If you are buying to let in Crete or Greece ensure that you research the
local market before you buy. Oversupply and competition in some areas
means that there are no guarantees that holiday rental will be
profitable.
Achieving high occupancy rates will depend on many different factors
including the property's location and facilities, how well you, or an
agent, market your holiday property and current holiday trends.
Don't forget to factor in running costs such as property & pool
maintenance, cleaning, bills, insurance as well as taxes and licence
costs.
One of the positive aspects of renting out your holiday home is that
your property and pool will be maintained by the property management
company rather than standing empty for the majority of the year, and
even a small rental income should cover this cost so it is a good way of
protecting your investment.
Earning some extra income from your holiday home is a plus, however
do not rely on renting to pay for your investment i.e. to pay a
mortgage. Even if it seems like a profitable venture at the time
remember that the short or long term market may easily change.
In order to legally rent your Greek or Crete property on a short term
basis to holiday makers you must obtain a licence from the Greek
National Tourist Organisation (EOT in Greek).
Check list for holiday rental:
- Consult a Greek accountant regarding tax liabilities
- Obtain an EOT licence
- Employ a local property management agent
- Market your property. Approach local tour operators and travel
agents or sign up to Internet holiday letting websites such as
holidayrentals.co.uk and villarenters.com.
Long term lets - usually 3 months or more - do NOT require an EOT
licence. They attract a lower (monthly) income and officially a contract
should be drawn up with the tenant, deposited with the tax authorities
and declared on your Greek tax return.
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| Copyright 2004-2010 Carol Palioudaki. Property in Crete Buy to Let Living in Crete www.livingincrete.net |
| Living in Crete |
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| Buy to Let in Crete |
| Buy to Let in Crete & Greece |
Index > Property in Crete > Buy to Let
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_________________________________________________________
Learn more about buying and renting property in Crete
and Greece and how to avoid potential pitfalls from the
guide
"Living in Crete. A Guide to Living, working, Retiring &
Buying Property in Crete"
__________________________________________________________
Learn more about buying and renting property in Crete
and Greece and how to avoid potential pitfalls from the
guide
"Living in Crete. A Guide to Living, working, Retiring &
Buying Property in Crete"
__________________________________________________________
Living in Crete Index > Property in Crete > Buy to Let
Forum
| Related pages in Property in Crete section: Buying Property EOT Licence Pitfalls Home/Index |