[claptoon]

So here I am on the verge of buying a modern- ish property for £135K, price to convert around £50K to end up with a 3 bedroom villa with pool on lefkas. Good financial investment? I intend to use May and late september, rent for other 3 months. I need input and advice! Anything from sourcing insurance to what hidden costs there might be. Shipping furniture from the UK or buying from Athens Ikea.... you know the type of questions that need answered to 'do the sums'!

Thanks

Pete

 

[emg232]

Sounds like a good investment. I have had a villa built on Kefalonia for much more! but it is gorgeous. We rent out the villa with Ionian Islands holiday company for 3 months which pays the running costs including the villa management company who service the pool and do the change overs. I used a local insurance company for the villa but an english one for the public liability - the prices depend on the size of the property.
The villa should be registered with the tourist board and you have to apply for the certificate which takes ages to be approved but financially this certificate can be beneficial regarding tax on your income.
You need to register for a tax number in order to open a bank account but this is easy - our real estate agent helped us with this and finding a good solicitor. And don't forget to make your tax returns as this can prove expensive - I have a Greek accountant.
With regard to furnishing your property - we did both - buy from Athens Ikea and ship out - the problem with Athens is getting your stuff over, we had help via a Greek friend who knew a man with a lorry travelling from Athens to Kefalonia. I have a good contact for someone who regularly makes trips from UK to Kefalonia with a van which I use regularly. Other than that I have bought some things especially beds from a furniture shop near Argostoli.
Personally I have found very few surprise costs - so far so good.

 

[claptoon]

Thanks

Thanks for the information. We are on Lefkas which as you will know has a bridge to connect the road so getting stuff onto the island is easy enough. Sounds like I'm doing the right thing

Pete

Sounds like a good investment. I have had a villa built on Kefalonia for much more! but it is gorgeous. We rent out the villa with Ionian Islands holiday company for 3 months which pays the running costs including the villa management company who service the pool and do the change overs. I used a local insurance company for the villa but an english one for the public liability - the prices depend on the size of the property.
The villa should be registered with the tourist board and you have to apply for the certificate which takes ages to be approved but financially this certificate can be beneficial regarding tax on your income.
You need to register for a tax number in order to open a bank account but this is easy - our real estate agent helped us with this and finding a good solicitor. And don't forget to make your tax returns as this can prove expensive - I have a Greek accountant.
With regard to furnishing your property - we did both - buy from Athens Ikea and ship out - the problem with Athens is getting your stuff over, we had help via a Greek friend who knew a man with a lorry travelling from Athens to Kefalonia. I have a good contact for someone who regularly makes trips from UK to Kefalonia with a van which I use regularly. Other than that I have bought some things especially beds from a furniture shop near Argostoli.
Personally I have found very few surprise costs - so far so good.