How should property buyers bargain in Cyprus?

Как торговаться покупателю недвижимости на Кипре?
9 November 2020 DOM LiVE
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When buying an apartment, house or villa anywhere, some people always want to bargain, get a good discount and spend the savings, for example, on arranging a new home or renovating. Should you try to bargain in Cyprus? Why not? Bargaining is appropriate anytime, anywhere.

Of course, there is a category of shy people who hate bargaining. And there is, on the contrary, bargaining masters level 80 who are ready to get a good discount everywhere, even when buying a home. Let's take a look at a couple of lifehacks that are useful to everyone.

Where should you start?

So, you have come to Cyprus and are thinking about buying your own real estate, an apartment or a house. First you need to decide what exactly you want to buy and how much money you are willing to spend. To do this, you should familiarize yourself with the offers on the websites of real estate agencies. For example, here.

If you don't have enough money for your dream home?

There is always a way out, at last you can postpone the purchase until better times. Or contact the Bank of Cyprus in order to obtain a mortgage loan. If you buy real estate from a construction company, there is a high chance of getting such a loan. If you have small amount unofficient to buy your favorite apartments, villas or houses, try to bargain. There is always a chance to reduce the price by 10%.

Where not to start bargaining?

To get started, visit your favorite housing. You should not start bargaining on the phone after viewing pictures on the Internet. Also, you should not declare at the first meeting to the seller that you like the property, but the offered price is too high, or that you have half the amount. By this, you will discredit yourself completely. Most often, such negotiations end right after they begin.

How to get started?

Try to find out the weak sides of the seller and their property. To do this, prepare for the meeting in advance, and come up with your own "tricks" that help you build the right conversation.

Advice #1

Explore the Cyprus property market. Look up the cost of apartments or houses in your favorite area on the website of the Cyprus real estate agency.

Advice #2

The first question you should ask is if there are any encumbrances. If the property is pledged due to an unpaid loan, you have every chance to seriously bargain.

Advice #3

Control yourself! At the first inspection, you do not show delight and emotions that you like the apartment or house so much. If the seller of the property realizes that this is your "dream", then you can forget about any discount. Remember that you are the buyer and the money is yours, thus this is your trump card.

Advice #4

It may not be so easy, but if you are communicating with an intermediary seller such as a realtor, try to find out how long this property has been selling. Expensive or low-liquidity properties in Cyprus have been sold for years, and if this is the case, you have an additional reason to bargain.

Advice #5

If you are sure that the property is perfect, then anyway try to find disadvantages when inspecting the property and later point them out to the owner in a polite manner. For example, real estate requires cosmetic repairs or replacement of plumbing, etc. Most likely, the seller will take into account your comments and agree to a discount.

Advice #6

If you have the full amount of money and are ready to transfer them, be sure to use this argument by explaining to the seller how much more profitable it is to do business with you than with a buyer who would borrow money from a bank.

To obtain a mortgage loan from the banks in Cyprus, the buyer should have to spend a lot of time and effort, providing a full package of documents. The waiting time for the Bank's decision can be at least a month. And, besides this, the Bank may refuse to provide a loan without explaining the reasons.

Advice #7

Offer the seller a price below what you are willing to spend. This will give an opportunity to bargain, and then raise the cost from the proposed price. And as a result, there is a chance to get the purchase price you intended or near it.

Advice #8

Take your wife/husband, relative, or a friend with you to inspect the property. Thus, the seller will see that the decision depends on a third party. As an example, you like everything, but your spouse thinks that the purchase price of an apartment or house is too high. If the owner of the property is a man, then most likely he will make concessions to the woman and offer a discount. And if the seller of the apartment is a woman, then in this case the buyer should be a man.

Advice #9

Make it clear to the owner of the apartment or house that you are choosing in this area from several proposed options, and that there is a cheaper option. And with a high probability, the sellers will offer you a discount.

Advice #10

Check with the seller for how long it takes to vacate their property after the transaction. If you find that the property owner is leaving the island after the sale of his property, kindly offer him extra time for the collection and shipping of luggage. If you give the owner a few months to collect fees after signing the Purchase and Sale Agreement, then be sure to win them over, and you can count on a favorable outcome of the bargaining for you.

Advice #11

And most importantly, always be polite and smile. This will help put the seller on a positive wave and be more open to discussing the sale and purchase transaction.

To summarize

It is always possible to reduce the purchase price of real estate in Cyprus. Bargaining is a delicate matter, and ill-considered words or actions can be bad for any trade.

There have been cases when buyers put too much pressure on the seller, who refused a € 2,000 discount for a property above €300,000.

Thinking about buying property on the island? Then contact the DOM Cyprus real estate in Cyprus. The company's specialists will provide you with services for the selection of affordable real estate, help you get a favorable offer at a price from the owner or developer, and also fully conduct the purchase and sale transaction, having previously checked all the documents. All listed services will be completely free for the buyer.

Contact now, your dream home has been waiting for you for a long time!

Read more:

  • How to get a title deed in Cyprus? (link)
  • Studio vs. 1 bedroom apartment in Cyprus. Which one is right for you? (link)
  • Real estate hot deals in Cyprus: where to look and how to avoid fraud? (link)
  • Apartment vs. House in Cyprus: which one is the best choice? (link)
  • 7 reasons why you need a real estate agent in Cyprus (link)
Source: DOM LiVE
Photos: Pinterest, pixabay.com
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