# End of The Dream



## The Stoker (Jun 14, 2010)

Hello All, Its been a long time since I last posted on the forum. My wife and I were planning to move to Cyprus last year, that all seems to be in the dim and distant past now. Sadly our plans were kyboshed when we couldn't sell our property in the UK. Now we have a buyer our resources have dwindled to the extent that the only properties within our budget and specs are in Famagusta, my wife thinks that we will be too isolated there, so we have decided to remain in the UK for the foreseeable future.
I would like to thank Veronica and all those who offered advice and support. 
To those who are moving or planning to move I hope everything goes smoothly, and to those thinking about moving, go for it, because before you know it the moment will be lost.


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## Geraldine (Jan 3, 2009)

I am so sorry that the dream you had has been washed away.

Perhaps life may turn around for you to enable you to come out.

I hope so.

Good luck.
Geraldine


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## PeteandSylv (Sep 24, 2008)

The Stoker said:


> Hello All, Its been a long time since I last posted on the forum. My wife and I were planning to move to Cyprus last year, that all seems to be in the dim and distant past now. Sadly our plans were kyboshed when we couldn't sell our property in the UK. Now we have a buyer our resources have dwindled to the extent that the only properties within our budget and specs are in Famagusta, my wife thinks that we will be too isolated there, so we have decided to remain in the UK for the foreseeable future.
> I would like to thank Veronica and all those who offered advice and support.
> To those who are moving or planning to move I hope everything goes smoothly, and to those thinking about moving, go for it, because before you know it the moment will be lost.


It sounds to me as though you were intent on buying property over here. This would be a big mistake at the current stage of your venture. Most people would advise renting at first to learn about the place, the areas, the people etc before making any big purchase decisions.

With the change in financial climate we now know more people who rent permanently with no desire to buy, including those who sold up and then went into long term rents.

The rental market is huge with incredible bargains to be had. We have 2 friends whose rent started at at €450 per month for their 2 bed flat. The landlord is so desperate to keep them that he has now reduced this to €250.

Please consider this very carefully as you may regret forever giving up the dream.

Pete


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## Veronica (Apr 5, 2008)

Also if you do eventually decide you still want to buy once you are sure Cyprus is the place for you, being here gives you the opportunity to look for a real bargain, which is not always very easy to do if you come over on a short buying trip.


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## The Stoker (Jun 14, 2010)

Veronica said:


> Also if you do eventually decide you still want to buy once you are sure Cyprus is the place for you, being here gives you the opportunity to look for a real bargain, which is not always very easy to do if you come over on a short buying trip.


Hi Veronica, We have never been in doubt that Cyprus is the place for us. If everything had fallen into place last year we would be living there now.
Our situation now is, we have had a firm offer on our property in the UK which is at the solicitors stage now, although the sale could still fall through even at this stage.
What our quandary is do we sell up and move to Cyprus with cash in hand, do we purchase in the UK and bring the property up to rental standard, rent out our UK property and then rent in Cyprus.
I have never been happy living in rental property, probably totally unjustified but I do not have a feeling of certainty living in rental property, my wife on the other hand is cautious about moving out to Cyprus and ending up in a property that does not come up to our requirements, also if things did go wrong we would still have a home to return to.


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## The Stoker (Jun 14, 2010)

PeteandSylv said:


> It sounds to me as though you were intent on buying property over here. This would be a big mistake at the current stage of your venture. Most people would advise renting at first to learn about the place, the areas, the people etc before making any big purchase decisions.
> 
> With the change in financial climate we now know more people who rent permanently with no desire to buy, including those who sold up and then went into long term rents.
> 
> ...


Hi Pete, Our problem at this time is we could only afford to rent by using our capital from the sale of our property in the UK. We have some private pensions and my wife receives a reduced state pension which would cover our cost of living in Cyprus. If we bought a property we could then live on our pensions, also I will qualify for my state pension in two years time, we would then be in a situation to sell up and rent.


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## nemo1843 (Sep 27, 2012)

Hi

We are renting our UK property out to fund the rental of a long term let in Cyprus - it might be worth considering this. At least you still have your UK property to return to and are also are generating an income from it. 

We have found that the rental of our UK property more than covers the rental we will need to pay in Cyprus (for a similar size property!!), as the rental market in the UK is so strong at the moment, and renting in Cyprus seems to be fairly bargain basement at the moment.

If you decide Cyprus is for you, you can then sell in a year or so and buy in Cyprus. Just a thought - would be sad to have to give up your dream.


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## PeteandSylv (Sep 24, 2008)

The Stoker said:


> Hi Pete, Our problem at this time is we could only afford to rent by using our capital from the sale of our property in the UK. We have some private pensions and my wife receives a reduced state pension which would cover our cost of living in Cyprus. If we bought a property we could then live on our pensions, also I will qualify for my state pension in two years time, we would then be in a situation to sell up and rent.


I don't see the problem with paying rent out of your capital. If you rent you will still have the capital to invest and earn a little interest on which will help offset the rental cost and minimise use of the capital. If you buy you are likely to find the drop in values continuing so your invested capital would be reducing anyhow. I don't think you should assume any rise in house values here for a long time.

I understand your personal feelings about renting and I would share them, but financially it makes sense, certainly when you first arrive.

Pete


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## buster12 (Oct 9, 2012)

The Stoker said:


> Hi Pete, Our problem at this time is we could only afford to rent by using our capital from the sale of our property in the UK. We have some private pensions and my wife receives a reduced state pension which would cover our cost of living in Cyprus. If we bought a property we could then live on our pensions, also I will qualify for my state pension in two years time, we would then be in a situation to sell up and rent.


Hi - I read your thread with interest, having moved out here with my wife earlier this year. Your comments above describe our own situation exactly. We moved here early April having sold our house and completed 2 weeks before the bail-out happened - some trpidation and thinking went on there I can tell you! We went ahead, rented initially as everyone recommends (and I do also, despite not liking to live in rental property) and have now bought a property. Being here in rented accomodation gave us the time to establish our budgets and cost of living, to review thoroughly where we wanted to live and to seek out a property at a bargain price. We had visited prior to moving for 12 days property hunting and were gpoing to buy the house we eventually rented until the bailout came along - a blessing for us because we would not have liked living in the property we were going to buy (location wrong, a dodgy neighbour etc.).

So, I would suggest 'go for it', rent for a while (we only rented for 3 months in the end and love where we are now). Using your capital for a period should be fine. You should also find the the cost of living is less than you might expect, if you approach this correctly. We did our budgets looking on the cautious side and over-estimated by a margin of 20 - 30%. Our housekeeping bill (food etc. is about 25% less than UK (with lovely fresh locally sourced food always available). The other major expense over here is electricity and this is under your control. We are finding our electricity costs per month again are cheaper by about 15% than our combined gas/electricity in UK But we hardly ever turn on the air con! Just a few times to cool the bedroom before retiring on the hottest days over the summer period. All other costs seem to be reasonable and overall, including entertainment we have a batter standard of living and are living cheaper than we would in UK. Like you, this is funded by small pensions, a bit of interest etc. and will only get easier in three years time when I get MY state pension! :whoo:

Hope this helps your thoughts - come and join us! 

Regards,
David


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## The Stoker (Jun 14, 2010)

Veronica said:


> Also if you do eventually decide you still want to buy once you are sure Cyprus is the place for you, being here gives you the opportunity to look for a real bargain, which is not always very easy to do if you come over on a short buying trip.


Hi Veronica, When you say"look for a real bargain" does that mean the difference between asking prices and achievable prices, if so is there a percentage figure that is the norm?


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## Veronica (Apr 5, 2008)

The Stoker said:


> Hi Veronica, When you say"look for a real bargain" does that mean the difference between asking prices and achievable prices, if so is there a percentage figure that is the norm?


So much depends on the circumstances of the owners. For example we have owners who have reduced their properties considerably but now for one reason or another are desperate to return to the 'UK so will listen to offers even though their properties are already below market value.
It is a matter of looking around but certainly the vast majority of owners will listen to offers below asking price. In the Uk you might get 5K off the asking price if you are lucky, here you can sometimes get as much as 10-20% off depending on the owners circumstances.


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## hiatusxenia (May 6, 2013)

You need to do as others have suggested. The only way to achieve your Cyprus dream is to 'go for it'. Rent out your home in the UK for at least a year which will give you some breathing space and hopefully enough income to cover a rental in Cyprus with some left over.

Other threads here will give you an idea of rental prices in Cyprus but I know personally of someone who (about two years ago) sold their family home just outside London and bought a small place in the same area for less money but producing a good, if not better rental yield, thus releasing a little helpful capital at the same time. With this income they have rented a 3 bedroom place in Paphos with a pool, and they still have £350 a month extra to help with their Cyprus living expenses.

From reading here, I would guess that they could, if they wished, re-negotiate their current rent downwards, but have got to know their Greek landlords now and do not wish to do so.

My point is that there are obviously reasonable, if not bargain, rents to be had at the moment and lots of very decent furniture which can be picked up cheaply at sales and auctions, etc.

You might not want to sell your current family home straight away, but it is an idea for the future. I'm not sure where you are in England and how much your current home is worth, but if you are both in agreement you have to look at it as a business proposition and make the most of your assets, by making them work for you.

However, your wife sounds even more reticent than you so it would make more sense to rent out your current home for a while first while you see how you both like living abroad, before taking any bigger decisions.

I have to say that if I had had a £ for every couple who came out to Cyprus in search of the good life but then one or both of them got homesick or even in later years, just sick - then I would be a very wealthy woman.

Of course, as is testament on this forum, many many people are wonderfully happy and who looking back, wonder what took them so long. 

What you certainly DON'T want to do is sell up your home, come to Cyprus and buy in haste just because of some preconceived ideas about renting. Become a landlord and a tenant at the same time!! I am sure that if you don't try, you will always regret it.


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## potamiou (Jan 10, 2010)

AT the moment, due to the economic climate, there is a huge amount of property for sale, but no buyers. Therefore, prices are all well below what they should be, and it is probably the right time to buy. We are trying to sell, and the current asking price is approx 75% of what we paid for the house eight years ago! 
Worth thinking about!


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## Guest (Sep 2, 2013)

potamiou said:


> AT the moment, due to the economic climate, there is a huge amount of property for sale, but no buyers. Therefore, prices are all well below what they should be, and it is probably the right time to buy. We are trying to sell, and the current asking price is approx 75% of what we paid for the house eight years ago!
> Worth thinking about!


Sorry to say it only show that the prices around when you bought were just crazy.

The experts seem to think that the prices will rush even more down, now when the banks have got permission to sell off all properties they have taken over. Some say free fall as in Spain.

Anders


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