Hello there – how are you?

Forgive my silly title of ‘August Rush'…I have just watched the sweetest rom/com film of that name on my flight home from India. I have spent two wonderful weeks in an utterly inspirational place called Ladakh in the Indian Himalayas…not my usual summer break in sunny Greece and indeed it was quite cool sometimes in the shadow of the world’s highest mountains, but what a simple, exquisite, inspirational and life changing place it is…I went with my busy son, whom I see far too little of in frenetic London, so that was an added bonus.

I simply cannot believe that September – and autumn – is almost here. I must say that some of my happiest holidays have been spent visiting Greece in either spring or autumn: fewer people and therefore the peace and quiet that I love.

The other reason for visiting then is of course that things are a whole lot cheaper – and that can include house prices! As potential buyers return home after their holidays, vendors with unsold properties eagerly fall upon any potential buyers, sometimes reducing prices to secure a sale.

I remember going to Serifos once in early spring, on my way to my favourite island of Sifnos. I automatically bargained down the price of my adorable room with its view of the old village (or Hora) spilling down the nearby hillside and a glimpse of the sea behind… It had only taken one visit to Greece to realise that this price negotiation was almost expected. When I checked the room price behind the door later I found that it was DOUBLE what I was paying…

Talking of Sifnos, I wanted to tell you about my experiences, walking the length and breadth of the island, but first a taste of what’s to come in this newsletter apart from this: I have another lovely property in Rhodes to recommend, currency info from our currency Money Man Charles, a reminder about the new Greek land registry, some financial planning and insurance know-how and then I sign off for another month….

Please do keep in touch and tell us your tales of house hunting in Greece won’t you?

Carol

Carol Dunning
Greece Buying Guide Advisor
The Overseas Guides Company Limited.
mailto:carol@OverseasGuidesCompany.com
Phone 0207 898 0549
1, Hammersmith Grove,
LondonW6 0NB

These shoes are made for walking…

There are many reasons why people love Greece – and the Greeks - but I find that, talking to Greece Buying Guide readers, there are a number of reasons that most people agree on. The climate, the beauty and the lower cost of living are important but two factors seem to come top of the list: the friendliness and warmth of the Greek people…and the safety aspect.

As an ex-South African, it is difficult for me to explain how wonderful I find it to walk out totally alone and unaccompanied through the countryside and towns feeling safe, secure and completely unworried. Some days, walking along the cobbled paths of the island of Sifnos, between villages, the only people I saw was the occasional person tending their lands or men on donkeys, swaying as they rode. Without exception everybody waved and greeted me cheerily, sometimes asking me to join them in a drink or a snack at lunchtime.

Talking of swaying donkey riders, deliveries to my favourite restaurant in the town of Apolonia, where I was staying, were made each evening by donkey, and when the rider staggered out a few hours later I wondered whether that accounted for the swaying…!! It does strike me however that although it is very much the tradition and the culture in Greece for men to spend a lot of time in cafes, chatting, exchanging news and sipping at drinks all day, I have yet, after years of visiting, to see one unpleasant scuffle or drunken incident – ever.

I digress: there are supposedly 365 churches on the island and believe me I have seen quite a few of them. What I used to do was have a lateish breakfast – always at the same restaurant with my new Greek best friends – and then set off, after a cursory read of my Lonely Planet guide book and a quick glance at a map obtained from the local tourist office.

The real charm of walking in Sifnos is this: every village is different, the walks are endless and mostly within view of the blue, blue sea, sprinkled with white churches and Venetian castles and remains… and then there is a simply wonderful bus service!

So before leaving my town of Apolonia I would plan where I was headed for and check on the bus return time…diabolical I know! Apolonia stands at the centre of a clump of lovely villages (Kastro, Artemon, Platos Gialos and the church of Chrisopigi) mostly near the sea so it was downhill all the way and a bus ride back to that retsina or ozo that awaits!! As a walking ‘purist’ you may be looking a little disapproving but hey…it’s a holiday!

In spring the hills are covered in colourful spring flowers and there are literally hundreds of Cycladic white churches scattered across the island with ‘Greek Blue’ domes…just thinking about it makes me smile. So next time you are wondering what to do, think about walking instead of driving – it’s amazing the things you see and the friends you meet along the way. I know that when my children were much younger we used to take them on holiday walks – often moaning and groaning along the way. Of course they now remember those walks with enormous fondness…yup, that’s kids for you!

Do let me know if you have walked on any of the islands: I believe that Corfu is simply wonderful to walk on and Crete has its famous Samarian Gorge walk, plus of course many other delightful trails criss-cross the islands, some requiring various levels of fitness. The Samarian Gorge walk is a beautiful 18km (11 mile) hike through the Samaria National Park in Crete’s White Mountains. The gorge is believed to be the longest in Europe and is home to beautiful flora and fauna and dramatic rock formations. There are several churches and chapels, including the church dedicated to Saint Maria of Egypt, found in the village of Samaria and dating back to 1379.

Right – now you have decided that you simply HAVE to move to Greece after that…let me know if I can help in any way. AS you will know, we at The Overseads Guides Company have sourced a whole bunch of good, dependable people to help you along your way, from estate agents to solicitors, mortgage and IFA advisors…you name it, we have help at hand.

Just go to http://www.GreeceBuyingGuide.com/links.htm and let me know how I can help you.

A currency strategy – why on earth would someone need this?

by Smart Currency’s Charles Purdy.

Simple really. When you buy a UK property you know exactly how much you will need to pay for the property and as such you can plan accordingly.

With a foreign property you will have to pay in another currency; for example Euros or US$’s, which means changing sterling into that currency at a specific exchange rate. However, that exchange rate moves every minute of the day and sometimes the movement can be quite dramatic. You will have used the rate on the day that you first thought of buying…If the exchange rate moves against you (which has been the case with sterling recently) you can suddenly find that you need a lot more sterling to buy your foreign currency and pay for your property than you had originally envisaged.

Hence the need for a currency strategy which will allow you to target exchange rates, focus on timing and secure a favourable exchange rate when available. The currency strategy will take a lot of the risk of increased costs out of the equation and at the same time reduce stress which is always welcome!

The best way to develop a currency strategy is to talk to an expert such as Smart Currency and discuss all the different permutations that are available to you. You will then be able to make an informed decision about your currency transaction thus minimising your costs…and your stress level.

To read the latest on Serling and the Euro go to: http://www.GreeceBuyingGuide.com/Currency280808.htm

Why overseas property buyers lose money...
...and how you can avoid it!

This 10-page educational report outlines:

• Case Study: When Property Buyer, Mr Reed, Purchased an Overseas Property, he Made Three Mistakes that Cost Him £10,256...learn how you can avoid them...
  
  
• How the Banks make HUGE profits from their long-standing unsuspecting customers
  
  
• Ways to safeguard yourself against adverse fluctuations in exchange rates (or in other words, helping you to keep your money in your pocket)
  
  
• The entire process of moving money from the UK to any overseas location, so that you're armed with all the knowledge you need to make intelligent decisions about your money
  
  
• How you can ultimately save £100’s and £1000’s so that you have ample money to buy furniture and white goods…
  
  
• More case studies of people that lost money due to foreign currency strengthening against the pound, so that you learn from other peoples mistakes rather than your own!
  

And just a couple remarks about the report from our readers...

" We have found your free report to be extremely helpful... Wendy Watson"

"I have read and absorbed the information in the stories outlining the mistakes which the uninitiated can make when transferring currency. It is very illuminating and essential that any one,like myself, who is in the process of buying an overseas property should be aware of. I would go so far as to say that every agent selling overseas properties should be compelled to advise their prospective purchasers that it is paramount that they use a currency expert such as yourselves. Regards, Eric Thomas"

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
or call Carl on 08081 630 102 freephone.

Fancy living in lovely Rhodes? Then we have just the property for you…

I have to tell you that over the years that I have been chatting to Greece Buying Guide readers about buying property in Greece, one island has consistently been top of many people’s list. That island is Rhodes.

Why Rhodes?

Well, firstly it is one of the few islands with a complete up to date property register, which is very reassuring!

Also it is the island with a variety of landscape, beautiful mountains with picturesque villages, endless beaches and wonderful archaeological sites, thus appealing to most people.

The sun shines 300 days a year, with long summers and mild winters so that you are able to enjoy outdoor life all year round. English is widely spoken – the island has been popular with visitors for many years. What is also appealing is that crime is almost unheard of: you can leave your car unlocked, your house open and sleep on your balcony if you feel like it.

The island is also very accessible with many air contacts plus ferry contacts too.

For those that are retiring, the island offers high quality medical treatment with a hospital and many government owned walk-in clinics located around the island, as well as many independent clinics and doctors' offices.

So….given all that, I present to you the lovely Del Mar Villas in Lindos, shown above, on the market for 395,000 euro!

Situated in the quiet surroundings of Psaltos, just a short drive from the sought-after areas of Pefkos and Lindos, this unique villa is not to be missed! Sitting on a plot of 1100 sqm this house, which will be completed in August 2008, features a total of 125 sqm of accommodation.

The property consists of two bedrooms, one bathroom, one shower, a loft and a fully equipped kitchen with stainless-steel appliances. Additional benefits included in the price are air-conditioning throughout the house, kitchen fittings, built in closets, 2 parking spaces with concrete ground, balconies and a nice pergola. Furthermore, the property has security system installation, satellite TV (circuitry only), high-speed internet access wiring and external gates for pedestrians. An 8 x 4 painted swimming pool with shower is available as well as outside lighting, plants and trees in the plot. The house is sold fully furnished and equipped.

Can you resist? Contact Elaine on 0207 898 0549 or go to http://www.greecebuyingguide.com/property.htm if you want to receive more details on this or any other property.

Financial Planning – make YOUR plan come together….

Don’t you just love it when a plan comes together? With August the dampest in a hundred years, wouldn’t it be wonderful to jet away to your place in the sun in Greece for brighter times? If only buying abroad was that easy….or is it? Well, 35,000 of us Brits did so last year, according to the ‘Second Homes Abroad 2008’ report.

However, has the family agreed on the motive for buying? Is it a heart pounding, emotional fuelled, lifestyle purchase? Or is it a level-headed, pragmatic, money making decision? The majority of people probably want it all - the best of both worlds! However, that peaceful mountain retreat might not rent like the hedonistic beach front apartment…or should it be the city centre apartment which could rent well…but then…do you really want to stay in the business district?

Whatever motivates the purchase, there are certain principals that you should bear in mind, namely what liability are you taking on and can you afford it? With 80% of overseas purchases being mortgaged, make sure you choose the correct bank to fund your purchase. This can save you thousands in the long run. Do you need a bank that can facilitate re-finance? What about over-payments, what about off-setting income against mortgage costs? Is there a robust legal process and who should represent you? Cut costs here and you could lose the lot. Also, have you considered what type of property rents well in your chosen area: apartments or villas? These and many other factors need serious consideration upfront.

The bottom line is that all of the above involves money and lots of it, so talking to professionals is the key. This is a big commitment with big responsibilities. How does it fit into your overall financial plan? Speak with financial advisors who have overseas property experience (not all do), and are familiar with property investment strategies. Understanding the full financial commitment you are taking on, you can then feel confident that you are buying within your budget and not be in for any shocks along the way.

Your plan will only come together if you actually have one…and then stick to it! Even when buying the holiday home of your dreams the numbers must work… you must understand them, work them out in advance, and then confidently buy.

Just go to http://www.GreeceBuyingGuide.com/resources.htm if you would like me to put you in touch with a really brilliant IFA…

Happy hunting!

Legal Notes: a reminder about registering your property in Greece…

I know we have discussed this before, but do remember that the deadline for Greek owners is September 30th and for foreign owners December 30th, although these deadlines are widely expected to be extended. There are thought to be some three million properties that are not yet registered.

A government official said just 2% of foreign owners have registered so far. Property consultants are advising foreign owners to register sooner rather than later to avoid the log jam as deadlines approach.

'It is something that many property owners might not even know about or think that they can do it another day. But we would advise owners to register as soon as they can,' said Sophie James of Greek Island Properties.

'If you don't, you may find it difficult or impossible to prove title and avoid boundary disputes down the line. In extreme cases you could even lose your rights,' she added.

This is especially crucial for older properties which have not gone through any sort of title search as they have changed hands. Just because your family has "always owned it" that won't confer any protection on you during this new process.'

Property owners will be able to visit one of 76 land registry offices to submit their paperwork or can fill in the forms online at the registry's website. It will cost applicants €35 to register each property and another €20 for any other facilities, such as separate storage rooms or parking bays.

It is not the first time Greece has attempted to create a proper land registry. Millions have been spent on previous attempts all of which have failed.

I do have a Greek lawyer that I can recommend that can help with this just go to: http://www.GreeceBuyingGuide.com/resources.htm with your request or phone Elaine on
0207 898 0549 and she will put you in touch with immediate help!!

Insurance is essential…

Disaster could strike if you ignore your overseas property insurance

Would you be brave (or stupid?) enough to leave your home in the UK uninsured? So why do many of us buying a home abroad immediately assume that the rules are different because the sun is shining? Risks still exist. Regardless of whether your property is occupied, unoccupied or let - short or long term - you need comprehensive property insurance and cover against potential liabilities.

We work with an insurance company who offer policies that are specifically designed to meet the needs of the overseas property market. Flexibility is central to an insurance company’s cover, and comprehensive building and content insurance allows you to live in your property, leave it unoccupied or let it out - short or long term. The policy also covers loss of rent plus emergency travel and accommodation in the event of a major claim. For additional peace of mind these policies are underwritten by one of the world’s leading insurers, Norwich Union.

No language barriers
Understanding exactly what a policy includes, even in English, can be a feat in itself. Add to this the complication of an unfamiliar language and the stress associated with making a claim and the whole process could be doubly hard – is your Greek up to it?!! Documentation is entirely in English and all claims and enquiries are reported to and resolved by a UK-based, English speaking support team.

Community Insurance can be misleading
Local Community Insurance cover can be deceptive. It is designed to protect communal areas such as boundary walls, entrances and staircases (in the case of apartments), but not as comprehensive cover for your specific property. It is invariably written in the language of the country of purchase, which makes it hard to fully understand what the cover includes. Owners can mistakenly believe that Community Insurance covers their home, only discovering too late that it does not.

Essential Liability cover
Comprehensive cover is also ideal for anyone who lets their property, particularly with the current trend toward litigation. The policy offered automatically includes £2,000,000 Public Liability cover, far in excess of many other European policies. In Spain for example, the amount is typically 30,000€, approximately £20,000.

To get a quote from our recomended insurance company simply click here: Insurance Quote

Or phone Elaine on 0207 88 0549 and she can talk to you about the ins and outs of it all.

Bye for now…

That’s all for now. Please do remember that any comments and experiences that you may want to share with us about buying property in Greece are always welcome. The more we share about this the better equipped we will all be to ensure a safe and happy buying experience, both for ourselves and for others. You can also go to our forum at http://www.gbg-forum.com and share your stories…

Before I go, I wanted to ask you if you have any friends that are in the process of buying property overseas, or may even just be thinking of it? If you have, please 'spread the OGC word'. There is no better recommendation than that of a friend and it would be great if you could inform people about the Overseas Guides Company so that they too can benefit from our services.

All you need to do is ask your friend to click on the following link:

http://www.greecebuyingguide.com/greece2.htm

or email me their name, email address and phone number and I will contact them to see how we can help make the buying process a much easier and less stressful experience.

Both Elaine and I send our really best wishes to you. We love to hear from you so please contact us on mailto:carol@OverseasGuidesCompany.com or mailto:elaine@OverseasGuidesCompany.com or phone Elaine on 0207 898 0549 and she will be delighted to have a chat to you about your property options.

This comes with all best wishes and warm regards,

Carol

Carol Dunning
Greece Buying Guide Advisor
The Overseas Guides Company Limited.
mailto:carol@OverseasGuidesCompany.com
Phone 0207 898 0549
1, Hammersmith Grove,
LondonW6 0NB