What to consider before purchasing a property in need of renovation in Chania, Crete …
Chania Property for Sale? What do you need to know before buying a property in Chania, Crete, Greece. Read the pros and cons of acquiring a house, plot, villa or a maisonette in Chania and get insightful information about the real estate trends in Chania real estate market. Discover exceptional Chania properties to buy and keep youself informed about the latest Chania real estate news.
Chania real estate market has an incredible selection of properties in all shapes and sizes, from modern and luxurious villas to small detached houses and apartments. There can be some issues when buying or renovating a property in Chania – watch out for unexpected costs due to unforeseen problems and potential restrictions on building permissions.
Nowadays, there are several “chania property for sale” signs. Careful planning is essential for ensuring a reliable and trustworthy real estate transaction, along with some local knowledge of the different types of properties available for sale. ARENCORES, Chania property experts, categorize the different types of property on offer and the pros and cons associated with each of these real estate assets.
Chania property for sale: Land without a license
Buying land without a license can be a risky business. You may well love a certain piece of land, but if it’s in a UNESCO World Heritage site in a protected or rural zone, or close to the coast, then you may not be able to renovate it. It’s important to know exactly what you’re buying and what, if anything, you can build there.
Chania property for sale: Land with license
In certain areas of high demand land with a license, and especially with a good view, is an incredible rental opportunity and one you may pay a lot for. Always check exactly which stage the licence is at. The owner may say the licence is pending, or even that the licence exists, but there are several different stages involved and the final stamp could still be a long way off.
Chania property for sale: Old Town properties
Some Chania Old Town properties properties can be hundreds of years old and may have been refurbished, or not, to different degrees. You might be restricted by planning permission even for small renovations. Also remember that a property in Chania Old Town requires constant maintenance and all the associated works should be under the licence of the archaeological authorities, Chania Old Town residences can be dark as windows are often small and kitchens and bathrooms can be old and small, so you’ll have to do extensive renovations to meet your requirements. When finished to a high standard you can have the dream Chania property: modern stylish living in a beautiful property full of the Mediterranean charm.
Chania property for sale: New builds
New builds are a much easier buy – you buy the land, plan the house and build it from scratch to your exact requirements, normally with an agreed price from a dedicated engineering consultancy firm. Unlike a renovation, unexpected issues are less likely to crop up so you know where you are financially in terms of your budget. The legalities are simpler too, which also carries a premium, leaving less room for resale profit. This case could be ideal for an effective investment purchase, however a property in Chania will certainly give a good rental income if you don’t need to live there all summer yourself.
Chania property for sale: An existing new build
If you find a developer with permission to build, you can buy off the plans and choose your own decoration and mixed of fixtures and fittings. Chania property market prices are lower meaning more room for return of investment, but do make sure the building and construction in general is of a high enough quality.
The experience of buying a modern new build property will be very different to buying, say a house that is 100 years old, and while there are many pros and cons of each type of house, the choice will really come down to what you are looking for in a home.
The case for new builds
- There is no housing chain involved. The housing chain can cause lots of stress so buying a new build can make for plainer sailing.
- The environmental effect. Generally speaking older houses are likely to be less efficient. In fact, a recent research shows that buying a new property could result in annual savings of around 55% on petrol and electric bills when compared with an older property.
- Although new builds are often criticized for all looking the same and are built to similar standards and specifications, those specifications are very high which means you can be safe in the knowledge that there will be no nasty surprises waiting for you. When new homes are built they have high standards to meet for fire safety, energy efficiency, sound proofing, building materials and ventilation, which should provide some peace of mind.
- New build houses are ready to move into straight away. With an older property you might need to keep a certain proportion of your budget for renovating a bathroom, installing a solar panel or insulating a roof, moving into a new build is much more a case of customization rather than renovation and therefore will likely cost you less money.
The case for older properties
- Older houses (in Chania Old Town for example) are more likely to have lots of interesting and unique architectural and construction features that might not be commonly found elsewhere, such as unusual structures, period flooring, doors, staircases, chimneys and fireplaces and also basements and attics which are less common in new properties around Chania.
- Price. Although the house may need some renovation, as long as the property is structurally sound then you might end up having to pay less money than you would for a new property. This could allow the potential investor-buyer to find a property for a low value, fix it up and then place it back on the market either to sell for a profit or as a buy-to-let property.
- While it’s true that older properties can be harder to heat, this doesn’t necessarily mean that a new build property is the answer to reducing your carbon footprint. You can improve the energy efficiency of an old home by insulating draughts and attic space, installing double glazing and using carbon saving appliances.
- Location. Whereas modern homes tend to be built on the outskirts of a Chania on newly developed land like Apokoronas, Akrotiri and Kissamos, older homes are often in the thick of the city nearby to important amenities like shops, bars and local authority services.
The Choice is Yours
Ultimately, when it comes to choosing a Chania property investor’s motivations will usually be the decisive factor. It is important to remember that every house is different, with unique characteristics and there are always significant exceptions to the rule.
Get in Touch
Chania property for sale? At Real Estate Chania we have plenty of experience helping people to find their dream homes in Chania, Crete. For advice and more information please call our office on +30 2821112777 or alternatively visit ARENCORES’ property search page to discover more properties online.