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| Greece Buying Guide Newsletter |
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| Well….hello there. June already….this
is the month that is traditionally viewed as the beginning of the summer
season in Greece. The month when the tourists start to arrive, pale
and weary, longing for the sun and the delight that only a holiday in
the Greek sun can provide. A very un-Greek, busy and bustling pace begins
for those living there now. Many Greeks who live most of the year on
the mainland return to the islands and, for a while, family takes an
uncharacteristic back seat as earning a living rears its ugly head!!
And yet for us visitors it always seems so relaxed…so easy-going
and friendly: that in itself is a talent don’t you think?!! Do let me know if
you do this – I would be enchanted to hear about it. Okay –
next up a few tips on netting your own Greek property, serving yourself
an investment ace, words of wisdom from our currency umpire Charles
Purdy, a bit about that never ending subject – finances –
what you need to know about the new Greek Land Registry …and that’s
it: Game, set and match!! |
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My top 10 tips for netting your very own Greek bargain property! 1. Take
good, unbiased advice Think carefully about what you are looking for. Don’t be swayed by something that looks “nice” but has not, for example, got enough bedrooms. Keep to what you really want! One of my readers told me she almost fell for a beautiful apartment on Corfu. It was in the right location, was in a style she loved and the price was just under her budget. BUT it didn’t have any outside space, not even a terrace. Luckily her head ruled her heart and she went on to find an equally lovely place WITH a terrace – and realised she could not have done without at least a little space for her glass of wine in the evenings! 3. Ask questions about each property which tempts you and don’t forget to seek out those reductions! Decent agents will happily listen to your questions and answer them as best they can (plus we can help you find those agents!). Find out just as much as you can about the property AND the location, the amenities etc. It some ways it is a buyers’ market in Greece and many properties have been reduced due to the drop in property sales. This is because UK people make up quite a big percentage of overseas buyers in Greece and, with the decline in the Euro, there has been a comparable decline in Greek property purchases. The agents we recommend can guide you here. 4. Consider your finances In these difficult days with our weak pound, it really makes sense to consider your options: funding your Greek property in the “right” way for you may well save you a considerable sum of money. For example, it may make sense to take out even a small Euro mortgage instead of using your hard earned cash for part of the property purchase. This way you avoid the unfavourable exchange rate and there is a whole range of options for Euro mortgages with interest rates consistently being lower than for Sterling mortgages. Again, I can help you with this, just let me know and I will put you in touch with an excellent Euro mortgage broker: http://www.Greecebuyingguide.com/resources.htm 5. Stick to your guns, be firm about your wants and needs It is far better to take a little longer to find what you are really looking for than to change the goalposts because something looks tempting: put time and effort into making a list of “must haves”. Family and friends will all offer advice and no doubt their opinions matter to you. But don’t lose sight of the fact that this is YOUR plan and must be YOUR decision. Being firm about your criteria is likely to stand you in good stead later on and ensure that you do not find yourself wishing you had perhaps waited for the real thing to come along. 6. Never sign your house sale contract until you are sure you understand it! This may seem an obvious one but in the excitement of buying your Greek property, you may overlook the importance of getting your contract correct. If you don’t fully understand everything, get your own bilingual lawyer to act for you. A little money spent now could well mean a greater saving later on. 7. Don’t ever use a bank for your currency exchange This is vital: banks not only charge commission on foreign currency transfers, but you are also likely to be offered a rate between 2% and 4% higher than a currency exchange company. It is not difficult to see that on large amounts the difference can be staggering: often as much as several thousand pounds. Have a quick read of Charles’ words of wisdom later on in this newsletter. 8. Make a calm, considered decision Again, this is vital: many people opt to live in Greece because of the delightful lifestyle: a very good reason. However, don’t underestimate the good things about your home in the UK. For example, you may be wishing to find your rural idyll which is “away from it all” but you really don’t have to live in the middle of nowhere to enjoy a better lifestyle. Consider whether it might just be better to be somewhere which is in walking or biking distance of local shops and amenities: getting in the car each time to buy your bread and milk in the morning may irritate you after a while! 9. Take more time rather than less: don’t rush Let’s just say you are about to tell the agent you are interested to buy a property. Before you do this, stand back and ask yourself if you are doing the right thing and if you have been totally objective in coming to this decision. Give yourself an extra half an hour to make sure the property you are about to put an offer on is really what you want. 10. Last but by no means least: remember that you are in the driving seat at all times: you are the one in control, no one else! Buyers in Greece can find excellent properties for their money now and, however you care to look at it, prices in Greece are STILL considerably lower than house prices in the UK. Our Greece Buying Guide contains a wealth of information on buying in Greece as well as an overview of the country to help you make up your mind if you are undecided on just where is right for you. You can download it digitally or I will be pleased to send you a hard copy first class in the post. It is reasonably priced and actually consists of 3 documents: the main Guide of over 100 pages, a “Questions & Answers” document with lots of useful links and a handy series of “Worksheets” designed to help you plan your Greek property purchase. You can get your copy by clicking here: |
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How to make sure your pension doesn't decrease!by Smart Currency’s Charles Purdy.Why are ex pats living in such places as Cyprus, Greece, Italy and France feeling worse off? SIMPLE…the € has devalued by 15% over the last year. Now, when an ex-pat receives their pension from the UK, they are getting 15% less in €’s compared to this time last year. Also, we have to remember that inflation is on the increase, especially energy and food costs, which means that budgets are being stretched even further. Not a happy picture. Say you are receiving £1,000 per month as a pension payment. If you had put a forward contract in place this time last year you may well have secured an exchange rate of €1.43/£1. This would mean that you would receive €1,430 per month. The average exchange rate over the last 12 months was probably closer to €1.30. This means that if you had exchanged your pension each month, over the course of the year you would have received €1,500 less. The cost of a new lounge suite! How can future pain be avoided? Again the answer is SIMPLE. By using a company such as Smart Currency Exchange you can secure an exchange rate for those future pension payments by using what is called a “forward contract”. This may sound complicated but it is really very straightforward and it will ensure that you know exactly what you will receive each month making budgeting much easier. Also you will save significant transfer costs when compared to your bank which, over the course of a year, could save you another €500 plus… Sound good? Then the next step is to have a SIMPLE discussion with Smart Currency Exchange to see if we can help you. To read the latest on Currency go to: http://www.GreeceBuyingGuide.com/Currency260608.htm Why
overseas property buyers lose money... This 10-page educational report outlines:
And just a couple remarks about the report from our readers...
To get a copy of the report at no charge go to: http://www.smartcurrencyexchange.com/freereport.htm To get a Better-than-Bank
rate go to: http://www.smartCurrencyExchange.com/smartsquotation.htm
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Serve yourself an investment ace!! HOT OFF THE INVESTMENT PRESS: |
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Sorting your finances out...Dealing with your money sometimes seems like an impossible uphill struggle and yet we would suggest that it has never been so important for a variety of reasons. Currently it is all over the media that we are in the middle of a credit crunch, that there is dented confidence in the UK property market and doubts that people have sufficient retirement planning. We find this leaves people very confused as to how they can improve their current situation and plan for a stronger future, which is why they turn to IFA’s. Many people will first turn to friends or family members for advice but not many of these people are qualified financial experts. Another option is to use your own bank; they obviously have a limited supply of their own products and have the brand power that doesn’t necessitate the need to develop highly competitive products. The main alternative in the modern era has been to use the internet for research. The web is a very valuable tool with the potential for millions of applications. However this can also be its downfall, in that it is a reactive database. It will only respond to your range of knowledge and subsequent questions. Furthermore, the cheapest product will normally be at the top of the list – and as we all know from experience, the cheapest is rarely the best! In our experience there are two main factors involved for people who are serious about sorting their money out. 1. Relationship
2. Niche Expertise Obviously in each area of your finances it is vital to have an independent specialist whether you are interested in savings, tax advice, property, legal affairs or alternative investments. It is reassuring to know that the advice you are getting is from a dedicated and qualified professional. We have an IFA to recommend that we believe offers the best of both worlds. Each of their clients has a committed consultant whose role it is to orchestrate a team of experts, creating a bespoke solution for your money, regardless of your current financial situation. Please go to: http://www.greecebuyingguide.com/resources.htm or contact me on mailto:carol@OverseasGuidesCompany.com | ||
The new Greek Land Registry and how it affects you…Do you own property
in Greece? If you do - or think you do - you need to register it in
Greece for the new land registry finally being put into place by the
Greek government. If you don't, you may find it difficult or impossible
to prove title and avoid boundary disputes down the line. |
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And finally…of
course June in London ushers in Wimbledon…and GUESS WHAT? Yeah,
you’ve |
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Hints
on Planning Your Evening
guessed
it - although the origins of tennis are not clear, many experts believe
tennis, then called lawn tennis, was invented in 1873 by Major Walter
Clopton Wingfield, a British army officer. And Wingfield claimed that
he modelled the game, which he called Sphairistiké (Greek for
"playing at ball") after an ancient Greek game! It’s
so hard not to be smug when you’re a Grecophile isn’t it?!!