The reasons why investors usually buy cheap property for sale by owner in Mykonos Greece (FSBO) is because this can offer some unique advantages, but it also comes with some risks.
Where is Mykonos in Greece and why buy luxury properties in Mykonos, or invest into luxury real estate in Mykonos.
Mykonos, due in part to its fame, attracts tourists including high-net-worth people, who in turn attract investors and buyers looking for luxury villas and houses, beachfront properties, and high-end apartments to buy for investment, or a mixture of investment and personal use.
Known thoughout the world, Mykonos is one of the most famous Greek islands, and is located in the Aegean Sea, being part of the Cyclades island group, based southeast of mainland Greece.
Mykonos can be reached by ferry from Athens, Piraeus or Rafina ports, and by air travel from Mykonos International Airport.
Buying cheap homes for 'Sale by Owner' is usually down to a lower price, there are No Agent Fees, as sellers often price FSBO properties lower because they're not paying a real estate agent commission which can be 5-6% of the sale price.
As a buyer or investor, there may be room to negotiate a better deal directly with the owner, which may allow for more flexible terms and quicker and easier negotiation.
If the property is undervalued due to being in poor condition or in a transitioning neighborhood, renovate to hold and build equity over time could be viable.
FSBO properties are often marketed less aggressively, meaning fewer buyers may be aware of the listing, and these properties are ideal for investors or looking to buy at a low price as FSBO deals are often below market value when requiring attention.
A higher risk of errors in paperwork or missing disclosures can though occur, so due diligence is required at all stages, and hiring a real estate attorney for the legal aspect is essential.
If you are an experienced buyer or investor, have cash on-hand or good options on financing, buying cheap homes in Mykonos Greece that is for 'Sale by Owner' can be an option.
If looking at Greece as an overseas or foreign investor or buyer into Greek real estate, those who typically invest or purchase at €250,000 to €800,000, which varies according to the area chosen, can obtain Greek residency through the Golden Visa Program, making Greece an attractive gateway to the EU.
Greece offers both stability and opportunity to buyers and investors, as tourism to Greece brings in over 30 million visitors across the mainland and the Greek Isles.
Real Estate Agents and Property Developers in Mykonos, Greece
