You probably have been visiting Greece for some time now or maybe just fell in love with the place within a couple of days. One way or the other, you might be thinking of taking the next step and purchasing a property in order to be able to extend your vacation time a little longer. Hence the conundrum: build or buy?

When it comes to investing in property on a Greek island, your most common options would be purchasing land and building a house from scratch or buying a pre-built house, as part of a larger residential complex. Both options have their advantages and disadvantages, and it ultimately comes down to your personal preference and priorities.

Advantages of Building a Custom House

Purchasing land can offer several benefits, such as:

1. Customisation: This is an obvious first, but it had to be said. Building a Custom House allows you to design and build your dream home according to your specific tastes and preferences.
2. Lower Cost: Buying land and building on it can be less expensive than purchasing a pre-built home.
3. Potential for Return on Investment: Investing in land on a Greek island can yield significant returns over time as the property value increases. It also remains one of the most resilient investments in times of crisis.
4. Sense of fulfilment: That’s maybe a not so pragmatic factor, but being a part of a process from schematic drawings to finalised structure is an experience that is very rare and worth living, provided that it fits your schedule and budged.

Disadvantages of Building a Custom House

There are also potential drawbacks to taking the “custom” road, such as:

1. Time and Effort: Building a house from scratch requires time, effort, and a significant investment of resources.
2. Uncertainty: There may be unforeseen issues during the building process, which could delay or increase the cost of the project.

Advantages of Buying a Pre-Built House

Purchasing a pre-built house can also offer several advantages, such as:

1. Convenience: Buying a pre-built house can save you time and effort, as you can move in immediately after purchase.
2. Predictable Costs: The cost of a pre-built house is typically fixed, which can make budgeting and financing easier.
3. Established Community: Buying a pre-built house may mean that you become part of an established community, which can offer social connections and amenities.

Disadvantages of Buying a Pre-Built House

However, there are also potential disadvantages to purchasing a pre-built house, such as:

1. Limited Customization: You may not have as much flexibility to customise a pre-built house since it’s a part of a wider complex with a specific architectural language and character.
2. Higher Cost: Purchasing a pre-built house can be more expensive ($/m2) than buying land and building a house yourself.
3. Maintenance Costs: An older pre-built house may require more maintenance and repairs than a newly built home.

Some final thoughts.

In conclusion, the decision to build or buy on a Greek island ultimately depends on your personal preferences, priorities, and budget. Consider your goals and resources carefully and weigh the pros and cons of each option before making your final decision.