Not A Member Yet? See All The Features Of The Forum By Clicking Here To Register For FREE! Or Members Login Below:

Cyprus Eastern Forum Index Cyprus Eastern Forum Index
Offering Free Help, Advice, Tips & Support for those buying or living in:
Paralimni - Protaras - Pernera - Kapparis - Agia Napa - Larnaca - Oroklini - Pervolia - Kiti - Xylofagou
Vrysoulles - Frenaros - Dherynia - Sotira - Agia Thekla - Liopetri - Ormidia & surrounding areas...

 
Main Homepage Cyprus Eastern Forum Index Register Directory Memberlist Search

  Ads By Forum Sponsors

    
Cyprus Eastern Forum Index » Introduce Yourself » Just joined the Forum
Post new topic  Reply to topic   View previous topic : View next topic 
Just joined the Forum 
Post: #1   PostPosted: Sun May 12, 2019 7:01 pm Reply with quote
Aquarobics queen
Joined: 05 May 2019
Posts: 9
Pictures: 0

 
Just joined.
Lived in Cyprus for nearly 2 years now and weighing up options on whether to continue to rent or look at buying.
Just wondered what people's thoughts are on the Pros and Cons of Renting/Buying?
Thanks
Jules
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

Re: Just joined the Forum 
Post: #2   PostPosted: Sun May 12, 2019 7:17 pm Reply with quote
Blossom
Joined: 07 May 2015
Posts: 1584
Pictures: 0

 
Aquarobics queen wrote:
Just joined.
Lived in Cyprus for nearly 2 years now and weighing up options on whether to continue to rent or look at buying.
Just wondered what people's thoughts are on the Pros and Cons of Renting/Buying?
Thanks
Jules

Very hard to give advice, because everybody's circumstances are differant , my opinion always buy rather then rent, rent is dead money, this is probably the best time to buy, because the Cyprus economy is on the up , and property prices have started to climb, as have rents.

_________________
S.O.A.A.C. COYS
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #3   PostPosted: Sun May 12, 2019 7:26 pm Reply with quote
Aquarobics queen
Joined: 05 May 2019
Posts: 9
Pictures: 0

 
Yes,
We've noticed rents have started to increase, especially nearer to Larnaca area on the Eastern side where we are looking at the moment.
That was my thought on 'dead money' in renting too.
Just needing to be sure of making the commitment with a property purchase - heard lots of scare stories on Title Deeds in the past, hopefully that is now all resolved.
The build quality of a lot of houses seems to leave something to be desired though!!

Jules
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #4   PostPosted: Sun May 12, 2019 7:31 pm Reply with quote
Blossom
Joined: 07 May 2015
Posts: 1584
Pictures: 0

 
Aquarobics queen wrote:
Yes,
We've noticed rents have started to increase, especially nearer to Larnaca area on the Eastern side where we are looking at the moment.
That was my thought on 'dead money' in renting too.
Just needing to be sure of making the commitment with a property purchase - heard lots of scare stories on Title Deeds in the past, hopefully that is now all resolved.
The build quality of a lot of houses seems to leave something to be desired though!!

Jules

You can always pay an expert to examine the house, before buying, also only buy with deeds

_________________
S.O.A.A.C. COYS
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #5   PostPosted: Sun May 12, 2019 8:57 pm Reply with quote
scottie
Joined: 01 Feb 2012
Posts: 7642
Pictures: 0
Location: kapparis

 
I would say rent . Although we bought ,many years ago, we do have the deeds and the house is a good solid build .
It does depend on ones age I suppose , if you are relatively young then of course buying would be the likely option . However if you have come to retire and find that either because of illness , loss of a partner , or just getting older you feel you have to leave , then my option would be to rent . Pick up your suitcases and go back withought the daunting task of selling a property
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #6   PostPosted: Mon May 13, 2019 5:55 am Reply with quote
jeba
Joined: 10 Sep 2015
Posts: 757
Pictures: 0

 
There is a third option: buying the lifelong usufruct only. Strange, that this is hardly ever discussed/considered. That way youre protected against being kicked out but still dont have to to invest as much.
A 4th option would be to enter into a very long-term lease contract which you can have registered with the land registry (if for more than 15 years). My landlord agreed to giving me the option for a 20 year lease extension with a fixed rent increase waiving his right to give notice (as long as Im fulfilling my obligations, of course). Still unsure though whether hell be able to raise the rent after the increase we agreed upon in the beginning. Exercised it anyway last month.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #7   PostPosted: Mon May 13, 2019 5:12 pm Reply with quote
Aquarobics queen
Joined: 05 May 2019
Posts: 9
Pictures: 0

 
Thanks for the advice guys.
We're still working at the moment (7 years until retirement I hope).
A few things to think about I know.

Yes, appreciate that selling if we needed to go back to the UK would be a hassle and we need to weigh that against saving the amount that we would have paid in rent (assuming no capital cost increase in the house) and also the security that we would have in our own purchase, I hate the insecurity of the landlord wanting the house back and having to move with 3 months notice!

I must admit I hadn't thought about negotiating a really long lease (as in 15/20 years), again it would give security but we'd still be paying rent over the period at 10,000-12,000 per year.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #8   PostPosted: Tue May 14, 2019 8:23 am Reply with quote
gazzaga
Joined: 23 Oct 2009
Posts: 137
Pictures: 0
Location: Limassol

 
Keep your cash invested in fairly liquid investments and use the income to pay the rent. The Cyprus property market is a fragile one with many pitfalls. Your dream home can become a nightmare quickly if the neighbour from hell moves in or decides to build a home for hunting dogs next door. The costs involved in buying and selling are significant and maintenance of many of the newer properties is expensive.

If you rent and pay on time, it's very difficult for a landlord to evict you (Legally) at the end of the contract so you could have more than 3 months to look for an alternative.

I'm a financial advisor and in the 15 years I've been here I've seen many of my older clients' circumstances and health change and the perfect house now is rarely the same one if health changes, driving becomes impossible or you need to return to UK. This becomes a much bigger problem for beneficiaries if you die.
Personal Photo Album View user's profile Send e-mail MSN Messenger Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

 
Post: #9   PostPosted: Tue May 14, 2019 9:24 am Reply with quote
KIZI
Joined: 28 Jan 2011
Posts: 726
Pictures: 0
Location: Larnaca

 
Please take note of gazzaga's advice. I moved here in 2007 when I retired, bought a small apartment in Larnaca centre and lived there very happily. The apartment next to me was unoccupied at the time and remained so until 2013 when it was rented to a married couple with two dogs. This wasn't a problem at the beginning - I had a tiny dog myself but being retired she was never left alone other than for an hour or so when I went shopping. But unfortunately the neighbours left the dogs alone for most of the day well into the evening. They were never taken out, so much so that I couldn't sit on my balcony because of the smell. Because the dogs never went out they barked at the slightest sound morning,noon or night. Eventually, after 12 months I very politely asked my neighbour if there was anything he could do about the barking. I hadn't spoken to him before because he was at least 30 years younger than me and weighed considerably more than I did! His response was "...if I hear another word from you about the dogs I'll call the police to you". The next day I went to an agent and put my property on the market for one-third of the price I had paid for it. Luckily, because of the price, I sold within a few weeks and moved into a rented bungalow where I've been every since and would never buy again. Sorry to be long-winded but thought my experience was worth telling and my neighbour like me was English.

KIZI
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Just joined the Forum 
  Cyprus Eastern Forum Index » Introduce Yourself
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
  


All times are GMT  
Page 1 of 1  



  
  
 Post new topic  Reply to topic   
Search Tags: #joined #Forum



 Facebook Page    Facebook Group    Our Channel    Cyprus eBay Search    Shopping To Cyprus    Contact Admin   SmartFeed RSS Feed



BUYING PROPERTY IN CYPRUS? PLEASE ENSURE THAT YOU SEEK INDEPENDENT LEGAL ADVICE FIRST.
Cyprus forum covering Kapparis, Protaras, Pernera, Agia Napa, Agia Thekla, Paralimni, Larnaca, Oroklini, Pervolia & surrounding areas
Please note that the views expressed on this forum are those of the author and may not reflect the views of the management.
* Problems Logging In? Click To Contact Us | Powered by phpBB © phpBB Group Design Style: VTrushkin | View Lo-Fi Version