You want to own a home in Chania.

Being a home owner abroad is a significantly important decision making that comes with a lot more responsibility, concerns and obligations.

Taking care of your property in Greece and extra costs are among the most important parts of the deal. But the advantages of being a wise decision-maker and a smart property investor may make it all meaningful and worthwhile:

First Things First. When you are searching for a property or you just want to buy a house in Chania or in any foreign country, you must be clear about your objectives.

The dominant question should be whether you are buying a home in Chania primarily as an investment asset or as a lifestyle purchase intended to bring you a better quality in terms of life satisfaction, the presence of positive experiences and feelings.

Urban or Rural? You can chose Chania for your next property purchase but you need to ask yourself if a pedestrian friendly, walk-able city that would allow you to live downtown without owning a vehicle is a dominant factor for your design making. Ask yourself:

• Is owning and driving a car in Chania, Crete is too discouraging?
• Does an isolated location in Akrotiri area, Kissamos, Apokoronas or Platanias concern you because of potential security issues? According to our research personal security is a core element for the well-being of property owners in Chania, Crete.
• Do you feel safe out walking, alone at night, for example? In Chania, about 88% of people say that they feel safe walking alone at night, more than the OECD average of 68% for the year 2020. Moreover, according to the latest OECD data, Greece’s homicide rate is 0.8 (Crete 0.6), lower than the OECD average of 3.7.

Image by Klaus Hausmann from Pixabay

Ability to make a neighborhood your home. A strong social network or the closest community can provide emotional support during your overseas stay as well as provide access to activities, services and other opportunities. In Chania, Crete, 89% of people believe that they know someone they could rely on in a time of need.

A weak social network abroad or a problematic community can result in limited social opportunities and activities, a lack of contact with others, and eventually, feelings of isolation. Generally speaking, socially isolated property owners can face difficulties integrating into society as a contributing member and fulfilling personal aspirations.

Establishing equity. Paying your loan might feel similar to paying rent, but it’s not. Every month, a little more of that detached house, villa or apartment in Chania becomes one of your strongest financial real estate asset. This is called establishing equity in your property. Once that equity is built up enough, it produces more wealth and capital.

Can you really afford to buy a house in Chania, Crete?

There is a plethora of things to consider when deciding if you can really afford a house. For example, you’ll need a significant amount of money to invest for your down payment and closing costs. Most property buyers in the Prefecture of Chania put anywhere from 5 to 15 percent down, and at closing, you can expect to spend about 2 to 6 percent of the property sale price.

Moreover, consider monthly utility payments and ongoing property management costs. In addition to the standard costs, you’ll have homeowner’s insurance, property taxes and loan insurance. Repairs and maintenance costs will vary widely, but you can expect to spend around 0.5 -1.0 percent of the home sale price every year—and more if it’s a fixer-price from a property management company.

We break down these costs more for you in our Chania Property Buyers Expenses guide, here.

Even with all that info, it can be difficult to do a side-by-side comparison of home ownership costs with your current property costs in your home country.

You’ve found a neighborhood you love.

When you own a home, you’re committing to living in one location for a while. In a recent Chania Real Estate survey, we found that eight out of ten respondents said finding the right neighborhood in Chania was equally if not more important than finding the right house.

They said they’d ignore property features—like swimming pools, storage space, a garage, or a spacious garden—in exchange for a great neighborhood and great access to the closest beach.

Indeed, homeowner joy and satisfaction rely so much on where that home is located. A great way to find out what it’s like to live somewhere before you commit is reviewing our Living in Chania guide.

When you find a place in Chania, Apokoronas, Akrotiri, Kissamos, Agia Marina, Platanias or Palaiochora you can’t wait to call home—you’re ready to start looking for the ideal property there from here.

So, you ready? Whether your reaction in ” Should I Buy a House in Chania, Crete, Greece? ” is, “Yes!” or “I will be a property owner in Chania very soon,” we’ve got the answer to your next critical question ready to go: what are the costs and property taxes involved of buying a house in Chania? Find out—and start seeing what’s available—here at ARENCORES and Chania Real Estate.

Photo by Jan Antonin Kolar on Unsplash