Property purchase: Everything you need to know before you close the deal

Basic information about the property

The first questions you should ask relate to the property and its condition. In this way you will be able to decide quickly whether it is worth considering its purchase. Of course, having knowledge of the condition of the property will also help you negotiate the price.

For what reason is the property being sold?

It may seem strange to ask why the property is being sold, but it is actually a very reasonable question. It is the first factor that will help you decide whether you want to proceed with the purchase. If, for example, the owner is selling because the property requires many renovations, changes and repairs that they are not willing to undertake, then this can give you room to negotiate the price.

How long has the property been on the market?

This information is very important for you, as it gives you a negotiation advantage. If the property has been on the market for many months, then the owner may be more willing to lower the price, as they will want to proceed with the sale immediately.

Have many prospective buyers viewed the property?

If the answer is yes, you may need to make a quick decision. A high number of viewings may indicate that you should act quickly to secure the property, as there may be strong demand.

What are the total built and usable surfaces?

Even though the official documents provide this information, asking directly helps you receive a quick answer and evaluate whether the property meets your requirements.

What is the condition of the property?

Before you even start viewing the property, it is important to know about its structural integrity and age. This information is vital to determine whether renovations are needed.

What is the overall condition of the building or complex?

If the property you are considering buying is in an apartment building or a housing complex, it is crucial to know their overall condition.

The overall condition includes the façade, the elevator and the common areas, as their condition may lead to future assessments or charges.

It must also be confirmed whether the building has passed the ITE (Building Technical Inspection) or the IEE (Building Evaluation Report).

Are there private amenities for the residents?

Many apartment buildings or complexes offer parking spaces or a swimming pool. These amenities will likely increase the value of the property and their condition must also be assessed.

Does it have an Energy Performance Certificate?

The Energy Performance Certificate (Πιστοποιητικό Ενεργειακής Απόδοσης –  ΠΕΑ) is a mandatory document that classifies the property into an energy category (from A+ to H), based on the energy consumption required for heating, cooling, lighting and hot water. Issuing a ΠΕΑ is obligatory for every property sale or lease under Greek law and can affect both the value and operating cost of the home.

When was the last renovation?

It is important to know if and when the property has been renovated, as if a long period has passed it will likely require maintenance and repairs in the future. This can also provide an opportunity to negotiate a better price.

What is the orientation of the property?

This question allows you to understand how natural light enters and moves through the property throughout the year.

What type of energy supply does it use?

Knowing the type of energy used helps you assess whether the systems need upgrading, something that may affect price negotiations.

Are the furnishings included in the sale?

If the furniture is included, this may increase the value of the property, and it is important to know whether it is included or if you can negotiate its removal.

Expenses and obligations before the purchase

Questions related to the costs before buying a residence can save you from unexpected expenses and unpleasant surprises in the future. Rely on an experienced real estate advisor who will provide you with easy access to this kind of information.

The guidance of a real estate advisor relieves you from the stress of unknown terms or issues, as they can provide and explain all the necessary information.

Does the property have outstanding debts?

Are there any debts burdening the property? It is essential to have a clear picture of the property’s status. It is important to confirm this so that the current owner settles any outstanding obligations before the completion of the sale.

Outstanding apartment-building charges

It is important to know whether there are unpaid common charges or other financial obligations toward the building’s management. These debts may end up burdening the new owner and can become a bargaining chip in the final purchase price.

What is the Unified Property Tax (ENFIA) cost?

As a prospective buyer, it is important to know the annual ENFIA cost for the property you are interested in. The amount depends on the area, the surface and other characteristics of the property and can significantly affect your budget.

What are the fixed expenses?

Before buying a property, it is important to know what its fixed expenses are. If the property is in an apartment building, ask about the monthly common charges and whether there are extraordinary assessments or cash reserves.

At the same time, ask about the utility costs, such as electricity, water and natural gas, so that you have a complete picture of the operating expenses of the property and can manage your budget properly.

The area and its characteristics

The location is a non-reversible factor that significantly affects both quality of life and the value of the property.

What is the neighbourhood like?

Whether you are buying the property for your own residence or for short-term rental, the “character” of the neighbourhood is very important. Observe whether the area is quiet or busy, whether there are schools, parks, shops and public transport within walking distance. Talk to residents or visit the neighbourhood at different times of day to gain a complete picture.

Leisure and sports facilities, parks, playgrounds and sports fields are also elements worth evaluating, especially if you have a family or place emphasis on quality of life. Easy access to such infrastructure can significantly improve your daily life and increase the property’s value in the long term.

Are there services and public transport available in the neighbourhood?

It is important to know which services are available in the neighbourhood and how easy it is to access them. Banks, supermarkets, pharmacies, bakeries and other essential businesses within walking distance can make your daily life more convenient. At the same time, the presence of nearby bus, metro or suburban rail stations is particularly important, especially if you do not have a private vehicle. All of the above affect not only quality of life but also the value or yield of the property if you intend to use it as an investment.

Are there schools in the neighbourhood?

If you have children or plan to have, it is important to know what educational options the area offers. The presence of nearby schools, public or private, can decisively influence your decision. In addition, it is worth checking whether there are facilities for leisure activities, such as creative learning centres, dance or music schools, sports clubs and children’s camps. These amenities contribute significantly to children’s development and to the overall quality of family life.

What are the neighbours like?

Beyond the overall image of the neighbourhood, it is worth finding out a few things about the people who live nearby. You can ask the real estate agent or the owner about the neighbours’ profile or take a walk around the area and talk to residents. A good atmosphere in the neighbourhood contributes significantly to quality of life and to a general feeling of security and comfort.

Process and contracts

Of course, having a full understanding of the purchase process and the related bureaucracy is essential.

When can you move in?

Even if you are not in a hurry to move, knowing when you will be able to move into the property is of critical importance, so that you can speak with a moving company and plan accordingly.

When can you sign the contract?

This is another important question. As with the handover date, knowing when the contract will be signed helps you plan the move, schedule the submission of all required documents and prepare everything in time.

Knowing what to ask and what to check before buying a property is crucial. It helps you assess whether the price is reasonable, whether there is room for negotiation and whether it is ultimately the right choice. Everything becomes easier when you have an experienced consultant by your side to guide you properly at every step of the process.

The Real Estate Advisors of Engel & Völkers can guide you safely through these steps.