It happens: you see a property – whether already built or off-plan – and instantly fall in love. Or, you hear of something but reject it offhand, without even taking a closer look. In fact, good marketers know that consumers often buy with their heart (not their head), and then rationalize their decision to justify their choice. Something that is not uncommon for those buying property in Cyprus.Â
The thing is, in the case of property, this is a transaction that involves a substantial investment and has long-term consequences, either positive or negative. So it’s wise to avoid rash decisions, and regardless of your initial emotional reaction, ask yourself – and the experts – a few important questions.
How easy is it to reach the land or development? If you are a frequent traveler, can you easily access the highway that leads to the airport? Especially in the case of a plot of land, does it have road access? Without that, it will be impossible to start building. Also, make sure that there are no building restrictions for that particular piece of land, and that the supply of utilities and telecom connections already exist or can be provided hassle-free.
You’ve probably pre-selected a district, but the immediate surroundings can vary to a great extent. Make a list of your must-have amenities and a few bonus amenities that would make the property more appealing than others. Do you care to have a grocery, supermarket, bank or chemist within walking distance? Do you want to be next to a particular school for your children? How important is public transport to you? Do you value tranquility and privacy or prefer a central location? Different buyers have different priorities. Put yours down in writing; that will help you and your real estate agent or developer find the right property more easily.
In the case of an area that is still not fully developed, consider that there are likely to be changes in the neighbourhood, so try to find out if any further plans are already in the pipeline.
When it comes to price, property buyers usually have an upper limit in mind. While that is likely to be fixed, when comparing property prices, make sure you are comparing like with like. You might find that the price of two or three properties is roughly the same, but what you are getting for your money differs, either in construction quality / age of the property, or design features and finishing. You might also be paying a high price for a location that you don’t necessarily care for, or for additional features – for example a swimming pool – that you will hardly use. Ideally, you want to pay for the features that have value for YOU and enhance the lifestyle you are looking for.
Other points to remember when considering how price and value compare is to think about financing options (some might be more favourable than others) and management fees. After all, good management at a reasonable cost will maintain the value of your property much longer than if it is neglected.
Last but not least, consult a property professional to make sure that any property you are interested in – especially land or resales – is free from any existing mortgages. Otherwise, transferring the title deed could prove to be time-consuming and nerve-wracking. In the case of off-plan purchases, confirm that all the necessary building permits and construction approvals have been issued by the relevant authorities.
In short: ask questions, demand answers, prepare a file of all the necessary documents that you can then examine carefully in your own time, and you will be well-equipped to make an informed decision.
SkyPrime are experts in property and have the ability to guide you through the buying process in Cyprus, with advice expanding to areas such as the Cyprus Investment Program.
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