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Cyprus Property Buyer's Checklist
A checklist for those thinking of buying property in Cyprus. A list of steps to check off during the life cycle of your property purchase in Cyprus.
1. Identify Your Ideal Requirements In Cyprus
The first step should be to outline the what is required from your property in Cyprus. Obviously the reason you are looking for a home in Cyprus will help determin some of these factors. For example if its a retirement home you are looking for the areas you would probably consider may be more tranquil than a businessman who needs to relocate for work reasons and needs to be close to a major city centre.
Also consider at this stage how many bedrooms and bathrooms are essential, if there is any member of the family that may require wheelchair access then this will need to be considered, in a similar way if its a retirement home then you must think about the future and long walks into a village or steep spiral staircases may not be a wise decision.
Of course we can help you, you can use our property in Cyprus section and get a feel for the different property types and start to make decisions on what will and wont be ideal for you. We will inform you about newly listed homes in your category as soon as they become available.
If you are looking for an investment property in Cyprus or you are in no hurry to re-locate then maybe may be an interesting option for you.
2. Finance Your Cyprus Property
Once you have outlined the features that are essential for your Cyprus property you need to work out exactly how money you can afford to spend in order to know the price range in which you can start to look.
Its often well worth requesting to speak to one of our finance advisors as you may well have more funds available than you think. Mortgages in Cyprus are usually fairly simple to arrange with loan amounts of upto 80% usually available.
3. Research Local Area Information
After knowing your exact requirements and how much money you can afford to spend, the next most important consideration is in which area to look for property. When you buy a property its not just a home you buy into its also the area. The area can also have a direct impact on what you can get for your money.
You need to consider the type of area you wish to live in and also what type of amenities you require. Obviously another major consideration is wether the property should be in a city centre, near a beach or in a more tranquil location.
Now that you have your list of needs and wants and you know how much you can afford to spend, it's time to look at some houses! An important consideration is the area in which you want to live. People don't only buy the house; they buy the area the house is in too.
Where children are concerned schools have to be considered, workers need easy travel to and from work, choosing a location is a huge job. You can take a look at our guide to property in Cyprus to get a feel for some of the major areas. If a major reason for your purchase of property in Cyprus is for investment then you should check out our investment research in Cyprus section for the different areas of Cyprus.
4. Search For Property
You can click this link to start your search for property in Cyprus or in the top left corner of our website within the Cyprus section.
If you would prefer to submit your criteria to us and be reccomended property that suits your requirements then !
If you are looking for property purely for investment purposes we strongly suggest looking at our IPIN (International Property Investment Network) for our current investment opportunities. You are required to join the IPIN but its fast and free and offers access to excellent vetted investment specific properties.
5. Inspection Trip
When you have located some suitable property that you would like to inspect you need to plan an inspection trip. Its important if buying an existing property to see exactly what your buying. If you are buying off-plan then request as much information as possible to give yourself the best possible idea of the property. Also find out as much about the exact area and surrounding areas as possible, sometimes a trip is worthwhile even if the property is not built, just to get a feel for the area.
If you decide to travel to Cyprus then our agents will be happy to accomodate you and assist you in booking flights and accomodation. When in Cyprus they will show you around the properties and help to pinpoint the perfect property for you.
6. Making an Offer
Once you have decided on the home or property you would like to purchase then you will need to make an offer. Our agents will help you with this entire procedure. Almost all aspects of this procedure are negociable and you must decide with the advice from the agent what you are prepared to pay for the home.
Some of the things that you may have to negotiate are:
- The price
- Terms of Payment
- Repairs that need to be done
- Appliances and fixtures
- Occupancy time frame
Obviously this process has to be considered from both the buyers and sellers angle to reach an agreement that works for both parties.
8. Closing the Sale
Once the negotiation process is over and a price has been agreed, you will need to pay the reservation fee which is about 1% of the sale price. The reservation fee will enable the owner or estate agent to take the property off the market so no one else can put an offer on it. Its at this stage you will also need to contact your solicitor to make sure that all the necessary documents are being prepared, and that they are complete and accurate. If you prefer our agents can reccomend a proven and reputable Lawyer for you.
The contract is then drawn up by your appointed solicitor, and they will take into account amoungst other things the points mentioned below:
- Reference to the vendor
- Reference to the purchaser
- The subject matter has to be described as accurately as possible. If it does not exist at the stage of signing the contract, for example if it's a Cyprus property to be built in the future, reference to subject specifications must be determined accurately
- The purchase price
- The terms of payment
- The delivery date and
- The transfer date for the title deeds
9. Additional Costs
You will need to ensure all local services such as electricity, water, and telephone set up. Our agents will help with these administration tasks.
Other fees that you may need to be aware of include, management committee fees, landscaping costs, and annual communal expenses all should be budgeted for throughout the year.
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