Very worried

dplees · #1 (**permalink**) 21st October 2008, 05:57 PM

--------------------------------------------------------------------------------

Hi,

I was wondering if someone could possibly help me. I have bought a property in Tremithousa Village at the St George Hills development. Could someone please tell me if this is a good area? I am really upset as I have been told that I have made a big mistake. I paid 98000 CYP for a 1 bed apartment there
I would really appreciate any some thoughts on this

Many thanks

BabsM · #2 (**permalink**) 21st October 2008, 06:08 PM

I am sorry to hear that you are unsure about your purchase. Without giving any names or details of the person concerned, are they liekly to know what they are talking about? Did they give you a reason for thinking it was a bad decision?

£98k CYP seems a lot for a one bedroom but then prices and standards vary all over Cyprus so it might be OK. Did you see the property or location before you purchased it?

What stage are you at in the buying process? Have you signed a contract? Do you have a solicitor? Did you buy off-plan? What proportion of the purchase price have you paid?

Sorry for all the questions.
BabsM

dplees · #3 (**permalink**) 21st October 2008, 06:19 PM

i have paid a 15% deposit and have signed a contract. Their web site is www stgeorgehills com. The complex is supposed to have good facilities, however I am not sure if it is really worth it.
Its not going to be finished until 2010, hopefully i will have found a buyer by then, if anyone is crazy enough. Have also been told that its very difficult to now rent property in cyprus, especially Coral Bay.
Not sure what to beleive anymore - starting to panic!

Quote:

Originally Posted by BabsM

I am sorry to hear that you are unsure about your purchase. Without giving any names or details of the person concerned, are they liekly to know what they are talking about? Did they give you a reason for thinking it was a bad decision?

£98k CYP seems a lot for a one bedroom but then prices and standards vary all over Cyprus so it might be OK. Did you see the property or location before you purchased it?

What stage are you at in the buying process? Have you signed a contract? Do you have a solicitor? Did you buy off-plan? What proportion of the purchase price have you paid?

Sorry for all the questions.
BabsM

yummymummy150 · #4 (**permalink**) 21st October 2008, 06:25 PM

dont worry things may pick up by the time its finished, coral bay is good as holiday let.
just keep on top of it and check all as it goes along .
Tricia

dplees · #5 (**permalink**) 21st October 2008, 06:53 PM

Lets hope so, I am so worried. If I can get enough rental income to pay the mortgage I will be happy

yummymummy150 · #6 (**permalink**) 21st October 2008, 07:05 PM

Quote:

Originally Posted by dplees

Lets hope so, I am so worried. If I can get enough rental income to pay the mortgage I will be happy

We bought 1 bed in universal 2004 let out for holidays has gone well you have to work at it get it on sites or make a free piczo site you can do it yourself take the booking ect you will need a good team in cyprus to take care of cleaning, keys
and repairs ect. all the best just keep a eye on how the bulid is going.
Tricia

Veronica · #7 (**permalink**) 21st October 2008, 08:12 PM

Quote:

Originally Posted by yummymummy150

dont worry things may pick up by the time its finished, coral bay is good as holiday let.
just keep on top of it and check all as it goes along .
Tricia

The St george hills development is on the outskirts of Tremithousa.
It is nowhere near Coral Bay.

yummymummy150 · #8 (**permalink**) 22nd October 2008, 04:09 AM

Quote:

Originally Posted by Veronica

The St george hills development is on the outskirts of Tremithousa.
It is nowhere near Coral Bay.

oh dear read the post wrong, this is what happends when peeps come on 3 day trips see a plan of a nice looking apartment/villa ,but dont take time to look around the sun is in the eyes dont see it all,. hope you can sell it on when the time comes,
Tricia

BabsM · #9 (**permalink**) 22nd October 2008, 04:22 AM

OK lets be realistic here. The way I see it... At the moment you have two choices; either cancel the contract, walk away and loose the money or accept the situation and make the best of it.

. To me, its a lot of money to lose...I'd make the best of it. After all, you don't know how the development will be when its finished.

The resale market in Cyprus is VERY slow at the moment as much because, given a choice, most people prefer new unless they can get a really good deal. And everyone is worried about money/ wolrldwide recession, so they are not really buying as they did last year. So I wouldn't recommend banking on a sale (we've been trying to sell our apartment since Easter). On the other hand, you might be lucky!

If you are going to sell the apartment then you need to be really positive about it and the location. Emphasise the good points...there must be good points that made you buy!

. You should never lie, if someone asks a direct question then answer truthfully, just don't offer unattractive info

As to the rentals, there is a lot of competition in the Paphos area so you will have to work at it, however people do rent their properties out and some are very successfully. So don't despair. Work out who you want to rent the apartment to and what you want to charge. If there is a lot of competition aim for less money. I don't know your area but here in Larnaca the big thing is long-term rentals. You get a lot less money than holiday lets but it is guaranteed for the term of the lease and they pay all the bills. Maybe that would work for you

You say delivery is 2010. Does your contract have a specific date for completion and penalties for late delivery? I don't know your particular developer but Cyprus has a relaxed attitude towards time and dates... it goes with the laid-back lifestyle. You will not change that however hard you shout so keep on top of your development... just don't stress if its not delivered on time.

Because of the 'Cyprus-time' issue I would not recommend advertising your apartment too heavily until its finished. We were unaware of 'Cyprus time" when we bought our apartment and we gave ourselves a lot of stress because our first guest was due to arrive three days after completion. Our developer delivered on time but we didn't allow enough time to clean, furnish and set it up before the guests arrived and it was all an horrendous rush!

At the moment I would make sure you had someone you could trust watching construction and reporting back. Get them to take regular photos and report on EVERYTHING. Our daughter did this for us when our new house was being built. Its actually great fun looking at the changes... playing 'spot the difference". Then, if problems arise or you want something changed you have someone on hand who can speak to the developer sooner rather than later.

grumpy · #10 (**permalink**) 22nd October 2008, 05:25 AM

According to the website you published the complex has been sold out!!

If its such a good deal, then consider trying to dispose of it on the open market, or discuss the option with the developer for him to try to sell it. If you dont go through you will end up losing a considerable sum. As for rental possibility, being as far out as Tremithousa limits the rental income possibilities, so possibly a long term rental may be an option, however the income wont pay the interest on an 85% mortgage.