Is now a good time to buy?

[kempo23]

I have been watching the property market for the past 18 months and now feel my time is right to purchase. The intention is to use it as a holiday home for friends and family, but also for holiday rental during high season in order to cover annual running costs. I am a cash buyer so expect to get a good discount on advertised prices. My main concerns are regarding any new legislation the government is likely to implement following the bailout agreement, particularly property taxes and associated costs. Any views on what the likely changes will be? Would it be prudent 'to wait and see'?

[Nigel Howarth]

I have been watching the property market for the past 18 months and now feel my time is right to purchase. The intention is to use it as a holiday home for friends and family, but also for holiday rental during high season in order to cover annual running costs.

You haven't got a snowball's chance in Hell of getting enough income from renting your property to cover running costs. There are many thousands of holiday homes up for rent - if you manage to get a good property in an ideal location then you may have a chance. Otherwise forget it.

If you want to buy a holiday home for your use and that of your friends and family that's fine. And if you want to avoid the many potential pitfalls buy a property that has been issued with its all-important Title Deed and use an independent lawyer - i.e. one who has no connection with anyone else involved in the transaction.

Regards,

[Pantheman]

I have been watching the property market for the past 18 months and now feel my time is right to purchase. The intention is to use it as a holiday home for friends and family, but also for holiday rental during high season in order to cover annual running costs.

You haven't got a snowball's chance in Hell of getting enough income from renting your property to cover running costs. There are many thousands of holiday homes up for rent - if you manage to get a good property in an ideal location then you may have a chance. Otherwise forget it.

If you want to buy a holiday home for your use and that of your friends and family that's fine. And if you want to avoid the many potential pitfalls buy a property that has been issued with its all-important Title Deed and use an independent lawyer - i.e. one who has no connection with anyone else involved in the transaction.

Regards,

Nigel I disagree with your comment " You haven't got a snowball's chance in Hell of getting enough income from renting your property to cover running costs."

If the property is in a tourist location, for sure he can rent it at the high season. In famagusta there is a shortage of holiday lets.

Unless he is buying in the villages or away from the tourist areas, he has good chance to let it.

The problem will be finding a property with title deeds!

But now is certainly the time to buy.