When buying a home in the Mediterranean, one wants to believe that living in it will be comfortable and joyful.
However, in the era of globalization, none of us knows for sure where we will be in the foreseeable future. And what if the real estate has to be sold? This is the perennial question of the novice investor, and indeed of the common man.
Taking into account the two most important aspects - comfort and liquidity - our experts have identified 5 main signs, you should be wary and carefully weigh the pros and cons of buying an apartment in Cyprus.
So, let's list 5 signs of apartments, indicating that the offer should be delayed.
№1. Apartment away from the sea
We are not saying now that you must necessarily buy housing on the first line of the sea, but statistics show that apartments in walking distance from the beaches are in high demand at all times. And waking up in a house with a view of the blue expanse is an unmatched pleasure.
At the same time, you should realize that housing near the water requires special care. And those for whom this format is new, will have to learn a lot. Increased humidity requires special moisture-resistant materials in the finishing of the building, and the standard set of household appliances may differ. For example, a drying machine in households near water is required even in summer. At a distance of 500-600 meters from the water, the climate is completely different, but the view from the window is still azure and impressive, especially in a house located on a hill.
№2. A house built earlier than 2000
The figure of 2000 is, of course, conditional. It all depends on the quality of the particular construction. At various times properties in Cyprus have been built for different purposes. New buildings today are built for permanent living, they have a certificate of energy efficiency not lower than Β, but most often Α certificate. Energy efficiency shows how efficiently energy is used to heat and cool the house. There is no central heating in Cyprus, so this data gives an indication of how much it will cost to live comfortably in a particular building. The higher the energy efficiency rating, the more reasonable the utility bills. Given the fact that electricity in Cyprus is expensive, the question is relevant for every resident.
Apartment buildings built before 2010 already have completely different standards for all indicators. And everything that is erected earlier, should be repeatedly checked. It is quite possible that the building was designed as a temporary summer option for tourists to rest. Accordingly, in winter in such a house will be extremely uncomfortable. Just in case we put a list of housing offers with heating from the DOM real estate agency database.
By the way, energy efficiency can always be improved. In addition, today in Cyprus there is a program for low-income groups, with which to improve the quality of the house will not be so expensive. Subsidies will cover up to 60% of the costs of homeowners, but not more than 32 thousand euros per person.
Seismic resistance standards have also increased significantly over the years. But even this indicator can be increased by the homeowner himself if desired. In Cyprus there are not so many offers of buildings of historical importance, but for the preservation and restoration of significant old buildings are often taken by government organizations.
№3. Apartment without a balcony
People who are used to harsh snowy winters may not even pay attention to the lack of a balcony or veranda in a Cypriot apartment. In general, such an option and find it is not so easy. Architects do not leave houses without balconies in the southern climate. Two or three open verandas are the norm rather than the exception. But the homeowner's ingenuity is not dormant. The area of many Cypriot apartments of the secondary housing stock expanded precisely at the expense of the space of balconies and verandas. Accordingly, with such a redevelopment has to thoroughly glass and insulate the balconies.
What is the risk? In a Cypriot apartment without a balcony, it is inexorably hot in summer. In winter, Cypriots like to go out on the open balcony with a cup of coffee to take a sunbath. Through the glass it is not so easy to do it. And let's get back to earth: the balcony is the ideal place for quick drying of laundry. In the high humidity of winter, Cypriot apartments without balconies turn into drying rooms, and this is not very correct from the point of view of health and hygiene.
№4. Apartment without parking
Sometimes there are very attractive offers on the real estate market with one small nuance: the housing is not attached to a covered or any parking lot. It is good if the house has a lot of free space, but what if the building is located in a neighborhood with dense construction?
Think about it, during a winter storm with hail (and such days in winter happen regularly) you came home from work, and with you four heavy bags from the supermarket? To a tourist it may seem fun, even a little romantic, but a permanent resident of the island does not want to depend on the weather anomalies of subtropical winter. So, we take an apartment with a parking lot, preferably covered. Or better with two parking lots!
№5. Apartment without Title or with debt burdens
Another type of apartment with an attractive price - apartments without Title, the main certificate of ownership in Cyprus. Without this document it is difficult to make any financial transactions with real estate: sell, exchange, reissue, remortgage, and so on. The Title provides detailed information about the number of owners and the property, including its architectural plan, additional rooms, storage rooms, parking spaces, sometimes even the area of the roof, part of the landing. A foreigner does not always understand such nuances.
It is worth adding, lawyers can check the availability of Title and debt burdens on the apartment. It costs a lot, but you can't do without qualified help in the case of secondary property. Buyers of new buildings sometimes have to wait several years for the Title, but here the reputation of the developer plays a big role. Usually the Title is promised a year after the start of construction. In some cases it makes sense to wait, in others the risk is not justified.
When it comes to secondary real estate or a finished new building, it is important that the apartment has a Title. Excuses in the style of "we just did not have time to do it" will not work, because the case is extremely serious and is not worth the risk. Choose an apartment with Title and sleep well.
Interested in housing on the island? Check out DOM, the #1 real estate agency in Cyprus! The agency's website has the largest real estate database in the country - more than 30 thousand residential and commercial properties all over the island. Select and contact professional brokers who will help you make the right choice!
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