Mortgage / Rent to buy
The first payment could be, for example 50000€; the rest as a mortgage or build a Photovoltaic house and receive 7400€ a year!
Maybe you want to rent before you buy or to get a discount of 10% of the purchase price if you pay cash?.
Rent to buy
Do you have 200€ to spend per month for a holiday home? If so, you can consider buying a house. How?
- Pay monthly rent for up to 60 months.
- Rent out your house in periods you are not there and get an income.
- Agreed fixed price for the house.
- Rent will be deducted from the purchase price with 50% of the total payment.
Rent before buying (60months) combined with vendor finance.
Monthly rent 950€ for 60 months and a deposit of 5700€ (given back or deducted from the purchase price). The rental Income is estimated at 720€ per month. (Scroll down for rental terms). 50% of total rent in the 60 months period, 28500€ ,will be deducted from the purchase price.
Installment after 60 months is 40800€. An amount of 100000€ over 10 years at 1.9% interest will be offered and the monthly cost is 920€.
As you can see if you have net about 200€ per month for such an investment, and that you can pay an amount of 40800€ after 6 months so your house is fully financed..
Vendor finance
Do you have for example 50000€ and you would like to buy a house for 175000€? Read how to do this. VIDEO!?!
Pay for example 50000€ and you will receive vendor finance for the remaining 125000€ over a period of 10 years with 1.9% interest p.a. Monthly cost of the loan is 920€.
If you rent out and receive income for the proposal we have suggested, you will have an income of 720 €. This means that you have a net cost of 200 € monthly and the house is even available for yourself for many weeks in the summer and all winter..
Build a Photovoltaic- receive money!
Receive up to 7400€ each year for 25 years from the Greek state’s electricity company!
Install a photovoltaic system of 10kw. The purchase and installation of the system is included in the price of 225000€. Read more in detail here.
The power this system provides you sell to the Greek electricity company (DEI). You will receive up to € 7,400 each year for 25 years free from tax.
A project such as this has to be funded fully by the purchaser, either by cash paid or by a mortgage from the bank.
What possibilities!
1. Expenses
In this example you borrow the entire purchase price of 225000€ from the bank at 4% interest rate over a period of 25 years. This will have a monthly fee of 1188€.
2. Income
Receive from DEI up to 616€ and perhaps combine renting out according to our proposal mentioned above and receiving an additional income of 720€, total 1336€.
Then you actually have a net monthly income with a fully funded Photovoltaic house!.
Cash payment
Get 10% discount on the purchase price by cash payment!
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By clicking on the different options above you can look at a concrete example of how to finance your property in Greece. We try to arrange financing individually and can see the possibilities of combining rent, deposits and vendor finance.
Duration of rent can be adjusted based on individual needs. The vendor finance period can be shorter than in the examples shown as 10-years mortgage. The loan has a fixed rate of interest for the first 3 years.
Of course, these are just examples. We want to show how the majority of those considering buying property abroad can easily realize their dream to buy a stone house in Greece.
Our experience is that people in general are amazed how simple it can be and how economically beneficial it actually is to buy their dream home!
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Example (used above):
Price of the house = value of the house 175000€
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Rental Rates (used above):
July / August 100€ per day the number of rental days 45
June / Sept. 70€ per day of rental 45 days
April / May / October / November 50€ per day of rental 20 days
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Interest; vendor loans: 1.9% p.a. (Fixed for 3 years)
