# New or Resale?



## WizzyWaz (Jun 26, 2008)

Hello All,

I wonder if you could help me please.

We have decided that we would love to retire to Cyprus when we are 55 years old.

On the Tax side of buying a house is it more beneficial to buy new or resale on a house or is it about the same tax either way lets say on a house of 300000 EU

Any advice would be appreciated 

Kind Regards
Richie


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## rivonia (Jun 26, 2008)

I think you need to take into account your financial situation as a whole - there are plenty of financial advisors who might be able to steer you in the right direction. It does help to have everything in joint names as you get more allowances and if anything happens to one person, it is far easier to sort out eg ownership of property, vehicle etc. Cyprus Law is based on UK Law and there are many differences between the two, so do plenty of research before putting pen to paper!


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## WizzyWaz (Jun 26, 2008)

Hi Rivonia

Thanks for your prompt reply

Yes I did notice that having tha house in both names would half the tax.......I suppose the only thing about a resale is you all but know what it looks like and location to other houses.

You are totally right in getting the research right...good thing is it will be part of our holiday looking into this until we move. 

Kind Regards
Richie


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## rivonia (Jun 26, 2008)

*Great Idea*

Hi

That's the best way to get up to date information - just make sure you get some R & R on your holiday visits or you might be going back more stressed and more confused than when you arrived! I think the trend is for people coming to Cyprus to rent a property before committing to puchase so they find out if it is the right place to live (it is so different living in a place to coming on holiday), choose the right type of property etc etc

Good Luck with your plans

Claire 
Happy to be here for over 4 years


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## WizzyWaz (Jun 26, 2008)

Hi Clare

Yes I think it is getting the balance right of being on holiday and looking for a location to start with.

Good idea about renting for at least 6 moths to a year but I still like the idea of just taking the plunge after doing my our homework

Richie


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## Monty (Jun 9, 2008)

*re-sale or not*

Hi Richie
If the property is in both your names and you pay half the tax, I was wondering is it worth it to also put our son,s name on as well ? So when we go to buy do we then pay only a third 
Cheers 
David


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## grumpy (Nov 10, 2007)

Hello WizzyWaz
Research is always the right thing to do, however dont get yourself into the situation of being over searched as you can run yourself round in circles.

Essentailly, get yourself out there (DO NOT go on an inspection trip), decide which part of the Island you want to live in. Select the type of accommodation that will suit your needs, decide when you are going to need the property, then decide if a resale or new build is right for you. Speak also to property professionals and use independant solicitors etc. If you have any questions you can pm me.

Resales can offer good value for money pruchases just now, and new build has attractions as well, so take the time to consider all issues well.


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## WizzyWaz (Jun 26, 2008)

Hi Grumpy

Thanks for the advice.

We have already booked our holidays away from Cyprus this year (kefalonia, Zante.)

Next year we are going out twice just look around Cyprus for the location that we want the year/s after will be looking at properties.

I am still keen on resale my wife is looking at off plan.

One question I would be grateful if you would answer is I have a Army mate who I have just got in touch with after many years who has just come back from Cyprus on holiday who says the price of everything has gone through the roof.

I know that it is different living out there from being on holiday but has the cost of living gone up that much since the Euro has come in?

Kind Regards
Richie

Thanks for the saying that I can send you a email I will take you up on that in the future.


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## Big Pete (Aug 7, 2007)

WizzyWaz said:


> Hello All,
> 
> I wonder if you could help me please.
> 
> ...



Hi Richie 

Its a Resale everytime , in my opinion .. you see what your getting


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## WizzyWaz (Jun 26, 2008)

Big Pete said:


> Hi Richie
> 
> Its a Resale everytime , in my opinion .. you see what your getting


I couldn't agree more but it's the other half I have to convince

But then I always get my own way 

Richie


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## Big Pete (Aug 7, 2007)

WizzyWaz said:


> I couldn't agree more but it's the other half I have to convince
> 
> But then I always get my own way
> 
> Richie



So you should Richie  lol


I have never understood anyone buying offplan even before the recession . to risky in my book ..

They buy after being shown a full top spec showhome with a artists drawing of some sexy scantily lady playing tennis by the pool which is always only 1/4 full of people , with a backdrop of open land with picturesque scenery as a backdrop , looks like paradise Then when they got your deposit the ground work starts and then you pay for them to buy the materials for them to build it 
You then spend the next year scared to death and praying the builder doesnt rip you off and that if it is finished !!! its built properly , eventually just when you get to the final payments you find that the pool isnt quite so good and suddenly that nice view and open land has another build block put right in front not quite as the drawing 

Then to cap it all with your nerves and stress level about to pop from all the praying and worrying if the builder is gonna stay in business long enough to complete your dream house , you cant live there as it shouldnt have been built in the first instance . To then be left with ongoing hassles with electric supply as it appears that all the builder has done is poke some wires into the neighbours supply who inturn had his wires poked into some builders generator Then to spend time and legal fees to sort it all out and then put up with a further year of builders working on the roads and street lights and all the other houses they sold in phases 2 and 3 ..

Mugs game if you ask me 
Buy one thats built for christ sake heck so you have a secondhand cooker and the floor colour isnt what you had chose but heck you keep your nerves and sanity intact and you know what your paying for


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## WizzyWaz (Jun 26, 2008)

Hi big Pete

I have printed your last post off and slapped it on my wifes forehead so when she wakes up in the morning she will understand where I am coming from 

Couldn't of put it better myself Old Chum

take care
Richie


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## Big Pete (Aug 7, 2007)

WizzyWaz said:


> Hi big Pete
> 
> I have printed your last post off and slapped it on my wifes forehead so when she wakes up in the morning she will understand where I am coming from
> 
> ...


 no probs glad to help


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## S&MJP (May 1, 2008)

Hello Richie,
I'm with Big Pete on this one for various reasons. The main one is that with a resell you have a very good chance of getting the Title Deeds on completion. With off plan there are people here who have been waiting for ten years and longer, but have still not got their Title Deeds. This is a very important consideration. The other reason for buying a resell is that, much as with a second hand car, the things that go wrong have usually gone wrong and been fixed! but be careful. Above all get a good lawyer.
By the way I bought a resell!! 
Regards Michael.


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## WizzyWaz (Jun 26, 2008)

Hi Michael

Thanks for your reply I am convinced about resale just like in this country so many things can go wrong with new builds.

I have a mate who brought a house that was not cheep and he had so many problems it was unreal.

as for the lawyer side i will have to shop around so carefully as that is one of the most important things to get right....without a good one you might as well not bother.

already booked our holidays this year but next year will come over just to look at location rather than house looking.

Once again Michael thanks for replying

Take Care
Richie


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## Veronica (Apr 5, 2008)

I absolutely agree with everything that has been said regarding resale properties being the best investement.
We sell properties and find that we sell more resales than off plan although we have far more off plan on our books.
You see exactly what you are getting for your money.
Also it is a buyers market and many vendors are willing to take an offer below the asking price.
In the present economic climate many older expats who now wish to return to the UK to be close to their families in their twighlight years are finding that with the exchange rate as it is right now they can get more for their money in the UK than they could a year so it is much easier to persuade them to drop their price.


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## Big Pete (Aug 7, 2007)

Veronica Kneeshaw said:


> I absolutely agree with everything that has been said regarding resale properties being the best investement.
> We sell properties and find that we sell more resales than off plan although we have far more off plan on our books.
> You see exactly what you are getting for your money.
> Also it is a buyers market and many vendors are willing to take an offer below the asking price.
> In the present economic climate many older expats who now wish to return to the UK to be close to their families in their twighlight years are finding that with the exchange rate as it is right now they can get more for their money in the UK than they could a year so it is much easier to persuade them to drop their price.


 and this is a lady who sells both .. so she knows what shes saying 

lets also be honest would you trust a builder to be in business in 12 months time the way the building property game is ..

i know in mallorca i have seen loads and loads of building sites just laying dormant with nothing going on .. so any poor innocent purchaser of the first few is going to be waitting a long time to get the home with the scantily clad lady playing tennis with that picturesque view that he paid his deposit on !! right


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## WizzyWaz (Jun 26, 2008)

Big Pete said:


> and this is a lady who sells both .. so she knows what shes saying
> 
> lets also be honest would you trust a builder to be in business in 12 months time the way the building property game is ..
> 
> i know in mallorca i have seen loads and loads of building sites just laying dormant with nothing going on .. so any poor innocent purchaser of the first few is going to be waitting a long time to get the home with the scantily clad lady playing tennis with that picturesque view that he paid his deposit on !! right



This Scantily clad lady playing tennis with a picturesque view  

I aways find that these holiday brochures seem to do the same sort of photos for their hotels...I then spend days at the pool side looking for these scantily clad ladies without any luck...... and for my efforts getting the odd clip round my head from her who must be obeyed


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## S&MJP (May 1, 2008)

Richie, if and when you come out, then get yourself down to Nissi beach or Ayia Napa and ENJOY! I'm too old for that sort of thing myself.
Regards Michael.


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## WizzyWaz (Jun 26, 2008)

Been once got Banned by her (only joking) Nissi beach is nice but not my scene anymore more the lulworth cove boy now lol

Take Care
Richie


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## jeffrey Streets (Dec 17, 2007)

*Go for re-sale*

Lulworth Cove is full of Fossils....come to think of it so is Cyprus. And besides your never too old. They say sex is equivalent to a three mile run...well tell my legs that!!! Buy re-sale, I did and fell in love with the place from the beginning. I am on my own and dont intend to retire and this is my own secret hideaway. I think if I bought off plan it would have been to stressful and I couldnt put up with all the crap especially when I was not there all the time (work overseas) and besides I negoiated fittings etc with the owners that saved me a lot of hassle. I have great neighbours who look after the place.


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## Veronica (Apr 5, 2008)

jeffrey Streets said:


> Lulworth Cove is full of Fossils....come to think of it so is Cyprus. And besides your never too old. They say sex is equivalent to a three mile run...well tell my legs that!!! Buy re-sale, I did and fell in love with the place from the beginning. I am on my own and dont intend to retire and this is my own secret hideaway. I think if I bought off plan it would have been to stressful and I couldnt put up with all the crap especially when I was not there all the time (work overseas) and besides I negoiated fittings etc with the owners that saved me a lot of hassle. I have great neighbours who look after the place.



Oy who are you calling a fossil?
HeHe


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## WizzyWaz (Jun 26, 2008)

Hi jeffery Streets

Yes we both have enough stress in our jobs over here, the kids have grown up and left the nest so it's our time now and boy are we going to enjoy doing it.

I am pleased that you have found somewhere that you are so happy with I just wish we can find the same happiness whan we go over

Take Care
Richie 

Ps Yes I remember fossils at Lulworth Cove.....also there was a fossil forest over the hill that you could go to when the range wasn't being used.


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## rita-jason (Jul 27, 2008)

*Re-sale v off plan!!*

Hello Richie, Well re-sale v off plan.....this is quite a big subject to try and answer. I think title is a bigger one. There are many lovley re-sale properties and also with sellers who may drop in price to sell, but the first question to ask is are the deeds available. You could find an off plan property on a single plot, thus you will get your title deeds on completion and the property will be to your specification. Also with the more recent building regulations the property should have better insulation makeing your home cooler in summer and warmer in the winter. (once you live here you will understand) There are a number of very good smaller developers who are cheaper than the big boys and are much more attentive. If you do not have your deeds borrowing is more expensive and harder, the developer can still borrow funds against your property that you have paid him for and making any changes to your home is difficult. Title deeds take about 10years to be issued if not longer.
I hope I have not thrown a spanner in the works, but if you buy right you will sleep much better, and maybe sell a little easier when the time comes. 
We sold our family run estate agency in the UK and have retired over here,(well semi-retired!)as we are now back trying to help people purchase property safely!!Hope this is of help to you,if you need more info,we can give you our email address,Best regards ,Rita & Jason Jupe


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## S&MJP (May 1, 2008)

"Thus you will get your Title deeds on completion" I'm sorry but there are an awful lot of people here that would disagree and are going through court cases as we speak.
Regards Michael.


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## Veronica (Apr 5, 2008)

The smaller developers certainly tend to give better value for money and also better customer care andafter sales service than the big ones. For this reason we use mainly the smaller developers and only turn to a selected handful of bigger ones if we cannot satiosy our clients with the smaller developers.
How ever not all small developers are trustworthy and it is essential to make sure the ones you deal with are reliable. We have ahd all the developers we deal with checked out by our solicitors, there were several that they advised us againsts using as there were court court cases pending against them.
This way we do all we cant to make sure our clients are not put in the hands of unscrupulous people. Nothing is totally foolproof but by doing as many checks as possible the chances of falling into the wrong hands is minimal.
Our aim is to make buying property here as safe and hassel free as possible.
Title deeds can take a long time to be issued but this is often ue to the slowness of the system. However individuals can go to the land registry to enquire about their title deeds and if you go often enough surprise surprise you get your title deeds much faster.
However if your developer is honourable anddoes not owe money on the land it takes around 3 to 4 years f or title deeds not 10. It is only when the developer has not done everything required of him or if he owes money on the land that it takes so long.
Also it is worth noting that the land registry are putting a new system into place which they say will speed up the issue of title deeds.(They say!!!!)


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## rita-jason (Jul 27, 2008)

*Title Deeds*



S&MJP said:


> "Thus you will get your Title deeds on completion" I'm sorry but there are an awful lot of people here that would disagree and are going through court cases as we speak.
> Regards Michael.


Hi Michael,if you purchase a single plot of land,with builing permission,you should recieve your deeds on the purchase of this(regardless of wether you are ready to build on this or not,some people just buy plots and then build later on in life when they are ready)
Obviously you will need a good lawyer to oversee all paperwork,to make sure that the land has not been previously divided. You just have to be aware.
We understand that there has been a lot of problems out there,we too have been stung ourselves,hence we want to try and help others.
The Deeds issue is such an important part of purchasing-be it re-sale,off plan,
just a plot or bespoke.
Regards
Rita & Jason


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## Veronica (Apr 5, 2008)

rita-jason said:


> Hi Michael,if you purchase a single plot of land,with builing permission,you should recieve your deeds on the purchase of this(regardless of wether you are ready to build on this or not,some people just buy plots and then build later on in life when they are ready)
> Obviously you will need a good lawyer to oversee all paperwork,to make sure that the land has not been previously divided. You just have to be aware.
> We understand that there has been a lot of problems out there,we too have been stung ourselves,hence we want to try and help others.
> The Deeds issue is such an important part of purchasing-be it re-sale,off plan,
> ...



Rita is abosutely right. If you purchase a plot of land you will recieve your title deeds as soon as the purchase is complete. The only time you may have to wait is if a large plot is being subdivided, in which case you will recieve your deeds once this has been done. This does not take very long though.
Another benefit of buying land and having a place built is that the amount you pay for your title deeds is only based on the price of the land, whereas with a house you will pay based on the value of the house as well as the land.
The downside of this is that having a house built on your own plot is very very stressful. We know several people who have done it this way (incuding Cypriots) and they all say they would not have done it had they known how stressful it could be.
However again it depends on the developer you choose to do the construction as some are easier to deal with and more obliging than others.

Veronica


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## rita-jason (Jul 27, 2008)

*Developers*



Veronica Kneeshaw said:


> The smaller developers certainly tend to give better value for money and also better customer care andafter sales service than the big ones. For this reason we use mainly the smaller developers and only turn to a selected handful of bigger ones if we cannot satiosy our clients with the smaller developers.
> How ever not all small developers are trustworthy and it is essential to make sure the ones you deal with are reliable. We have ahd all the developers we deal with checked out by our solicitors, there were several that they advised us againsts using as there were court court cases pending against them.
> This way we do all we cant to make sure our clients are not put in the hands of unscrupulous people. Nothing is totally foolproof but by doing as many checks as possible the chances of falling into the wrong hands is minimal.
> Our aim is to make buying property here as safe and hassel free as possible.
> ...


Yes,what you say is quite right.
We spent most of last year vetting developers,and ended up trusting very few of them.Our solicitor was good enough to guide us to ones she deals with(but legally can't reccommend!)and now we are satisfied that we have a handfull of companies we can trust. If you need more info,have a look at

www.paphospolisproperties.com


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## grumpy (Nov 10, 2007)

Helo Rita-Jason,

Welcome, hopefully we will meet in this goldfish bowl of Cyprus. However I would have to ask you the following.

In order to decide which developers to use. What criteria and perameters did you give your solicitor to consider? With these considerations taken into account, which developers did that then leave you with?


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