You are the owner of a house or apartment in Greece, but you are not using your housing for some time of the year? A common practice is to surrender vacant meters for rent. This avoids the cost of maintaining real estate and obtains significant income.
More and more people around the world practice renting their housing. Preferring square meters in your home to people who want to live in Greece for a few days, weeks or months, makes it possible to pay back the money invested in buying of a home or apartment. Swimming season on the Greek coast, particularly on the Khalkidhiki peninsula, runs from April to October. On the islands – from April to November. However, many people are willing to rent a house in Greece not only at this time but throughout the year.
«El Greko Real Estate» company wll take care of the problems associated with the housing for rent. Our staff will search tenants for you, will draw up and sign the rental agreement and make sure that the money is deposited to your account. We also look after the property in your absence, and solve current issues requiring urgent intervention.
We also look after the property in your absence, and solve current issues requiring urgent intervention.
The amount of rent depends on the type of real estate object, renting duration, the season of the year and distance from the sea coast. For example, the annual rent of a two-stored cottage closely located to the sea, is ten thousand euros. If you rent the cottage on the short term, the rent will be more than hundred euros per day. The apartment by the sea shore generates income during the season of about forty to sixty euros per day.
|General information for owners and tenants:
|The minimum period of time for which a residential real estate can be rented is three years.
|A formal rental contract must be signed.
|If the residence is rented for a family, it is better to specify a surname, name and father’s name of a wife or a husband, in a contract.
|If a house in Greece is to be rented for students, the renting obligations must be signed by a parent. At the very least, parents will have to guarantee the payment of renting payments and other expenses.
|If the contract is for a shorter period, the object owner and the tenant are still cooperated by a three-year commitment.
|If the document specifies rental period of less than three years, the tenant receives back his/her property according to the terms specified in the contract. The tenant must then obtain from the property owner a written certificate stating that the owner has received the object and has no complaints.
|Required rental period can be changed only by concluding another agreement which is issued by a notary. This is only possible within six months after the signing of the original contract.
|Three years after the conclusion of the contract the owner of the property may claim his property, and the tenant is obliged to transfer it to the owner.
|During the term of the temporary agreement the owner of the property object is not allowed to demand it back for his own accommodation, before the end of the time period prescribed in the contract.
|The value of the rent payments is determined by agreement of the parties. Rental rate can be changed, but experts recommend that property owners do not adjust the amount a lot, as it will lead to difficulties and problems with its receipt.
|It is not advised to specify in the document an amount less than you are going to receive. First, this action relates to tax offenses category. Secondly, it may cause damage to the property owner, as in case of judicial proceedings for non-payment of rent to the owner, the last will be able to require only the amount specified in the contract. One can not exclude the possibility that the tenant violates the oral agreement, and during the whole term of the renting will only pay the specified reduced amount as referred in the document.
|Rental income is subject to mandatory tax.
|It’s better if the employer personally signed a contract with Water and Electric Corporation. In case with Electric Corporation it will allow the owner to avoid problems if the employer does not pay for electricity – the entire amount of the debt will be charged on him. Regarding water supply, this rule does not work, so the owner should watch the correct payment of utility bills. But in this case there is a guarantee amount that the tenant deposits at the beginning of the renting period, and which is described below.
|At the conclusion of the contract the tenant pays a warranty amount corresponding to the amount of rent for one – two months. This amount is not for rent payments, it is for covering the utility bills as well as possible small damage caused to a host of property. The guarantee amount will be refunded to the tenant after the expiration of the contract. Interest is not charged on it.