4 Responses to “What Questions Do You Have?”

1. Susanne Jorgensen
   August 18th, 2009 @ 1:12 pm

   This sounds too good to be true!

   I don’t need to go near a bank?
   I only need a small deposit?
   The price stays fixed at the current selling price, even in 5 years time?
   If I rent the property out for two months it covers the rental for one year?

   Is there any rental guarantee?
   Is the rental of the property managed? If so what are the costs?

2. Nicola
   August 18th, 2009 @ 2:19 pm

   Everyone says “it sounds too good to be true” about the “rent to own” idea. This is because it’s a better deal for the buyer than the way we are used to working in the UK.

   Look at it this way, you are the owner of a property and you want to sell it.

   Sure you would like all the money at once, but if you can’t sell like that, you are getting no money right now.

   So if someone comes along and says, I want to buy this property, I can give you X amount now, and X amount a month, can we agree a price and I’ll look after it and all the costs in the meantime…wouldn’t you agree to the deal?

   This is what happens with Rent To Own. You get to use and enjoy the property, you have fixed the price so you benefit from any rise in the market, the vendor know’s they have definately sold, and don’t have the overhead and worry of the property anymore, they get a fixed monthly income (no worries about having to rent it out) and knows that, at a day in the future, they will get all their money as you will be able to go to a conventional lender, having “saved” your deposit, got some equity and got a lower loan to value than you would have done today.

   So they can agree a lower deposit than a bank would, you haven’t needed to pass credit checks etc., or gone near a bank, so it’s all good.

   In Greece they work on a July/August occupancy of around 100% but we have calculated that if you rent it at 85% occupancy for July & August, and 50% in June, without ANY other rentals through September to June, you will nearly cover your monthly “rent to own” payment (which is all deducted from your purchase price btw) so if you target friends, family and the Walking market, you have a great chance of making a rental/overheads profit.

   There are no rental guarantees, just like buying any holiday home, but you will have the might of the Money Gym marketing machine behind you – everyone who buys through us, will become a VIP member of this site, and will have a one page mini-site to advertise your property through. You can also make your own site, and join the excellent http://www.holiday-rental.co.uk and similar “To let by owner” holiday rental sites, and contact the package holiday companies who go to Stoupa, AND Elias’ office will promote your property to rent for just 10% commission.

3. Jacqueline
   August 22nd, 2009 @ 6:11 pm

   Hi Nicola,

   This is not strictly a property question, but a few years ago when you did a trial run of living in Stoupa, you had problems with getting broadband installed in your apartment. Is broadband now available?

   Cheers.

4. Nicola
   August 27th, 2009 @ 2:09 pm

   Dear Jacqueline – wow! you’re a longtime reader of my ezine! Actually, in 2003 or 2004 when we went to Stoupa for a month, we rented an apartment from Elias and it had broadband via the telephone line which he eventually figured out how to give me access to. Never part of the agreement, I was supposed to be on holiday! I just used my mobile as a server (like a dongle nowadays). Then we moved to a rented apartment in Puerto De La Duquesa, in Spain, and had to get Spanish BT to install broadband, which took a little longer than anticipated but was very efficient. In retrospect, it was no worse then when you move house in the UK, which we have found to be VERY frustrating. Broadband in Stoupa (and Spain) can be via the telephone line or satellite. Warm regards, Nicola

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