If you are thinking to buy property in Cyprus, I hope following tips will be most helpful before you buy.
Location is the most important factor while buying property. Choice and preference of location varies from person to person. Buying for oneself and buying for investment purpose even can have different reasons. If you buy for yourself, you might love – quite place, green area around etc. but if you buy for investment, location is even more important as you have to think how to rent property or sell in the future. I do not want be negative about selling, but maybe you will sell your property in future because you will want to get a bigger one 🙂
Good location means that you live in environment & infrastructure that can easily finish your everyday needs – supermarket, school for your kids, beach etc. You will not prefer your house to be in the forest and feel like an isolated from world, but you will prefer a complex that is situated very well. Complex for apartment means – one common project (sometime even gated), inside looks like a small resort with gardens and common pool, parking. Complex for villas means – one common project made with nice green area, roads, pavements, tennis court and the same standard of building – I mean villas have own identity but doesn’t look extremely different but all together makes a small village.
From whom to buy property?
You can buy a new property in Cyprus from developer, property in resale either from agency or from the property owner. If you buy a resale property, you have to be sure about title deeds and if property is not under mortgage. You can ask us for help, our lawyers have years of experience. Resale property is like a second hand car; you cannot always expect the same as from the new one. There are two types of developers – having a big or small sight. According to rumors, many buyers have suffered bad experiences like someone paid deposit for the house and developer closed the company and left Cyprus or clients paid for house, developer built the property but company got closed after 2 years and you lose guarantee. We work with big and experienced developers who have set their footprints from 20 to 50 years in the market. Also we have better experience with resale properties built by big companies – they are well maintained with beautiful gardens and a complex still looks in a good condition!
Before you buy property, make sure about all expenses like VAT, transfer fee, maintenance, approximately water and electricity expenses, insurance and many more. This is just a reminder for you to consider, because we choose property by our emotions but we should think practically for these expenses as well!
By the sea VS. on the Hills
If you will buy property by the sea, you have to be ready for humidity more than somewhere on the hills (hills means 20min driving from the sea shore, hills do not mean Troodos). Also you will feel 2 to 3 degrees lesser heat in hilly area. This means addition of the expense of gas or oil (diesel) for heaters to save oneself of chilling cold in winter. But in summer especially during hot months like June – August, it is much more refreshing on the hills. So choose it wisely whether to buy near the sea or uphills!
Sea or Beach
If you want property right by the sea, you have to make sure about your wishes. Some properties are built right by the sea but they do not have any entrance to the sea, can find just rocks or sea caves.
So make sure that you can really fulfill the wish of entering the sea by having a house by the sea.
Have a walk
Try to walk in the near location of your property to get an approximate idea of distance of supermarket, beach from your dream home. It is again about infrastructure but also when you walk, you can get idea of neighborhood, roads and if you have kids, be sure that they will have safe (even though Cyprus is one of the safest countries), green area to play and even a good school nearby.
Do not count square meter (m2)
The usual way to count is square meters but not in Cyprus, I will explain why. The building cost is nearly the same but in the price of land can be a big difference. Villa by the sea will cost you more because of the expensive land but property with panoramic sea view will be cheaper because it is more far from the sea. What I want to say, that for sure you will find a cheap property in the middle of nowhere, but is it worth?
This was just few important tips that I shared with my years of experience in property buying. You can search for property by yourself but be careful about from whom you make purchase, about documents, guarantee etc. Or you can use my expertise in this area to choose one for you as we provide non-obligation property viewing for seriously interested buyers.
If you have any questions or queries about article, please do not hesitate to contact me anytime. I will be glad to hear your experiences.