Looking to Sell your Property in Paphos in 2019?
Here we will guide you to understand how to sell your property in Paphos as seamlessly as possible for a very good price within a short time frame.
Of course, everyone shares a connection with their home which is almost like an extension of their personality, tastes, and values.
Most times, selling a home can be a difficult thing to do; however, it can be rewarding when you focus on the experiences ahead. Although this guide may not answer every inquiry of yours, we will be giving you the necessary information to guide you to a successful sale.
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MEET WITH AN EXPERT
Firstly, it is important that you book an appointment with a property expert who will analyze the present conditions of the market and present all that is involved with advertising to you. Property experts will guide you in selling your property in Paphos for the best price within a short time frame. What is mostly required is your title deed copy or a duplicate of the purchase agreement.
DETERMINING THE PRICING
A property expert assist you to set a good price for your property, and this decision will be based on the following factors –
- Considerations on price
- Market value
- Conditions of the market
- Net proceeds estimation
Considerations on price
To list your property price, you should take into consideration the buyer’s mindset. Of course, if the price is exorbitant, buyers may never contact you even if your house is superb. Then again, if your house does not look as spectacular as the price, you may never find any buyers. Also, setting the price too low will only result in a loss even if you sell your house in record time. There is, also, the possibility that a little patience will bring along the right buyer for your price. You, therefore, need an expert to help you make the decisions.
By market value we mean the price a willing buyer wishes to pay that is acceptable to the seller. You should know that potential buyers usually shop around and will always compare the features and cost of your home to others to find what they feel is the right price.
Even if real estate experts can assist you with pricing, buyers always the determiners of value. Once they feel that your price seems too high, they will check out the next property. Setting a market value that is fair should be done by juxtaposing your property with other similar properties that have been sold in recent times.
Even if your home is best in Paphos, comparisons will always be made by buyers with every other house on the market. Professionals in real estate suggest that knowing the payment history of buyers in your neighborhood for the property is a good guide. The experts can provide you with sales data to carry out its comparisons. This can help you to determine the best price for your property. However, you have the sole decision to decide what the price should be. You can, also, request for data on houses in your neighborhood that could not sell in recent months. Then again, if your property is unique, you could request for a written appraisal.
Conditions of the market
It is easier to sell houses in Paphos faster when there is a boom in the real estate sector. However, slow market activity can result in prolonged with periods. The right experts can help you to ascertain if your area is a buyer’s market where you have to put forward a bargain price that is attractive or a seller's market where you can set your price even above your originally intended price. According to research, if a house stays on the market for too long, it will eventually sell for a lower price. If potential buyers notice that your property has been listed for too long, they may be turned off.
There are sellers that simply state the lowest price that they would accept while some inflate the figure just to see the outcome. If you wish to inflate the figure, ensure that you have enough time and then work out a plan. After some time has elapsed without any prospects, you could try reducing the price of your property. If that strategy still does not work, try lowering it again. Keep going until you get to a level that begins to attract prospects.
Net proceeds estimation
As soon as you have gotten your market value estimate, you will have a fairly good idea of what you might get once you complete the sale. This mostly helps if you begin to search for a new property in Paphos to buy. From the market value estimate, subtract the following –
- Your current loans payoff amount
- Your mortgage prepayment penalty
- Fees for your attorney
- Taxes for unpaid property
- Fees for your real estate agency
- Tax on capital gains
With respect to closing costs, you may reach an agreement with your buyer that matches your interest regardless of the local price.
THE LISTING AGREEMENT
This refers to an agreement with the real estate expert which describes your property and the terms for marketing it. Here, you are giving the real estate agency your permission to market your property on which the duties of both parties are agreed along with advert fees which are to be paid on completion based on what the sale price is.
ADVERTISING YOUR PROPERTY
Most real estate agencies make use of various promotion channels such as printed media, as well as, the internet and advanced communication tech to market your property week in week out. Here are some of the advertising media –
- Property portals - You can have your property advertised on leading worldwide property portals.
- Weekly Magazine - Most real estate agencies use property listing publications where a large number of copies are given out through various outlets in Paphos.
- Email & SMS - Once you list your property with an agency, alerts will be sent via SMS to prospective buyers who have an interest in properties like yours.
- Associates Program - A lot of real estate agencies in Paphos have affiliations with international firms who link them to potential buyers regularly.
- Contact Centre - Real estate agencies have staff that is trained to market your property to prospective buyers on a regular basis.
- Using For Sale Signs - This sign is attached to your property to give it more exposure to potential buyers in the area. Signs generate leads since prospects always want to get a good view of the interiors.
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In Paphos, only homes that stand out among the rest get so quickly, and this is because homes that stand out create first impressions that are great. As much as you try to enhance your home's market value, you can, also, enhance its marketability by fixing yourself in the position of the buyer.
Work on the exterior
Since first impressions are important, how your home looks will influence prospective buyers. Does your home have a dull look? Then, take steps to improve its look by giving it a paint job or other enhancements. Ensure that the grass is trimmed, as well as, the trees on the bushes. You can use flowers to beautify it. Make replacements to old mailboxes and more. Check out the front door of the house and change it to something friendly that has luster and coat it with great color. In a nutshell, ensure that your house looks amazing on the outside.
Work on the interior
Keep the interior of your house in good shape by eliminating clutter and ensuring that buyers have enough room to implement their ideas. Keep your closet clean and clear knick-knacks from your countertops, the shelves, and more. Endeavor to get rid of any unnecessary furniture in order to create more space and make the rooms look larger. Use fresh and bright paint to give the rooms a new look and ensure that the chosen colors match with the decorations.
Prospective buyers usually carry out their judgments based on the state of your oven and stove. Endeavor to keep your appliances spotless and in perfect condition. If there are any sticky, squeaky, or drippy appliances, get them replaced and keep your counters, as well as, your cabinets open and free of clutter.
Your master bedroom
One other location that buyers usually find appealing is your master bedroom. Ensure that your furniture is free of clutter and try to keep the room arranged in a way that makes it easy to identify the sleeping area, the area for dressing, as well as, the sitting areas. Buyers should be able to understand the furniture arrangements. If there are any items which can be kept at a different place, remove them to enable your potential buyers to have a good view of your closest size.
You must ensure that every part of your bathroom is kept absolutely spotless and that all leaky faucets are fixed. Faulty plumbing should be fixed and try to make use of soft lighting.
Ensure that your recreation room is arranged in a way that lets your buyers understand that it can accommodate a wide range of activities. You can include a fireplace that has fresh logs to give the room and extra.
An ideal garage only houses cars. Therefore, ensure that all garage clutter is eliminated. Articles that are no longer needed should be sold or given away. If there are any oil spills on the floor, they should be cleaned. If your garage serves as an area for storing belongings, keep it orderly and neat.
Keep your basement organized and have your tools hung up on pegboards. Also, make use of your shelves and get rid of the damp smell by keeping a large quantity of limestone in areas that are damp. You can get your basement brightened by painting bright colors on the walls.
As soon as inquiries about your property begin to come in, your real estate agent can show the property to your buyers. Before an appointment is scheduled, do some tidying up, get the dark areas lit up, make your beds, and if possible, begin to bake something spicy. Do not make it a habit to turn down some appointments as you cannot tell who the real buyer will be.
If you’re present
When the prospect shows up, exchange warm and polite greetings. You should remember that buying a property is arguably the biggest purchase for a family. You should, therefore, treat it as very serious and ensure that they are not distracted as this could hamper the deal. Follow these tips-
- Ensure that the number of people present during the inspection are not too many to enable your potential buyer feel at home and not like an intruder.
- If you happen to have kids, keep them clear of the inspection space by keeping them busy in a separate area of your home or get them to play outside instead of having them tag along. Allow the buyers to carry out their own personal exploration to their taste so that it becomes easier for them to really take in the features of your home.
- Turn off the television or your radio as noise can be a distracting factor. You want your house to be quiet during an inspection.
- If you, also, happen to have pets, they should be kept outside as buyers may not be comfortable around animals. Endeavor to provide honest answers to any questions that you are asked.
If you’re absent
Keep the house tidied up and ready to be accessed by your real estate agent. The truth is that prospective buyers happen to feel much more at home if the real owners of the house are absent.
Now that you have begun to get offers, the offers will mostly come true your expert negotiator. Ensure that you have every offer reviewed and take into consideration the financial standing, as well as, how ready a buyer is. You are at liberty to accept an offer just the way it came, saying no to it, or review it, make some adjustments, and forward it to the buyer to try to come to an agreement. Your prospective buyer may key into your changes, simply reject it out rightly, or review your changes and present a counteroffer. The bidding process could go on this way until you reach an agreement with the buyer and conclude negotiations. Ensure that you have property experts to provide you with assistance as the negotiations take place in order to ensure that you get an ideal price for your property.
BONUS - FOR PROPERTY BUYERS IN PAPHOS, HERE'S WHAT THE LEGAL PROCESS ENTAILS
Popularly known as UNESCO's World Heritage town, the beautiful Paphos lies on Cyprus' southwestern coast. This location is very popular for being a favorite spot for British residents, as well as, tourists. It is definitely one of the favorite places you would want to reside if you love to have closer proximity to the beach, including some of the ancient ruins and still remain flocked by shops, cool bars, and also nice restaurants. If you are looking at Cyprus as the perfect country to retire or wish to relocate to Cyprus to have a better life for your family, Paphos will make a great choice. The town is very popular and has a school which is top-ranked in the international scene. It also sports a great hospital, amazing shopping malls, and a town center which has a fascinating history. Paphos was pronounced as the capital of culture in Europe in 2017, and it has an international airport in close proximity.
The legal process in Cyprus is basically straightforward, and it's similar to the laws in the UK. So, if you’re looking to buy in Paphos, here’s what the legal process encompasses –
- Step 1
As soon as the seller accepts your offer, you will likely be required to sign an agreement of reservation which is proof of your commitment. This will prompt the seller to take their property off the market and, then, your attorney will do some due diligence while a bank valuation must be carried out if a mortgage is required by you.
Recent times, you will be required to make a little holding deposit which can be paid to the seller directly. Changing your mind may lead to your losing the deal, so, make the payment and have your lawyer draw out a receipt which stipulates that your deposit is liable to undergo satisfactory checks. This serves to protect you. At this point, the buyer and seller will exchange the details of their lawyers.
- Step 2
It is the duty of your attorney to conduct property checks to ensure that there are no other debts. This is because developers in the past usually took out land mortgages without repaying and if this happens to be the case, you will only be entitled to the house without owning the land.
Then again, your lawyer must conduct a Title Search. This is done to ensure that the seller owns the property lawfully and has the right to sell. Also, your lawyer will conduct Boundary Searches and verify every planning consent.
Voluntary Plan Searches are to be conducted to determine the development plans in the area. Even if there is no way of guaranteeing the erection of a new property just in front of your own property as time goes on, this search can help to limit the risk.
- Step 3
Once you are satisfied with the surveys and there are no problems which have been discovered by your attorney, you can now proceed to the sales contract. In the Contract of Sale, every essential detail is included.
For buyers that are absent from Cyprus and cannot make it at the time, you can simply give a chosen representative the power to sign the documents for you. You will, also, have to make a deposit which will not be refunded and ranges from 10-30% of the total price. That is why you should ensure that you wish to go through with the deal before appending your signature.
- Step 4
As soon as you have signed the sales contract in agreement with the seller, it is the duty of your attorney to get it registered at the Land Registry Office of the district. Once this is done, the seller will not be able to remortgage the property or resell it to another buyer pending when the property’s Title Deeds are presented. This is called the Specific Performance Law which serves as a protection to you until you get issued with the title deeds.
Accompanying your registration will be a bank, as well as, character references. Since you are not a citizen of Cyprus, you will be required to submit an application for a Council of Minister's permit, and this might be granted within a couple of months.
- Step 5
Now is the time to get all the funds ready to seal the deal. If it happens that payment will be made through a mortgage, arrangements will be made for the lender to send the money to the seller. However, your bank or the company in charge of your currency exchange can make the payment by transfer if you’re to pay by cash.
There are times when Title Deeds can be presented to be transferred quickly into your name. In cases like this, a fee of transfer will be paid directly to the office of the Land Registry to complete the sale. In many other cases, Title Deeds may even take months to be issued to you and sometimes, it may extend into years. However, there is no cause for panic as this is a common experience in Cyprus. Simply carry on with the deal, make the required payments, and move into the property. It is, also, advisable to contact your lawyer and get practical advice as to whether it would be the right move in line with the new laws which have been enacted.
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