# Hello everyone



## Highbanks (Jun 5, 2012)

I've much reading still to do and despite not yet having made a visit to the Island, which will be corrected very soon, i'm contemplating retirement there.

I'm just 62 and far from wealthy but own property here in the UK and will of course receive my UK state pension, though precious little else for a number of reasons unfortunately.

My main quest for help is whether in the view of ex pats it's better to buy a home or rent long term/indefinitely? I have no family to leave anything to and all i seek for myself is a warm quiet life and some relaxation, oh and i like Clay Pigeon Shooting which i gather is popular on the Island!

I'm pretty relaxed as an individual, settle easily imo, and just want to escape the UK which i grow ever more disenchanted with. 

So it's very early doors for me, but a big "Hi" all the same and any broad, general tips would be greatly appreciated.

B


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## Veronica (Apr 5, 2008)

Hi Welcome to the forum.

Regarding whether to rent or buy, I think that is very much a matter of personal choice. If you own you are free to to do wjhatever you want to make your home as you want it. If you rent you have to put up with the place as it is. Often you can't even decorate it to your own choice. On the other hand if you own and decide to leave you are stuck until you can sell but if you are renting you can go at any time.
Also you need to work out how much rent will cost you per year and multiply it by however long you hope to live How much will you have spent on rent in that time? Then work out what your money would earn you in investment and weigh it against the rent. Always bear in mind though that investments can crash and you can lose a big chunk of your money. (We had that happen to us) Property is still the most secure investment despite the economic problems everywhere.

Most people do prefer to buy as it gives them a feeling of really belonging and security. It is all a matter of what suits you best.

Regards 
Veronica


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## Highbanks (Jun 5, 2012)

Indeed it is literally a Catch 22, especially at these preliminary stages for me. 

My logic is if i rented, my savings would attract some interest whereas full on commitment to buy like here in the UK, can and has to some extent tripped me up, and i've no desire for a repeat of that experience.

I need to look at what price tags the type of property that appeal to me would cost and then get the calculator out of course. From what you suggest though most buy their home?

Accepting every landlord is different do any members (hopefully reading this), rent from choice and what are your experiences? I agree the 'English way' is to ideally own one's home, but in my circumstances i question why i would do that with no family to inherit it from me.

I'll start some serious digging for info' and hope to learn from other members along the way


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## Veronica (Apr 5, 2008)

I agree with no family to inherit you could probably have a good life on the interest from investments. Why not spend your money to enjoy your life, you can't take it with you. 

I would caution you not to rent from a Cypriot if possible. They are notorious for promising the earth but failing to keep any promises, Repairs don't get done no matter how much you nag at them.


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## Highbanks (Jun 5, 2012)

Good advice i'm sure. Looking at your website i'm pretty taken aback at some of the prices  Somewhat out of my league for sure!

Still it's early days and i will (hopefully) enjoy learning what i need too, prior to dropping in for an investigative holiday visit.


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## Veronica (Apr 5, 2008)

Are you intending to sell your property in the UK or to rent it to supplement your rent here?


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## Highbanks (Jun 5, 2012)

I'd thought to sell it for a clean deal tbh.

I've looked at renting it out but nice as it is, my bias aside, despite it's a very spacious, airy, open plan bungalow, with only two bedrooms it wouldn't command the type of rental revenue i would likely need to balance my books. Hence my original question.


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## Fuss (Jan 31, 2012)

Highbanks said:


> I'd thought to sell it for a clean deal tbh.
> 
> I've looked at renting it out but nice as it is, my bias aside, despite it's a very spacious, airy, open plan bungalow, with only two bedrooms it wouldn't command the type of rental revenue i would likely need to balance my books. Hence my original question.


Hi, we rent but we knew the areas we would like and not like and we went through an agent who sent photos and discription.
We feel very lucky in the property as it is as near to perfect for us, yes if it was ours we would change things ( get heating in for winter) many people we speak to
say we have done right renting as there seems to be problems with buying or selling. Hope you find what you want and enjoy life here in Cyprus.


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## Veronica (Apr 5, 2008)

Fuss said:


> Hi, we rent but we knew the areas we would like and not like and we went through an agent who sent photos and discription.
> We feel very lucky in the property as it is as near to perfect for us, yes if it was ours we would change things ( get heating in for winter) many people we speak to
> say we have done right renting as there seems to be problems with buying or selling. Hope you find what you want and enjoy life here in Cyprus.


The problems with buying or selling here is the title deed issue. It takes such a long time to get deeds if the property is part of a complex. Without deeds it is difficult to sell these days as banks won't give mortgages without them, unless the developer is willing to guarantee it and most won't do that now unless the propery is bought through them. Without deeds you need a cash buyer who has to be willing to wait for the deeds to be issued. Of course if the deeds are not yet available it is imperative to make sure that your lawyer checks everything out very thoroughly to make sure the developer does not have a mortgage on the land.
If a property has title deeds there is no problem and more and more properties are now getting their deeds.
Most properties we have sold in the last 2 years have been with full title deeds even though most of our clients have been cash buyers. Even cash buyers are cautious about buying without full title deeds.


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## Highbanks (Jun 5, 2012)

Interesting and perhaps not surprising that buying/selling in Cyprus is no fifferent to here in the UK. Messy is the word that comes to mind!

Initially until was sure i wanted to commit i would definitely rent, i want to explore my options albeit with limited funds and obviously do the best i could for myself. 

I might even meet an ex-pat single lady and start a whole new life!

There appears no facility to 'PM' another member directly, is that correct or perhaps a probationary thing?


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## chrisjac (Jan 30, 2011)

Highbanks said:


> I've much reading still to do and despite not yet having made a visit to the Island, which will be corrected very soon, i'm contemplating retirement there.
> 
> I'm just 62 and far from wealthy but own property here in the UK and will of course receive my UK state pension, though precious little else for a number of reasons unfortunately.
> 
> ...


Hi B.
We have a property in the UK which we rent out, the income (which is within our UK tax allowance) will cover the rent on a Cypriot rental property. There are some properties around that are excellent value for money that are owned by Brits who rent them out because they can't sell them (problems with the Deeds etc)
The advice, since you are new to the island, would be to rent first for at least a year to see how you like Cyprus and the Culture etc before committing to a purchase.
Hopefully after that time there may be a solution to the Euro crisis and also some progress on the issue of property deeds (Which are a must if you are going to buy)
As a safety net, if it doesn't work out for you, you can at least return to a home in the UK>>

Good luck with whatever you decide..


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## Highbanks (Jun 5, 2012)

Thank you for that input which pretty much echos my thoughts, it's a sensible back up plan for sure.

The price of property seems on a par with the UK, certainly the rental options i've looked at so far, which i confess has suprised me, though like most things in life i assume they're negotiable to some extent?

The next move is to get myself over there and take a look a round i suppose. Several friends have been numereous times and always speak well of the Island, so it bodes well from my point of view.


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## Pam n Dave (Jun 11, 2007)

Like chrisjac we have property in the UK and use the rental on that to pay for the rental here and it is working for us at the moment.

I would always advocate renting first especially as you have little experience here as it gives you the option of a quick escape if things don't work out for you.

Renting also gives you the option to view different areas without having a rushed holiday. 

I read somewhere that the average time to sell a property here is around two years and you may feel trapped if a purchase doesn't work out.


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## Highbanks (Jun 5, 2012)

Many thanks. The growing concensus is clearly to rent which i'm sure is the 'safest' option.

I will focus on that and get myself over to see what you're all enjoying already


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## Pam n Dave (Jun 11, 2007)

If your looking for a rental then don't ignore the signs outside villas, we found ours while looking around our preferred area. We spotted a villa, rang the number, that one wasn't for us but got taken to see his brother who was in the middle of a build. It turned out to be what we wanted at the right price.


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