New forum member looking for honest advice from 'real' property owners!

[Mark .Y.]

Originally Posted by MrSkipsey

Cheers Lyndsay. Just spent the last half hour on the phone to the people promoting Hania Beach and is roughly the same as what you posted.
Just need to work out my money.......

Am I rushing this or should I strike while the irons hot so to speak?!

DO NOT RUSH, many of the developments that are publically listed as sold out, you will often find there are plenty of "resales" available and for not much more than people paid off-plan a year or so previously.

There is a huge bank of property in Hurghada, prices will not rise 25% in the next month or so or anything stupid like that.
You need to get out there, have a look around and also speak to some local (real) estate agents. You will find something suitable at a price you like.

Mark .Y.

[Rivermead Global Property]

Please make sure you are not stretching yourself. Remember it is not just the price of the property you have to think about, you have to buy furniture, legal costs, taxes, annual maintenance, annual land tax etc... just slow down and add up the whole costs first don't get swept away with the idea of buying abroad. if it all stackc up and you still think you can afford it then crack on.

[Aegean]

Originally Posted by Rivermead Global Property

Please make sure you are not stretching yourself. Remember it is not just the price of the property you have to think about, you have to buy furniture, legal costs, taxes, annual maintenance, annual land tax etc... just slow down and add up the whole costs first don't get swept away with the idea of buying abroad. if it all stackc up and you still think you can afford it then crack on.

Totally agree - good advice which many should follow.

[realestatemart]

Originally Posted by Rivermead Global Property

Please make sure you are not stretching yourself. Remember it is not just the price of the property you have to think about, you have to buy furniture, legal costs, taxes, annual maintenance, annual land tax etc... just slow down and add up the whole costs first don't get swept away with the idea of buying abroad. if it all stackc up and you still think you can afford it then crack on.

100% correct realy good dvice

[MrSkipsey]

Originally Posted by Aegean

Totally agree - good advice which many should follow.

Aegean, what are the extra costs?
Do you have to pay a % of the property value in ground rent / maintenance?
Is there a general yearly tax such as our council / poll tax?
If you own the deeds to the land or property can the government take it from you or build through it?
Can the government make you contribute to roads leading into infrastructure?

I really like the sound of Hania Beach and after speaken to the agents on the phone am trying to work out the money side.
If its unobtaibable at the moment there is nothing stopping me finding out everything I need to know and trying again financially in 6-12 months.

[Aegean]

Originally Posted by MrSkipsey

Aegean, what are the extra costs?
Do you have to pay a % of the property value in ground rent / maintenance?
Is there a general yearly tax such as our council / poll tax?
If you own the deeds to the land or property can the government take it from you or build through it?
Can the government make you contribute to roads leading into infrastructure?

I really like the sound of Hania Beach and after speaken to the agents on the phone am trying to work out the money side.
If its unobtaibable at the moment there is nothing stopping me finding out everything I need to know and trying again financially in 6-12 months.

My comment was regarding your finances - sure somebody else can tell you about hidden cost of buying there as I only know Turkey and North Cyprus market costs.

[Rivermead Global Property]

Originally Posted by MrSkipsey

Aegean, what are the extra costs?
Do you have to pay a % of the property value in ground rent / maintenance?
Is there a general yearly tax such as our council / poll tax?
If you own the deeds to the land or property can the government take it from you or build through it?
Can the government make you contribute to roads leading into infrastructure?

I really like the sound of Hania Beach and after speaken to the agents on the phone am trying to work out the money side.
If its unobtaibable at the moment there is nothing stopping me finding out everything I need to know and trying again financially in 6-12 months.

As a rough giude you will have legal fees around £4-500, property transfer tax 0.6%, anuual council tax £50, furniture anything from £3,000 depending on size. you will have an annual maint fee, you need to make sure the developer has done their homework on the legaside and make sure they own the land, they have permission to build and it if rentingit is in a letting zone. Just a guide but just shows you need to think about the bigger picture when buying.

[simonjwatts1]

wow you have a girlfriend like me
my missis comes home like a dried prune and i spend all holiday under the sea. I have 2 apartments 1 in sharm beach front and one in Desert pearl.
Too early to state wether they will reap alot of money but they have gone up and if i sold i would make 35k on there selling prices now so looking good.
Nothing ventured nothing gained

[propertastic]

Anyone interested in buying property should read and digest the information on these two pages:

Egypt Buying Guide - Moderate costs; complicated buying process

Egypt Taxes and Costs - Low income tax, no other taxes

[queenie40something]

H there is a development in Nabq called La Serena and you can get a studio for around £17,000 with initial 10% deposit then another 20% in 30 days and the balance spread over 2 years interest free - so monthly payments would be about £500. Our lawyer costs were £500 for a 1 bedroom.