Frequently Asked Questions

Question about selling

Yes, a home can depreciate in value due to several factors. Market conditions play a significant role—if the local or national housing market is in decline, property values may drop. The neighborhood itself is also critical; if crime rates increase, schools decline, or infrastructure deteriorates, homes in the area may lose value. Additionally, the physical condition of the property matters. Homes that are poorly maintained, have structural issues, or become outdated in terms of design and functionality may lose appeal to buyers, reducing their value. On the other hand, proper upkeep, strategic upgrades, and a strong local market can mitigate depreciation and even increase a home’s value over time.

Is an older home as good a value as a new home?

An older home can be just as good a value as a new home, depending on several factors. Older homes often have unique architectural details and charm that newer homes lack. They are frequently located in established neighborhoods with mature landscaping, a sense of community, and proximity to amenities. However, they may come with higher maintenance costs, as systems like plumbing, electrical, or roofing may require updates or repairs. Buyers should also consider energy efficiency—older homes may lack modern insulation or efficient HVAC systems, which could lead to higher utility bills. Newer homes, on the other hand, are typically move-in ready, built with modern standards, and may include warranties. The choice between the two depends on a buyer’s budget, preferences, and willingness to invest in repairs or upgrades.

What are the most important factors when determining a home's selling price?

Location: The neighborhood, school district, proximity to amenities, and overall desirability of the area significantly affect the price.
Condition: Homes that are well-maintained, clean, and updated are likely to sell for more than those needing repairs or renovations.
Size and Features: Square footage, number of bedrooms and bathrooms, and additional features like a pool, finished basement, or updated kitchen contribute to value.
Market Trends: If the market favors sellers, prices tend to be higher; in a buyer’s market, prices may decline.

Should I renovate my home before selling?

Renovating your home before selling can be a smart investment, but it depends on your home’s current condition, the local market, and the type of renovation.

Minor Renovations: Simple improvements like fresh paint, modern light fixtures, or new hardware on cabinets can significantly increase appeal without a large financial outlay.
Major Renovations: Larger projects, such as updating a kitchen or bathroom, can also boost value, but only if the return on investment (ROI) is worthwhile. For example, a high-end kitchen remodel might not pay off in a mid-range neighborhood.
Market Expectations: In competitive markets, buyers may expect certain updates, such as hardwood floors or stainless steel appliances.

It’s essential to consult with a real estate agent to understand which improvements are most valuable in your market.

How long does it typically take to sell a home?

The time it takes to sell a home varies based on several factors:

Market Conditions: In a seller’s market, where demand exceeds supply, homes may sell within days or weeks. In a buyer’s market, it could take months.
Marketing Strategy: Professional photos, online listings, and open houses can expedite the sale.
Seasonality: Spring and summer are traditionally the busiest times for real estate, leading to faster sales compared to winter.

Question about renting

What documents do I need to rent a property in?

To rent a property in Greece, you will typically need:

Proof of Identity: A valid ID card (for EU citizens) or a passport (for non-EU citizens).
Tax Identification Number (AFM): A personal tax number issued by the Greek tax authorities, mandatory for signing rental contracts.
Proof of Income: Recent pay slips, employment contracts, or tax returns may be required to demonstrate your ability to pay rent.

Is a security deposit required, and is it refundable?

Yes, most landlords in Greece require a security deposit, usually equivalent to one or two months’ rent. This deposit is refundable at the end of the tenancy, provided:

You fulfill the lease terms and stay for the agreed duration.
The property is returned in good condition, with no damage beyond normal wear and tear.
All utility bills are settled before moving out.

Are utilities included in the rent in Greece?

In Greece, utilities are typically not included in the rent unless explicitly stated in the rental agreement. As a tenant, you will likely need to pay for electricity, water, heating (often through oil or gas), and any building maintenance fees (koinochrista). Always clarify with the landlord which utilities you are responsible for, as well as the average costs for these services, to budget accordingly.