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Buying in Cyprus
How can we help you find a home?
We can make the process of buying a new Cyprus property much easier and more enjoyable, less time-consumed and less expensive than it would be if you carried it out on your own. Our first priority in our relationship with you, the buyer is that your home buying experience is pleasant, cost-efficient, and utmost successful. We have full-time expert sales executives who are completely dedicated to your special needs. Let’s take a look at each step of the buying process in more detail.
Step 1 - Define the need of your perfect home: Congratulations on your decision in possibly purchase a new residence in Cyprus! Your first step toward buying a new home will be to analyze your needs in order to get a clear picture of exactly what your needs are and what you want your new home to look like and how it should function for you and the rest of your family.
Firstly, you should write down why you’re looking for a new home. For example, are you currently looking for a retirement home where you can relax and enjoy sunshine all year round? Maybe you feel that a holiday home for you, your friends and family would be a charming way to reward yourself for all your hard work. Or maybe you feel that investment returns in the UK are not what they used to be and you would like to invest abroad so you can gain a great yearly rental salary and a greater capital growth return.
Secondly, establish a time frame that you would like to spend looking for the home you will buy. Depending on your reasons for wanting a new home and the current state of the market in the particular area you’re looking to buy, you should be able to come up with a rough guideline, which you can finalize at a later time.
Lastly, you most likely have a picture an idea of what you would like your house to look like and what features it should have. It’s very important to write these ideas down to avoid any ambiguity later in your home search. You should make at least two lists: one should be a list describing your dream home the other should be a list with the features of the home that are an absolute must and need to have in order to buy. In a perfect world, your new home would fulfil both lists 100 percent. It is most likely that you will end up blending the two lists into a schedule of prioritized items as you progress through the buying process. This is a natural and evolutionary process as you get clearer about what you want and what Cyprus property is available.
Step 2 - Finance your home? Now that you have your list of features you want in your new home, you are ready to start looking! Well, not just yet. You are going to need to know in what price range to look and how you will finance paying for the property. Are you going to finance the property from the UK or in Cyprus? After consulting with one of our experienced consultants you will receive details about the financial procedure and the different ways that you can finance your property within Cyprus. You will then decide the ideal way to suit you. We advise you to look at this early on in the buying process as you need to be aware of how and if you can purchase your property in the time scale you ideally require.
Step 3 - Area information Now that you have your list of needs and wants you know how much you can afford to spend, its 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. So, you will need to make another list of what type of area you want to live. You will most probably want to consider things like what amenities are offered (shops, restaurants, tennis courts, parks, etc.), whether the Cyprus property is by the beach or maybe in a quite suburb or village and, if you have children who are attending school or soon will be, what school district you will be in and how close the schools are. The information from your list of needs and wants for your home and neighbourhood can be incorporated into a broad search profile, which will then be narrowed down to specific areas dictated by the market in which you will be looking.
Step 4 - Check for available properties: Once you have a good idea of the type of property, price and location you want we will then tailor a property search for you so we will be able to supply you with property literature based on the information you have collated and passed onto us. We feel that this is far more personalised and you won’t have to search through a host of endless unsuitable properties?
Step 5 - Arrange a visit to Cyprus: We can help you arrange a 3 or 4 day inspection trip to Cyprus. Please be aware were NOT like other companies who just provide inspection trips, we treat you like adults! What we DO NOT do is keep you under lock and key for 4 day’s not letting you out of our sight. What we will DO is arrange all flight and accommodation, we pick you up at the airport, show you around different locations highlighting each ones pros and cons so that you can familiarise yourself with the area, you will see and inspect several Cyprus properties that match your requirements and you will have the opportunity discuss and analyse each one, receive additional information on houses you like and revisit properties if needed.
We will also cover all aspects of the legal side, financing, schooling and bringing personal effects and pets to Cyprus, basically our property consultant will provide you with as much information as you need enabling you to be able to decide whether Cyprus is suitable for you. (We even throw in a lunch or two!!) At the end of the day we will take you back to your hotel and let you to spend the evening chatting over the day’s events. For the duration of your time in Cyprus we will accommodate you in every way and hopefully you will find your Dream Home.
Step 6 - Negotiate the Offer: Now that you have found the home you would like to purchase, its time to make an offer. Our consultants will advise you on how much to offer so you will have the best chance of being accepted.
Once your offer is made, you and our consultant may need to enter some negotiation in order to reach an agreement. Your consultant will have the market knowledge and negotiating expertise necessary to make sure that your offer is accepted at the best price and terms possible for you.
Some of the things that you may have to negotiate are:
• The price
• Terms of Payment
• Repairs that need to be done if resale property
• Appliances and fixtures
• Landscaping
• Occupancy time frame
The key to successful negotiating is keeping in mind that the end result must make both of you, the buyer and the seller happy. Otherwise, negative feelings will persist throughout the remainder of the process and someone may walk away feeling that they were not treated fairly.
Step 7 - Pre-close preparation: 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 us to take the property off the market so no one else can put an offer on it. It shows to the seller that you are committed and in this way you avoid gazumping. Your consultants will also contact your solicitor to make sure that all the necessary documents are being prepared, and that they are complete and accurate. An appointment will be arranged to see your solicitor at a later time.
Step 8 - Closing: The contract is then drawn up by a solicitor, and though not limited to this list, it should include the following 7 points in order for it to be a valid contract of sale: 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 property in Cyprus 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.
Remember that the legalities of this phase are very important. If you have any questions or concerns, they need to be addressed right away with us, the lawyer and the vendor.
Step 9 - After Sales activity: Congratulations on the purchase of your new home! Now that you have bought a Cyprus property you will need to have your local services such as electricity, water, and telephone set up. We with your solicitors help can coordinate the set-up of these local services. Also, you should already be aware of the expenses that are typically associated with owning a home. Neighbourhood association fees, landscaping costs, and annual communal expenses should be budgeted for throughout the year.
Step 10 - Moving in: When its time to take delivery of your new home you will most probably need to shop for furniture, appliance and other relevant goods. We work with several quality companies that can provide you with everything and anything you may need and one of our consultants will willingly accompany you around the relevant shops to get you the best possible prices. |
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