, features and downloads and at http://www.net-planet.org/index.html

Author: Sacha Tarkovsky
Article Source: EzineArticles.com
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Selling your home to a cash for property company can be advantageous for many reasons, and doing so doesn’t necessarily mean that you have to pack up and move out either. Nowadays, there are several property buying companies who are willing to buy your home from you and often times will allow you to rent the house from them after they take ownership.

One of the advantages of selling your home to a property buying company that you can get it done quickly. In today’s market, homeowners sometimes have to several months or even years to be able to sell their homes. If you’re able to sell your home quickly, you won’t have to worry about missing out on your dream home. Not to mention that any offer you make to a seller will be taken more seriously as they know you have the funds – you may even be able to save some money too. The process of selling your home to a property buying company usually takes less than two weeks. Plus, there are no real estate commissions to pay since no agent is required and the property buying company pays for all the legal fees involved.

Many of us often get into bad credit card or other debt and many times take out loans that use your homes as collateral, so falling behind on payments puts you at risk of losing your home. Selling your property for cash quickly can also help you avoid foreclosure and get you out of any other debts you have.

Another reason to sell your home to a property buying company is if you have to sell quickly due to divorce or separation in a relationship. Selling to a property buying company ensures that you will receive a lump sum of cash for you property in as little as two weeks. After the sale, you can either move to another location or rent the home from the property buying company, which should certainly be more affordable than a mortgage.

If you have to move because of a job relocation, quick cash for your property can be a huge relief. Doing so means you don’t have to worry about carrying a second mortgage or managing a bridge loan. You also wouldn’t have to worry about trying to keep your first property maintained while waiting for it to sell.

There are several reasons why it could be beneficial to sell your property to a property buying company. Quick cash for your home releases the equity in your home allowing you to settle your debt and start fresh. It’s up to you, though, whether to find another residence or to remain in the home paying a lower rental rate instead of a mortgage.

Oliver Wingrove an experienced real estate specialist, his company Sell House Fast helps those looking to sell achieve a house quick sale.

Author: Oliver Wingrove
Article Source: EzineArticles.com
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You have to do a lot of research if you want to buy your dream home. You must educate yourself on the basic procedure of how to buy a house for you or your family. This article may be a good place to start.

You should first consider your reasons for buying a home. Why do you want to own a house? You may want to own your own dwelling place so you can have the freedom to decorate and arrange it the way you desire. You can decide which color you want your kitchen or bedroom to be. You can also change the garden or build a patio. The choice is yours to make.

Another good reason you might have is the fact that over time the value of a house generally increases. The specific value of a house may increase or decrease according to economic cycles. Yet it is a good investment for the future. You will be living under your own roof which will provide you with shelter, security, space and a fence against a conniving thief called inflation.

You can use the benefits of home ownership to save on your taxes. The interest on your mortgage may be tax deductible when you pay your tax return. If you are buying your first home, the property tax may be deducted from your tax payment. You will have to check with your country’s income tax service to be sure which tax deductions are applicable where you live.

Buying a house can be a complicated and stressful experience. It will help you a lot if you have a clear picture of what kind of a house you wish to own when it comes to location, price and design. You have to be reasonable and refrain from buying a house that you may not be able to afford in the future. You can enlist the help of a good real estate agent to help you find houses for sale that you might be interested in. An estate agent can also help you with the whole process of buying a home.

To start the buying process, you need to have the money to pay for a deposit on the house. You will need to pay a deposit of about 10 to 20 percent of the total value of the home you want to buy to the seller. Unless you are stinking rich, you will probably need to lend the rest of the money from a financial institution.

A possible choice might be to get a mortgage from a commercial banking institution. Keep in mind that commercial banks also provide other financial services and that they do not focus exclusively on mortgages. The best source for obtaining a mortgage might be to talk with a few mortgage brokers. They can offer a much wider range of mortgage services to you than an ordinary bank.

The ratio of your monthly income that you are able to spend on the home loan repayment is important. The maximum percentage of your income that you can spend on repaying the loan may be anywhere from 30% to 40%. Obviously, you cannot spend all your income on repaying the debt associated with buying a new home. You have other bills to pay as well.

When applying for a loan from a lender, make sure that you provide all the relevant information. Do not try to hide things, since this may create problems during the home buying process. There are many more things to learn about how to buy a house. Therefore, complete your research into the problems and possibilities of home ownership and try to avoid making serious mistakes.

Searching for news about Bank of America home loans? — Bank of America Home Loans

Looking for information about real estate lawyers? — Real Estate Lawyer

Author: Gert Hough
Article Source: EzineArticles.com
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