FOR SALE ON PAXOS
Restoring an old
house is another way to acquire your ideal Paxiot property. Properties
full of character and some fairly derelict ones are available in most
parts of the island.
Disadvantages of Restoring an Old House:
There are a few advantages in restoring an old house rather than buying
land but there are also some disadvantages. With an old house you are
tied to its current appearance and size. You don't have a free hand to
build what you want - all you can do is restore what is currently there.
You will also need to commission a structural survey before entering
into any contract.
However, it can be quicker and there are tax advantages, in that
you will pay a lower rate of tax if you don't have essential services
when you purchase.
Location and Size:
The first thing you will need to do is decide how important a sea view
is. If you are looking for an investment property to rent out to a tour
operator, a sea view will certainly help you to obtain a good price and
a fair amount of interest. However, old houses don’t usually meet modern
day requirements and very few have a sea view, so you may be better off
looking at the options for purchasing land and building a new house.
Finally you should
consider how large a house you need. Again we work in square
metres. 200 sq
metres is a large house and 100 sq metres is a two or three bedroom
Other important factors are how close you want to be to a beach or to
the sea and whether you want to be in or near one of the main villages
of Gaios, Lakka, Loggos, Magazia or Fontana.
You should also consider whether you want to be away from the road on a
track, or you are happy to be near to a road. The roads on Paxos are
never as busy as in the
Help with Getting Started:
Once you have bought the house and are ready to start restoring it, we
can introduce you to project managers to assist in the building process
and put you in touch with builders and developers on Paxos and Corfu.
Just to give you a very rough idea on costs at this stage, you will need
to allow between 15% and 18% of your purchase price for taxes, lawyers,
agents fees etc. Unfortunately all old houses are different and we
cannot provide a guide to restoration costs, although these will usually
be lower than the cost of building from scratch.
You need to bear
in mind that all processes here in Greece take much longer than you may
imagine. It may well take three months to complete the purchase, the
planning permission, if you are lucky, may be through in a further three
months but can take much longer and the restoration work can also take
many months! So it is best not to be in a hurry and you may then be
pleasantly surprised with the rate of progress. It goes without saying
that we will do our best for you at all stages, even after you have
completed the purchase and while your house is being restored. You can
easily contact us by email or phone and we speak English!
The price of land and property on Paxos is rising fairly quickly at
the moment. We have therefore decided to provide a ‘Guide Price’ for the
land and properties on this website rather than a fixed price. It is
always possible that you may be able to persuade an owner to accept less
than the ‘Guide Price’, but on the other hand you may have to pay more.
We try to keep the ‘Guide Price’ for each property up to date and most
of them are accurate. However, please be aware that in the present
climate, even when an owner has agreed a price for his property he may
subsequently decide to increase it. You might therefore like to consider
entering into a pre-contract with the owner but should discuss this with
If you want to proceed quickly with a
should organise your TAX number and arrange for a lawyer to act for
you by giving them power of attorney whilst on Paxos. Paxos Property
Agency can help you to do this. Your lawyer will then be able to
sign your contract and make all other arrangements for you.
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