6 Things to know before buying in Cyprus
Purchasing a property in a foreign country is a big decision. Hence it is prudent to think twice before committing into an overseas property. Here we will discuss 8 things to have in mind before purchasing a property in Cyprus.
- Research the market
It would be wise to speak with a couple of property related professionals rather trusting the saying of just one agent/developer/lawyer. Properties might differ not only in price but in specification and market price, it would be wise to invest slightly more but get a better-quality property than getting the cheapest property. Even though you might like a specific professional make sure that he is trustworthy as well.
You heart that a million times, Location is everything in real estate. However, this is true, it really depends on what is the purpose of the purchase and what premium you are paying for the location. If you are looking for a holiday home that you would use a couple of months, it is more important to be close to amenities rather than closer to the beach. Usually, distances in Cyprus are quite short hence travelling for 5 minutes to visit the beach once a day is easier than having to travel every time you need to shop or go for a drink.
However, it might worth paying a premium for properties closer to the sea if you are planning to rent the property for holiday purposes.
- Independent lawyers
This is probably one of the most important aspects of a property transaction. Try to screen your lawyers before deciding on one. Usually, your agent can provide a list of lawyers. Do not blindly pick one. Arrange appointments with them and see which one seems better for your needs.
An independent lawyer will be able to advice honestly if there are any encumbrances before investing any of your money or protect against construction issues in the future if it’s a new development.
- Big Words
If an property professional makes big promises and bold predictions you should always ask for evidence where they base this predictions. Ask for proofs and try to cross refence them with other property professionals. Keep in mind that they main job of a salesman is to sale, hence sometimes they will overpromise just to make the sale.
- Condition of the property
When purchasing an off-plan property it would be good to ask for previews completed projects so you can see the condition and get a better understanding of the finishes.
When viewing re-sale properties always look for cracks, damp or any signs of concerns. It would be beneficial to ask owners living nearby if they have heard or experienced anything regarding the construction.
- 6. Common expenses
Properties in projects with communal areas, e.g. swimming pool, usually will have common expenses. Just ask for how much will be that so you know how much you are expected to pay each year. A realistic price would be around €50/month for a 1 bed, around €80/month for a 2 bed etc. Of course it really depends on the size and condition of common areas.