subject: Timing Your Greek Property Sale [print this page] However, there are some things you can do to educate yourself about the market and determine, within a window of time, a range of opportunities that might suit you well. Some of this will depend on how long you have owned the property, some of it will depend on when you need the proceeds from the sale, and some of it will depend on your long-term goals.
The easiest of these to determine is the length of time you have owned the property. Length of ownership can have huge tax implications, and you should not undertake any property transaction without the advice of a qualified real estate solicitor or tax specialist. Especially if your property in Greece is an offshore ownership, tax implications can make or break a deal. Speak to a professional before going forward. Once that is done, however, the longer you have owned the property, the more likely you are to have a lower tax burden. Moreover, while most of us do not consider growing older a blessing, it can actually carry financial advantages. You may be eligible for a reduction of the taxes you owe in Greece on the sale of the property if you are over a certain age. Waiting six months or a year until you have attained a golden age may make sense if it reduces your tax burden.
When you need the proceeds from the sale will play a large part in how quickly the Greece property sale takes place. If you are in desperate financial straits, you may need to settle for a much lower price in order to access the cash from the sale immediately. If possible, having a window of time in which you can wait for a better offer will likely result in a higher sales price. For this strategy to work to your advantage, conduct a detailed talk with your sales agent. Ask for his or her marketing plan for your property, ask to see the comparable properties that were used to base the sales price on, and ask for a detailed outline of expected costs, including any agents commission. That way you will know exactly where you stand, and if you have to change the price, how that will affect your bottom line.
The final thing to examine is your long-term goal regarding property ownership. Did you buy this property as a first-time rental? If you are planning to purchase another with the proceeds, see if you can locate another property now. If you do not find anything suitable, remember that not re-investing the money from the sale of this house can actually cost you money in taxes, both on the sale and on any money earning interest in the bank. Waiting until the sale and subsequent purchase can be completed one after the other may make better financial sense.
If you can then time your sale to the early spring season, you will attract buyers who have waited all winter and are ready to buy quickly. So do not just focus on the financial aspects, consider the timing of the sale of Greece properties as well.
