There are four main stumbling blocks preventing people from buying a property in Crete. Snobby Homes set out to find workable solutions to help find a solution to these problems.
WHICH ONE ARE YOU?
We’re trying to sell our house, down-size and use the balance to buy a house in Crete.
PROBLEM While current indications appear to show a tentative increase in UK house sales, until first-time buyers can be attracted back into the market it would seem there will probably be no significant improvement in the time it takes to sell a house until the end of next year. SOLUTION If you have the deposit, Snobby Homes will give you the time to sell.
Even with the fall in UK property prices there is still collateral in our home, but no bank will grant us a loan.
PROBLEM Despite all the saber rattling, banks are just not lending. SOLUTION If you have the deposit, Snobby Homes can help you arrange finance for the balance with a Greek mortgage.
We have the money but what with the exchange rate we can’t afford anything.
PROBLEM Eighteen months ago a two bedroom detached home in Crete would have cost the equivalent £115,000 and up to 15% on top of that to cover all purchase costs. Today, with a drop in sterling of some 30%, that same house would be costing around a total of £155,000. SOLUTION Snobby two bedroom detached homes are all around your original £115,000 budget - and that figure includes all purchase costs too!
We have enough for a deposit, but can’t find the balance.
PROBLEM Unlike property in the UK, in Crete, prices have not really been effected. The longer you leave it, chances are you could end up chasing a rainbow. SOLUTION Snobby can help you arrange finance for the balance, with a Greek mortgage.
What with everything else we just cannot afford to buy anything at all.
PROBLEM No matter what, you just cannot beg, borrow or steal enough money to buy a home in Crete. SOLUTION Fancy a two bedroom detached Snobby for peanuts? Much is being talked about fractional ownership, but invariably this is quite complex and you end up buying a property with complete strangers. Not so in Crete. Under Greek property law, several buyers can become the legal owners of a single property. That means if you club together with friends, or family members, to buy a Snobby, each individual can legally own a direct percentage of the freehold. What’s more, all the owners can take out a joint Greek mortgage and raise a loan up to 75% of the purchase price. Just think. If there were six owners, you could afford a Snobby for less than £20,000!
Have we helped solve a problem? If you have a question or wish to know more details about the above, just e-mail us at snobbyhomes@yahoo.co.uk
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