Personally, I think this is way to risky and too much of a gamble. Having previously worked in the estate agency business for a few years, I know only too well what can happen and how fragile sales can be.
Best thing to do is to sell the property and rent whilst the money is in the bank earning interest. When the cash is in the bank, it's amazing what doors open and how confident you will feel at haggling & getting a good deal on your intended purchase.
That's what we plan to do next year, Tina. Our house will go on sale in the spring and we'll move over once it's been sold. Then we'll rent for as long as it takes to find something suitable in our price range. As you say, it's amazing what bargains you can get when you've got cash in the bank. I'll feel sorry for anybody whose lost out because of the credit crunch, but it won't stop me asking for, and hopefully getting, a good bargain.
I wish you luck selling your house Alan, unfortunately, now is not the time, perhaps things will be better next year.
Your problem is that house prices continue to go up in Cyprus despite the fact there are thousands of them all over the island lying empty, a phenomenon I've never quite been able to figure out..........there's a massive supply and no demand so you'd expect the prices to go down, not up!
One thing's certain and that is you will have plenty of choice.
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