Author Topic: putting the plan together  (Read 5781 times)

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Offline kayakebab

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putting the plan together
« on: October 18, 2010, 07:57:54 AM »
have wanted to move to Fethiye area since the first visit in 1994. Both kids have flown the nest and its time to stop dreaming and put the plan together!
Phase 1 at the weekend, went house hunting in Portsmouth and want to buy a 2 up 2 down to make into 4 beds to rent to students to provide an income to live in Turkey.
Have seen 2 possibles, 1 bare shell which would need a bit of partitioning, carpets, take kitchen units out & reaarange & furniture.
The other needs a partition in dining room, but otherwise could let it immediately & is mostly furnished but a bit dearer.
Big question now is whether to remortgage existing house to release equity for student house & stay in UK til it feels like the right time to go or sell existing house,then look for & pay cash for student house & book a flight! This way I would have somewhere for my furniture, microwave fridge etc.
Didnt sleep much last night, so many ifs & ands and knowing what order to do it all.
Have woken up wondering whether to call local agent to sell mine or phone Portsmouth agent & buy furnished one.
Bet I end up going off to work without doing either!




Offline mercury

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putting the plan together
« Reply #1 on: October 18, 2010, 08:58:46 AM »
If you mean to put all your stuff into a student house then don't put anything in it that you care about as you may have nothing left to come back too. My son lived in a student house with his friends and believe me it was not a pretty sight. Who will look after the student house regarding letting it etc.? Is there a reason you want to let to students? If you are wanting to buy to rent why not just couples? Is student housing cheaper to buy in Portsmouth? In our experience renters seldom look after your furniture etc.

Offline mercury

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putting the plan together
« Reply #2 on: October 18, 2010, 09:02:37 AM »
This brings back the feeling of how desperate we were to come and live here in Fethiye. The discussions went on for months and months. Ours where mostly illness related problems that could crop up but there will always be an excuse if you want one. We bit the bullet and came and we love it. I really feel for people who are just not in a financial position to come and live in the place that they also love.

Offline Ian

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putting the plan together
« Reply #3 on: October 18, 2010, 09:14:13 AM »
Our neighbour here in Turkey considered similar renting to students and concluded that he would earn almost the same at 8% in the bank as he would after agents fees / breakages / insurance etc

Why not downsize in the UK and rent out here first for 6-months?
A lot of people I know that have bought and live here say they would rent if they could turn the clock back.

We have just finished our first 6-months in our apartment to learn some lessons and we want more of it but:

1. We really like it but do not want to be here more than 3 months without "nipping home" to see families.

2. August was unbearable - half of July as bad - too hot

3. We can live much cheaper than I thought and I am a cheapskate - admittedly we do not drink / smoke or own a car here

4. Our conclusion that keeps us both happy - we will come out Mar - April - May - go home June - July - Aug back Sept - Oct - Nov then home for Dec - Jan - Feb

We will do some temp work when we go home and those periods are good for temping. Those periods also work well with residency or not!!

We never thought that would be our conclusion 6-months ago but the flights our now booked for next year  :)

So why not dip your toe first before jumping in is my advice - you could even rent your house for a 6 months so you have the same base to go back to just in case but either way YES do it!!

Ian  :)

Ps Just had my haircut and washed for 5 lira - in internet Cafe (1 lira) with a lovely coffee - cost 50 kurus - give me more :D
« Last Edit: October 18, 2010, 10:18:11 AM by Ian »

Offline Scunner

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putting the plan together
« Reply #4 on: October 18, 2010, 10:45:08 AM »
5. Don't buy furniture that looks like a big tomb

Offline pookie

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putting the plan together
« Reply #5 on: October 18, 2010, 11:04:24 AM »
Oh Linda - just to it !!  You are so lucky to be able to be thinking along these lines.   We can't wait to do the same thing, we have a daughter at college so are probably looking at 5 years before we take the plunge....but we can't wait...so exciting !!   Whatever you decide...good luck.

Offline Ian

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putting the plan together
« Reply #6 on: October 18, 2010, 11:38:25 AM »
We were only trying to fit in - Lycian Era and all that :D

quote:
Originally posted by Scunner

5. Don't buy furniture that looks like a big tomb


Offline posleeds

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putting the plan together
« Reply #7 on: October 18, 2010, 13:25:56 PM »
Cheeky bugger-I'm sat with my feet up on that "Big Tomb" right now - we love it!
At least it's stopped the other half moaning that his legs ache  :)

Offline kizkucuk

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« Reply #8 on: October 18, 2010, 19:29:58 PM »
or sell there - rent here - earn money on the interest which may well cover your rent and living expenses depending on how much you have equity - your capital will be untouched and you then have choice further down the line - buy here if you like it or take your capital back to the UK as a cash buyer you will be in a good position to bargain.   Just another suggestion.

Offline kayakebab

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putting the plan together
« Reply #9 on: October 22, 2010, 07:51:04 AM »
Thanks for all the advice & words of encouragement.
The reason for the student house is that my son has just started uni in Portsmouth & is living in the grottiest 2 up 2 down that the landlord has adapted to squeeze 5 students in. The understairs shower room is interesting!
Well....Ive put an offer on a little terraced house and looks like I will get it for £125k ( couldnt get much for that here in Brighton !)
Then will be able to rent to 4 students & my son will be able to get a reduced rate in return for looking after it.
Have had my house valued & its going on the market today.
Im terrified, but really excited too.
Have no idea how the timings are going to work & how people begin to transport belongings or how I get the cat there...... not been sleeping much!
« Last Edit: October 22, 2010, 07:54:44 AM by kayakebab »




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