# buy or rent



## de.zero51 (Jul 10, 2012)

Hi there 

we have not been on the forum for a while. retirement is drawing ever nearer for my husband Clive. We have been looking into retiring to paphos for a few years, so we are reasonably informed. We have also visited many times. We are still unsure at the moment wether to rent or buy. We would be selling our house either way to help with funding. Is buying an easy process, providing there are title deeds. The plan we think would be to rent for a lengthy period first to get a real feel for living there. Any advice on buying woul be great. 
Many thanks Clive and Dawn


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## Ken and Valery (Jan 17, 2014)

We personally did not buy. We preferred to take a long term rental contract. Firstly because moving to Cyprus was a decision based on emotions for us. Thus emotions are not always the best reasons to be making financial big decisions over. So we thought we would first try it, and then after knowing within ourselves that it is the right thing to do. Then buy. But that is our opinion..

We are very Happy here!. However migration itself can be disruptive to other dimensions of people's lives-social ties, sense of belonging possibly with consequences for their happiness. This is the reason why we choose to rent. So that should we stop enjoying it, hey we just get on that plane. Gone. A recent study by the University of Leicester suggests that Britons who migrate to the Med are less happy than if they had stayed at home. That however is not the case with us! and many here!!. Also for example 90,000 Britons abandoned their Med dreams in Spain last year. So one has to be realistic before making huge commitments. A relative of mine was caught in that trap.

One also has to factor in if one buys, then how does one currently sell?. Having a conversation with a fellow expat the other day led him to comment that he would struggle to sell his home for what he built it for... I personally would not want to be in that situation. With the U.K. house prices becoming alarmingly expensive Cyprus is still in the doldrums and likely to be so for a considerable while.


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## H&S (Jun 12, 2013)

Again, it suits us to rent at the moment, and since arriving in Cyprus nearly everyone we speak to advises to rent for the foreseeable future. 
Have you considered renting your UK house when you move here, instead of selling?

We may buy here at some point, we do miss living in our 'own' home a little bit, but buying is fraught with difficulties here, or so it seems!


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## Andrea59 (May 1, 2014)

We have been here 7 months and are in our 2nd rental property. Be carefull whatever you decide as it can end up a costly mistake.
Buying property here has received a lot of bad press, there are loads of videos on you tube interviewing people whose dreams have been dashed. Nigel Howarth on Cyprus Living forum has a good link.
You should read the thread beware ********.com
Good Luck an chose carefully


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## Cleo Shahateet (Feb 23, 2009)

Renting first would be a good idea so you can really get a feel for the area you want to live in and what you need in a home. You may realize that you really need a fireplace for example in winter to keep costs down and warmth which many people may not realize or a communal pool instead of private due to maintenance. Once you live here for a while you can slowly determine all the details of what would be best for your life in Cyprus. It also gives you time to keep an eye on homes you are interested in so when you see a good deal you will know it. 

Prices have dropped considerably over the years and may continue to fall a bit more. The homes that are well priced still do sell very fast. If you happen to be a cash buyer you could get an even better deal and and even easier process. If the home has title deeds (don't buy without) and there are no issues such as probate it is an easy process. Just make sure you have an attorney do all the due diligence required. If you plan to live in Cyprus for at least 5 years and you get a good deal then I would personally buy rather than spend all the money on rent but take your time and research first.


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## Talagirl (Feb 24, 2013)

I would also recommend renting first and then take it from there. It would give you plenty of opportunity to find the right area, have a chance to work out how much your anticipated lifestyle costs and if you feel Cyprus is going to be a long term place for you to live.


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## Baywatch (Mar 30, 2014)

Ken and Valery said:


> We personally did not buy. We preferred to take a long term rental contract. Firstly because moving to Cyprus was a decision based on emotions for us. Thus emotions are not always the best reasons to be making financial big decisions over. So we thought we would first try it, and then after knowing within ourselves that it is the right thing to do. Then buy. But that is our opinion..
> 
> We are very Happy here!. However migration itself can be disruptive to other dimensions of people's lives-social ties, sense of belonging possibly with consequences for their happiness. This is the reason why we choose to rent. So that should we stop enjoying it, hey we just get on that plane. Gone. A recent study by the University of Leicester suggests that Britons who migrate to the Med are less happy than if they had stayed at home. That however is not the case with us! and many here!!. Also for example 90,000 Britons abandoned their Med dreams in Spain last year. So one has to be realistic before making huge commitments. A relative of mine was caught in that trap.
> 
> One also has to factor in if one buys, then how does one currently sell?. Having a conversation with a fellow expat the other day led him to comment that he would struggle to sell his home for what he built it for... I personally would not want to be in that situation. With the U.K. house prices becoming alarmingly expensive Cyprus is still in the doldrums and likely to be so for a considerable while.


But still the Brits are the expat group that buy most homes in Spain say figures that were published last week.


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## Kalimera (Oct 19, 2011)

I am on the buying side. Don't always buy on price, it's location, location, location all the time when it comes to buying a property. We purchased and everything has gone well so far but I understand why people rent as there are many horror stories.


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## Veronica (Apr 5, 2008)

SWJ said:


> I am on the buying side. Don't always buy on price, it's location, location, location all the time when it comes to buying a property. We purchased and everything has gone well so far but I understand why people rent as there are many horror stories.


Actually for those who choose to buy this is a good time especially for cash buyers. Prices have gone down such a lot and if you are a cash buyer it is possible to get a real bargain. We know of properties that have gone for silly prices lately.


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## Kalimera (Oct 19, 2011)

Veronica said:


> Actually for those who choose to buy this is a good time especially for cash buyers. Prices have gone down such a lot and if you are a cash buyer it is possible to get a real bargain. We know of properties that have gone for silly prices lately.


Desperate sellers yeah?


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## Veronica (Apr 5, 2008)

SWJ said:


> Desperate sellers yeah?


Yes in some cases. Of course not all sellers are desperate and willing to take silly offers but there are some who are desperate enough to accept offers significantly lower than the asking price.


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## Rema (Aug 12, 2012)

SWJ said:


> I am on the buying side. Don't always buy on price, it's location, location, location all the time when it comes to buying a property. We purchased and everything has gone well so far but I understand why people rent as there are many horror stories.


I agree with Simon.
In 2012 we bought a property, after having been here for only 4 days, due to its location. Although the actual property was not to our liking its location is superb. We were fortunate enough to be able to have it altered by the developer who originally built it - for whom I have nothing but praise. The work was completed on time to budget and they have done a great job, even the lawyer was great,

Would I do it again? Maybe we were just very lucky with everything as it all went smoothly, and we have ended up with a lovely home.
There are many horror stories out there. My best advice is to really do your homework on the developer/agent/lawyer etc that you decide to engage. They are the key to things working out OK, no matter if you rent or buy. Renting is the easier option but the economic situation has put some real bargains on the market, which won't be around for ever.

The mid to long term economic future for Cyprus looks to improve considerably and prices will inevitably go up. There are some good indicators, offshore gas will by produced by 2016/17, plans are approved for a cruise ship harbour for Paphos, the planned marina plus hotel complex in Geroskipou, the Kuwaitis want to invest in a prestigious development and the Cypriot credit rating has recently been upgraded, amongst others.

Personally I don't like the idea of tying myself into a long term rental as its money that can't be recovered and I really prefer having my own place. On the other hand, it can make sense if you are uncertain about things or maybe have a limited budget.

In the end its down to personal preference. As Ken said earlier, if you rent and decide you don't like it you can get on a plane and go back, if you buy you are committed.
One final point though, whatever you do don't try to compare Cyprus with your previous home, especially if it was in the UK. Acknowledge the differences and accepting them is important if you want to be happy here.


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