Let's talk today about how to sell your residential property in the best way and avoid big mistakes.
In general, the property market in Cyprus is very active in 2022. Many buyers are interested in buying secondary housing (which is not subject to VAT), but at the same time are in excellent condition. The most important is not to make big mistakes while selling your property.
So, let's look at the reasons that can slow down the sale of secondary real estate in Cyprus:
1. Overvalued property
Sometimes the owners love their real estate, where they have spent most of their lives, that they try to sell it at a price much higher than the market one. But this is not always correct. To avoid such a mistake, you need to focus on the square meter prices of nearby projects. Even better — invite a professional appraiser and get the certificate.
On the other hand, it is customary to bargain in Cyprus. Therefore, it will be quite appropriate to reduce the price by 3-5 thousand euro. For each buyer and seller, there are certain factors that affect the increase or decrease in the value of the object.
2. You don't have your buyer's portrait
It is much easier to make a purchase and sale transaction when there is a clear idea of who the potential buyer is. The secondary housing market of the average price category up to 300 thousand euros today is mainly bought by locals. This trend applies to all areas of the island. Foreigners with a budget of up to 300 thousand euros are more likely to choose secondary housing in the coastal and central areas of Nicosia and Larnaca.
Real estate worth more than 300 thousand euros is a little more difficult to sell, since non-European buyers often prefer new buildings in order to become residents of Cyprus. But for the category of buyers who are more important to save money or, conversely, get the maximum possible bonuses from exclusive Cypriot projects, the price levels of government programs are not relevant.
3. Lack of your property 'history'
Unfortunately, secondary apartments can have some problems if you don't know all its 'history'. Even if there is a good lawyer, there is no guarantee of the purity of the transaction. The problem can be resolved by studying the title — this is a document of ownership in Cyprus. But this does not mean that the property really has no encumbrances. In theory, the court may recognize the sale and purchase transaction as legally invalid. For example, this happens when buying apartments that have been inherited.
4. Layouts were changed illegaly or with mistakes
Perhaps there were some illegal changes, which the seller had long forgotten about. In Cyprus, the law is strict.
If there are inconsistencies with the plan, this is an excuse to lower the price and as the buyer will have to legalize the redevelopment. This is a long process. Sometimes it's easier to restore everything in accordance with the housing plan.
5. Lack of cosmetic repairs
There is not always time and opportunity to make at least minimal repairs and remove excess furniture and things, but in reality this could play an important role in the sale. In 8 out of 10 cases, the buyer prefers a well-maintained property. Even the houses of the old housing stock can look very appetizing if you breathe a little love into them.
6. Don't hide your property's defects
When buying a resale property, a person is most likely set up for further repairs and other improvements. There is no point in hiding anything. Even if there is a cosmetic repair, you should not be silent about the fact that the wiring needs to be repaired as soon as possible or it is time to replace the pipes. If the buyer is really interested, it will not scare them.
7. Lack of reliable information on the energy efficiency of the building
Another modern trend in Cyprus is the building energy efficiency certificate. The interested party must be provided with full information about the property so that the energy class of the building becomes one of the most important factors in making a purchase decision before concluding a sales contract. However, it is enough to specify the class (A, B, C or lower). This is due to the fact that energy consumption is a major cost item in Cyprus and is one of the main features of a building.
8. Arrange viewings when the apartment is occupied by tenants
Yes, many owners do this. When you want everything at once... How will a buyer feel if they are shown an apartment in which a family lives, forced to look for a new home if they agree to purchase it?
Buying an apartment is an emotional process in which many rely heavily on intuition and first impressions. Ethics plays an important role. Buyers will opt for an apartment with a positive atmosphere and a beautiful history. Create it. Is it worth relying on luck in such an important matter?
9. Do not take into account the seasonality of the Cyprus property market
The Cyprus market is most active in spring and mid-winter. Do not despair if the views suddenly slowed down in the summer. It's not about the apartment, potential buyers are just not up to it yet.
The real estate agency will tell you about all these nuances and current trends in the secondary market, they will help you competently organize the sale with the assistance of lawyers and a group of experts.
In general, the 2022 market is so active after a crisis during the pandemic that existing homes are now being sold as well as new ones. Many are happy to choose cozy furnished apartments with a ready and thoughtful renovation, or real estate for finishing at a good price.
10. Communication with neighbors and local community is not established
It sounds incredible, but secondary housing is being sold with neighbors. Therefore, make sure that these people become good partners in the transaction. It is important that the entrance is clean and well lit, so that every window of the house radiates joy and well-being.
You won’t change your neighbors globally, but by your example, try to elevate in the eyes of future buyers. It is better to do this in advance, and not on the eve of the transaction. Pay attention to their best qualities: they are friendly, tidy, regularly go to meetings of residents, value general safety, and do not fry souvlaki on the roof during a storm. Don't underestimate the importance of the apartment building community and the neighborhood as a whole when it comes to wanting to become a permanent resident.
So, we have considered the 10 most common mistakes when selling an apartment on the secondary market in Cyprus. We really hope that these simple tips will help you make a deal profitably and in the shortest possible time. Remember that you can always contact the agency directly, where they will advise you free of charge on a specific issue. After all, each house is individual and deserves special attention.
Interested in buying property in Cyprus? Welcome to the DOM website! Here you will find options for houses and apartments in Limassol, Paphos, Larnaca and Famagusta, as well as get the help of experienced professionals.
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