I think youīre correct in relation to rental income.
I think in a high growth market, rentals will be at a minimum.
Itīs very difficult to obtain high growth AND decent rentals. Itīs one or the other. I reckon once the market has matured (around 5 years time) then rentals will pick up.
The agent from MRI told me i could purchase the white goods myself if i wanted. They didnīt tell me that i couldnīt use them to market the place if i bought these things myself. I must email aftersales again to get more clarification on this issue.
I would be interested in the outcome of your conversation with aftersales but they clearly said that the travel compaines that have signed up to their rental arrangements would require a H&S certificate. If we went with the MRI furniture package the cost of the H&S certicate would be in the price otherwise it would cost between Ģ2500 - Ģ3000 to obtain.
Also, if MRI are to believed, a good proportion of these apartments have been sold which leads me wondering why there are not more people besides us three joining this thread? Strength in numbers and all that..
Rather than keep using this thread, do you think we need another way passing around any progress news during the construction of this complex. Perhaps each of us having each others e-mail address of even using 'skype' or some other method. What do you think?
Rather than keep using this thread, do you think we need another way passing around any progress news during the construction of this complex.
Hi Paul - Don't worry about using the thread - that's what it is intended
for - to keep people updated. There may well be others who have bought
on your development but haven't yet joined in so it is helpful for them
Of course a lot of people pass info via email etc and that's great but it's
also always good to keep the thread updated. By the end of the
development you may well find loads of your neighbours on the thread
Last edited by Steve - SJD on Tue Jun 23, 2009 11:49 am; edited 1 time in total
Hi Paul/ Everyone,
I contacted MRI in relation to the health and safety certficate.
There's no requirement to buy one. They even called me from Spain today to clear up the matter, so you should be grand.
Did anyone take out a swiss franc mortgage? I had a bit of a headache at first but i did my reasearch and i reckon they're good for the long run. Obviously if the swiss rate increases, then that's the danger! But overall, over a 25 year or 30 year term (considering there's no crazy flucuations) it should save you 50K (touch wood). What's your thoughts?
I also arranged a Swiss Franc mortgage - The only issue I have came across was the rate I obtained from a well known currency exchange was not as good as I expected - I set up a regular transfer facility which I am considering cancelling as I can get a better spot rate for each time I want to send money.
In relation to paying the mortgage, I asked this key question a while back.
Now, obviously the mortgage is taken out the Bank account in Cyprus (this was confirmed by Alpha Bank or Lender). Personally, I'm going to wire in an initial amount of Euros (say 5k) from my bank account in Eire to my Euro account in Cyprus. Shouldn't cost anything for a three day transfer. I then anticipate getting some rentals: ) If i get tenants to rent the place then i shouldn't have to top up the bank account in Cyprus. I was told if i rent the place solid over the summer, then that would cover the mortgage for the year. I'll wait and see..
However, if i don't get the rentals then i'll have to wire the mortgage amount from my bank acount in Eire to my Cyprus bank account every month.
I assume we are talking about paying the mortgage from completion date rather than when the drawdown is done against the mortgage by the developer. I believe first drawdown is in December but the interest on the drawdown is rolled into the original mortgage.
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