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FAQs - Scopas.gr

FAQs

Purchase

Purchase a completed house or buy land and then build a new one? What is the best?

The purchase of a plot with a beautiful view, where a builder - constructor will build the house for you, has many privileges compare to buy a ready one. You don't have to pay:

  • the commercial profit to the previous owner of the ready house
  • 10% tax on the value of the whole property, just on the value of the land

The local market offers many more plots for sale, than houses. Hence there are more choices for the location of the future house.

So, building a house seems to be the best option and it would be like that if the builder - constructor does a good job. On the other hand, the purchase of a ready house is more expensive, but it requires a less time and you don't have to be involved with builders at all.

It is obvious that both of the options have advantages and disadvantages. It's up to you to decide which way fits better to you.

First Purchase the land and then build a house?

This process provides many choices for the location, the design and the final cost of the future house which will be tailor- made fit to your need and wishes. It sounds a very attractive option and it can be so, if you are careful on the plot and the builder you will choose. When you are looking for a plot it would be good for you to:

  • Be realistic with the size of the plot and consider the cost of the landscaping and the boundary walls
  • Check the condition of the road and the cost of electricity, water and telephone connection
  • Considerif the view is guaranteed or if it might be blocked on the future
  • Use an independent lawyer to check the deeds of the plot

Purchase of an old house (in need of renovation)?

Most of the old houses are located inside traditional villages and they combine, usually, low purchasing cost, particular character and beautiful environment.

Before you decide to buy an old house that needs renovation, it is useful to check few basic details that influent the cost of the renovation :

  • Are the exterior walls in good condition or they need to be rebuilt?
  • Is the road big enough for cars or lorries to transport the building materials?
  • Does the house have sewerage system (cesspool)?

In every case, we propose to check the house with an expert, a constructor or a civil engineer, before you decide for it.

Purchase of a completed house?

The purchase of a completed house, new built or even renovated, is a fast and easy process. The customer has to choose one of the properties offered, to agree its price and to complete the purchase. Theoretically it seems a very simple and quick procedure. Actually there are few but very important details that need to be considered before you make your mind finally up:

  • Is the view and the location of the property nice or you would prefer something different?
  • Is the design of the house close to your aesthetic choices and practical needs?
  • Are you feeling sure for the standards of the construction?
  • Are there any changes that need to be done and what is the cost for them?
  • What is he price for the tax you should pay?

Built

What is the total cost to build a new house?

To estimate the final cost of building a new house you need to consider the cost of many different things :

  • Land. The cost of the land depends totally up to you. The local market offers building plots from twenty thousand euro and up
  • Planning permition. The cost of issuing the planning permition for the house depends on the size of the house and also from the architect. An average price for a house of 130 - 150 sq. meters is 13.000 - 15.000 euros. It used to be much cheaper but since 20th February 2007 the architec's fee have been increased 105%
  • Main building. The most of the builders they are splitting the cost of the main building into two stages, the shell of the house and the interior completion. The common procedure is the builder to charge you a price per sq. meter according to the exterior or interior dimensions of the house. This price it might be from 1200 euros until 2000 euros per sq. meter for both stages. Our opinion is that you should never accept a price based on the sq. meters of the house. The price should be a result after calculating the price and the quantity of job and materials. Only like that you can control your builder and you know what you are paying for
  • Landscaping and boundary walls. This is the last constructional stage of the house. Unfortunately, we cannot give an average cost or a guide price per sq. meter for this stage, because it's totally different for every house. It has to do with the size of the plot, the difficulty of landscaping, the owner's preferences on paving, driveways and the type and the high of the boundary walls
  • Bureaucratic completion. This is all the paper work that needs to be done for the official completion of the house. This stage includes the costs like, water and telephone connection, "constructional" electricity supply (not permanent), builders insurance, VAT, civil engineer's supervision, contract with the public electricity company (DEH) for permanent electricity supply

"Builder", what should I know

Before you decide to assign the construction of your new house to a builder, it would be good for you to pay attention to the following subjects:

  • Does he accept time penalty in case of delay?
  • Is the cost guaranteed up to the date of completion?
  • Are the materials written in detail on the construction contract?
  • Are the expenses for builders insurance, VAT, water, electricity, telephone and civil engineer's supervision included at the agreed price or are they extra?
  • Does he accept to hold back 10% of the total cost as guarantee for satisfactory finishing?
  • Is the construction contract written in a language that you understand well?
  • Does the builder have experience on his job?
  • Can he show you houses that he has finished?

Build a new house?

The construction of a new house offers advantages such as :

  • You pay less taxes when you buy the land and build a house, than when you buy a ready one
  • The cost of the construction is adjusted by you, to fit your budget
  • The design of the house is made according to your practical needs and the materials are chosen to satisfy your personal taste

However, at the same time there are also important disadvantages, such as:

  • It takes long time, in an average twelve months
  • The quality of the construction depends on the builder
  • The bureaucratic completion of the house requires special knowledge and a lot of work

Taxes & Fees

What is the tax and the fees of buying a property in Greece?

Apart from the value of the property, the purchaser is surcharged with the following expenses:

  • Transfer Tax. You should calculate roughly the 3% of the value of the property. The determination of the transfer tax depends on the value of the property itself, the building regulations of the location of the property, the existence or not of the Fire Brigade, the distance from the sea and few other small details. The transfer tax must be paid before the sign of the contract
  • Notary Fee. The notary fee comes up to 2,2% of the value of the property and the Land Registry fee is 0.5%. So, all together comes up to 2,7%
  • Lawyer's Fee. This fee depends on the work that the lawyer will do for you. The check of the conditions of the contract is charged normally 1%. The legal check on the titles and the translation is extra and in average is another 1%
  • Real estate commission is 2% on the market value of the property

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