How are you doing?

On Monday I returned from a very quick visit to Cyprus – I flew down for 4 days. It was enough time to enjoy time with my friends, meet a few CBG readers and benefit from the HOT weather. At first, I couldn’t believe the heat but I soon became acclimatised. When looking out over the land, I could see heat waves radiating off the brown dusty ground!

During my first night I went out for a drink at Eden Square in Protaras (on the main strip) and then for dinner at a secluded restaurant between Protaras and Kapparis in a town called Pernera. Oh-my-gosh…the location is absolutely fantastic. While enjoying my tomato and feta salad, I listened to the waves roll up onto the beach and watched the beautiful moonlight shimmer on the sea. The water was so inviting – so much so that I actually went for a swim after dinner. It’s the first time I’ve ever swam in the sea at night! I wasn’t scared…however I didn’t put my feet down just in case there was something below me – like one of those black spiked thingies (yikes!)

I stayed at the Vrissiana Beach Hotel in Protaras and was very impressed. The rooms were good, the breakfast buffet was plentiful and the pool and view were very impressive. During the evening, the view from the poolside was incredible. The dark blue pool water had a backdrop of 6 tall large floodlit palm trees with the clouds and the moon above them. It really was impressive. (I found a picture of it - see below...)

To get more information on this hotel and some lovely photos , go to: http://www.vrissiana.com/

After my night in Protaras I spent the day in Larnaca and experienced my first flat tyre in Cyprus. The whole chain of events seemed a bit surreal to me as the experience couldn’t have been better – I know that sounds crazy but it’s true!!

An associate and I were driving out of Larnaca and we stopped to get petrol. After leaving the station, a Cypriot on a moped drove up along side of us and motioned to us that our tyre was flat. We made it back to the petrol station, filled up with air and got directions to the local tyre company. Unbelievably, the directions got us to the tyre place quickly and within 5 minutes the tyre was off, fixed and put back on. Often when you get directions in Cyprus they’re way off the mark and you end up lost! I just couldn’t believe how smooth the whole ordeal went! If we hadn’t stopped for petrol… or if the guy on the moped hadn’t signalled to us that something was wrong we could have ended up on the highway having to wait for a tow truck or worse, we could have lost control of the car and had an accident. Anyway – it was the best flat tyre experience I’ve ever had!!

That evening, I stayed at my favourite hotel in Paphos – the Aquamare. I just love that place! For dinner, I tried the Mexican Restaurant that is close to the hotel. If you exit the hotel, hang a left and walk for about 5 minutes, it will be on your right-hand side. I was very impressed with the service and the food. If you’re in the area, I really suggest that you give it a go!

Saturday I was fortunate enough to be invited for a cruise on the Ocean Flyer. Holy smokes, it was a GREAT day out. We left Paphos harbour at 10am on this lovely yacht and were originally going to head for Coral Bay. Due to the swell, we went in the opposite direction and made our way towards Aphrodite’s Rock. The captain indicated that our cruise would be more comfortable heading in the other direction. Well…I had a blast. We cruised up to Timi Bay and the boat anchored for while so that we could jump off the back and enjoy a swim. Then we had a light bite to eat (bread with a variety of toppings – cheese, pate, tuna). We then cruised around for a while and once again made a swim stop. After our second stop, we had an amazing lunch buffet. It was absolutely gorgeous and due to all my swimming, I ate a full plate.

The crew entertained us with singing, games and we even had some Olympic water sports! Around 4pm we docked back at Paphos Harbour, with me thoroughly impressed by a most enjoyable day!

I have managed to negotiate a 10% discount for Cyprus Buying Guide readers on the Ocean Flyer. If you’d like to go out on it, send me an email and we’ll sort out some tickets for you. TIP: You MUST lather yourself with sunscreen, bring a hat and you might want to bring some socks as the deck gets very hot to walk on.

What else? Well…I was very fortunate to attend a Rock concert at the Pissouri Amphitheatre. I cannot tell you how enjoyable this was! Some friends and I arrived to the Amphitheatre around 6pm and for 5 hours we listened to two excellent bands that sang songs from Eric Clapton, Pink Floyd, Santana, and on and on. I had the breeze in my face, the countryside and coast as a backdrop and wonderful tunes to listen to. It was amazing! I found a website that offers pictures of Pissouri at: http://www.rantzo.com/cyprus.htm If you’ve never been there, it’s worth a trip! It’s also worth investigating if there are any concerts on at the Amphitheatre.

So…in summary, Cyprus is awesome! I love the country – I love the food – I love everything about Cyprus.

Enough about my trip…let me get on with the newsletter. This month, I have an article on how to successfully rent out a holiday property, currency exchange news from Mr Charles Purdy, some interesting property opportunities, a bit on insurance and finally a note from a Cyprus Buying Guide reader.

Have a great month and give me a call if you need anything – I’m on 0207 898 0549. If I’m not around, speak with David – our Cyprus expert – as he probably knows more than I do!

Smiles,

Kim

Cyprus Buying Guide
The Overseas Guides Company
Kim@CyprusBuyingGuide.com

8 Steps to Successfully Letting Your Holiday Property

Step 1: Determine your objective and a plan to add value
For most holiday property owners, their objective is to make the most income possible – hopefully at the very least to cover the mortgage payments. Sadly, many holiday property owners don’t realise that the key to income generation is treating a holiday rental as a business and ADDING VALUE to the tenant’s life. Successfully renting out a property is not about buying a property, slapping some paint on the walls, throwing cheap furniture in and thinking that tenants will come flocking to the property.

Renting a property needs to be looked at as a business. The more benefits you bring to the tenants the more possibility you’ll have for rentals, referrals and repeat business. This article outlines the various ways that you can add value and thus increase your success in rentals.

Step 2: Make the outside look appealing (Curb Appeal)
Many tenants will decided to rent a holiday property based on pictures posted on a letting agency’s website, through a magazine or through other print material. A captivating book that has a powerful and magnetic cover picture ensures that you’ll want to open the book and start reading. Similarly you need to start with the outside of your property to hook the potential tenant into looking further.

If the property is new, make sure it has a bit of greenery and looks established rather than a clinical building on a building site. If the property is older, you’ll want to ensure it has a fresh look – it needs a good paint job, a well manicured garden and an inviting air about it. The outside of your properly is like the cover of a book – if you want people to take an interest it must look clean, fresh and attractive to tenants.

Step 3: Decorating and Furnish the Property
When choosing your decorations and furniture for a rental property it’s important to pick out items that will appeal to the greatest audience. Just because you like flower prints, polka-dots and florescent pink doesn’t mean that everyone else does! Consider the following guidelines:

- Painting the walls magnolia or off-white will give the property a spacious feel and these colours are most pleasing on the eye.

- Stick with neutral or pastel colours for curtains, sofa’s and chairs. Too many patterns or bright colours can be an instant turn off to many people.

- Glass tables help small rooms look larger and will not date a property

- Stay away from going cheap! In the long run, you’ll pay more money as cheap furniture won’t last and it will have to be replaced. Also, you’ll want your tenants to not only return in the future, but you’ll want them to tell a friend about how nice the property is!

- Keep decorations to an absolute minimum and avoid clutter – this will help the property look clean, spacious and easy to manage. Less is more!

- Consider putting in a good quality TV, DVD Player along with movies (in the language of those that will tenant the property), a good radio and anything else that will make the tenant feel ‘at home.’ You don’t want the tenant to get bored!

I once stayed in a villa in Ayia Thekla that had good décor and quality furniture, however there was one exception. There was a lovely leather settee, comfortable beds and all the necessary kitchen items. The décor was plain and easy on the eye. However, the thing that destroyed the place for me was an obnoxious plastic table cloth that was bright yellow with weird colourful shapes. It was cheap, ugly and unavoidable as the living room and dinning area were open plan. It’s a small item yet had a big (and negative) impact.

Step 4: Create your marketing pack
As mentioned above, your property will most likely be promoted on a website, through a magazine or in the format of pictures. I strongly suggest that you spend a bit of money and get a professional photographer to take the photos for you. Potential tenants will have thousands of properties to look through and those that are presented in professional way will elicit the most interest. You need to ensure the property looks light, airy, cosy, clean and liveable – all at the same time!

A reader of mine wrote to me asking why his property wasn’t renting out. I asked him where it was listed and he was proud to announce that he created a website specific for the property. Once on his site, I discovered the problem! His pictures were appalling – the living room had a light hanging without a cover, the curtains where dishevelled and the room looked very dark. The outside pictures were uneven, had an old car blocking most of the view and there was no grass! Who would want to stay in a property that looks unfinished, boring and grotty? When questioned about the light and the grass, he quickly stated that everything had been completed and that he didn’t think small details like that would matter…How wrong can you be?

With so many holiday lets in Cyprus, it’s paramount to display your property in the best light. Get professional photos and you’ll beat out much of the competition.

Step 5: Create a welcome pack
A welcome pack is a binder or folder stuffed full of information about using the appliances, about local eateries and with maps and important phone numbers. Many property owners create a small welcome pack that’s adequate; however keep in mind that your ability to increase rental success is by adding value to the tenants’ life. By creating an amazing welcome pack, you can increase the chances that your tenant enjoys their stay. Some examples of adding value in a welcome pack include:

- Reviews on what restaurants are good and which ones to avoid
- How to get discount tickets or coupons to local attractions
- Good beaches versus bad beaches
- Tips on what to do and not do in Cyprus
- Menus from all the take away restaurants (with your reviews)
- Ask a restaurant near you if they’ll offer your tenants a 10% discount if they mention your name
- Mosquito plugs – write a little note saying that the Mosquito’s can be a bit annoying so you left some plugs if they need them. Things like this help to show you really care about their stay!
- Room for past tenants to add their comments – that way you can get them to help you add value for the next tenants visit.
- A bottle of wine and/or a basket of fruit as part of the welcome pack. Some property owners fill the fridge with staples such as milk, bread and water.

Think about how you would like to be ‘wowed’ and what would make you tell others about your experience. The whole idea is to make the tenants experience so positive that they not only want to return again, but they’ll also tell all their friends.

Step 6: Provide an incentive to book again
Getting repeat business is inexpensive, easy-to-do and saves a lot of time in hassle finding other prospective tenants. Cyprus is a country where holiday-seekers return year after year. If you can get a few tenants to return each year and book your property, you’re marketing efforts can be reduced! Furthermore, knowing that you have bookings for the following year can create peace of mind. In order to get repeat business, you can leave a card or contact the tenant after they leave the property and offer a 20% discount if they book the property for next year. Take a small deposit and sit back and congratulate yourself on one less tenant that needs to be found.

Step 7: Ask for referrals
When your tenants return home, send them a letter or even give them a ring to find out if they have enjoyed themselves, how you can improve their next stay and if they have friends that might be interested in renting your property. You could get the name and phone number of a friend, ring them up and say, ‘John and Sue had a great visit to Cyprus and they stayed in my villa – they thought you might be interested in renting it. Would you mind if I sent you some pictures and our rental agreement’

Step 8: Set up a list of all tenants (and send out special offers)
This is a HUGE step that most property owners fail to consider. For every tenant you ever have, make sure you get their full contact details. If you ever find a situation where you’ve got a vacancy, you can send out a mass email stating there’s a last-minute special offer on your villa. Offer a small discount or some sort of incentive for the potential tenants to book and this could fill some gaps during the rental season.

++++++

And if you haven't done so already, please purchase my full version Cyprus Buying Guide for more information similar to above! This is what one reader wrote me:

Hi Kim, your information is really excellent. I have read it twice and will probably read it again on a weekly basis...Loads and loads of information it is really getting me started in the right direction and has focussed my mind. The de-clutter will start now.
Thank you for the help.
Dave

Get the guide here: http://www.CyprusBuyingGuide.com/guide.htm

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.CyprusBuyingGuide.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.

Cyprus Properties of the Month

Stephanie Village, Tala (Paphos)

The above picture is a property currently up for sale in Tala (Paphos area). Jackie - the woman that works with us in Cyprus (and writes quite a bit of information for the Cyprus Buying Guide), moved to Cyprus with her wonderful husband John to work on a renovation.

Jackie and John are absolutely incredible people and I can't say enough about them. Their property above sold in 6 days, however the person that put the offer in on it had had to pull out due to medical reasons. I really don't think this property will be on the market for very long.

Enough said - check out the website the Jackie created regarding the property at: http://www.villaincyprus.org.uk/ (You can contact Jackie directly - of if you'd like me to get her to call you, send me your number mailto:Kim@CyprusBuyingGuide.com)

Beautiful Traditional Stones Cottages in Armou

The Village of Armou

Armou is a lovely quite village located only ten minutes from Paphos Town, the beaches and two golf courses. From the village you can clearly see both the Mediterranean Sea and the Mountain.

Armou is an awesome location for either permanent residency or a place for people to chill out for the holidays. It is largely undeveloped and has the charm of rural village life with a few local amenities. This small community is very friendly and open hearted.

Property Description

These two beautiful traditional stones cottages are located in the centre of old Armou and within walking distance to a fine 13th century church. Both properties are built on a large 750sq m plot. The first cottage is 100 sq m and the second property is 90sq m in size. There is a total of 4 double bedrooms with A/C, 4 bathrooms, wood – burning stoves, sea views, established garden which includes almond, fig, lemon and olive trees together with bougainvillea, hibiscus and oleander. Due to the size of the plot there is space for a pool. These gardens are overlooked by large balconies where meals can be taken overlooking Paphos and the Mediterranean Sea. (Nice!)

Renovation has taken place over the years. The current English owner has rendered, cemented and plastered the walls, rewired and fitted modern day plumbing and sanitation.

Windows have been fitted with aluminium frames and wood shutters and the roofs have been insulated for thermal efficiency plus a driveway has been carved to give the property off road parking for three cars.

There is still enormous potential to further develop these properties. The owner has consulted with the Cyprus Land registry, architects and lawyers and acquired building permission to add a third bedroom to each cottage or alternatively join the two cottages to create one large country home.

Although these cottages are built on the same plot they each have there own title deed and can therefore be sold separately. It is very rare that traditional properties become available on the open market. Cypriot families tend not to sell their properties but pass them onto future generations. This is a rare opportunity that offers an excellent investment opportunity.

Price: 435,897 Euros

For more information on these or any other properties please call me on 0207 898 0549 or email me at: mailto:Kim@CyprusBuyingGuide.com or, finally, you're welcome to fill out my property form at: http://www.cyprusbuyingguide.com/requirementsform.htm

Make YOUR financial 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 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.CyprusBuyingGuide.com/resources.htm if you would like me to put you in touch with a really brilliant Financial Planner.

Protect your property…

Disaster could strike if you ignore your Cyprus property insurance

Would you be brave (or stupid?) enough to leave your home in the UK uninsured? (of course not!) 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.

After searching high and low, I found an insurance company who offer policies that are specifically designed to meet the needs of the overseas property buyers. (Many insurance companies have limited offers for overseas property!) 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 I've investigated covers loss of rent plus emergency travel and accommodation in the event of a major claim. These policies are underwritten by one of the world’s leading insurers, Norwich Union, so that makes me feel quite comfortable.

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. Documentation from this provider 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 I looked at 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

Off-Plan Buying - words from a reader...

A Cyprus Buying Guide reader sent in the following that I want to share with you regarding off-plan properties:

"Hi Kim,

According to our independent Cyprus lawyer, some agents and developers are taking reservation fees and deposits on off-plan properties for which no planning permission exists. This could be regarded as illegal and is certainly immoral as the developer uses the money to fund the construction work with no guarantee that planning permission will eventually be forthcoming. (An independent lawyer will always check this out for a purchaser but a lawyer who also acts for the developer will say nothing about planning permission.) Agents and developers have been forced to refund reservation fees when challenged with regard to planning permission.

Regards, Stuart."

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.cyprusbuyingguide.com/form2.html

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.

I love to hear from you so please contact me on Kim@CyprusBuyingGuide.com.

Until next time...

Kim
Cyprus Buying Guide
The Overseas Guides Company Limited.
mailto:Kim@CyprusBuyingGuide.com