You have made a wonderful and important decision - buy a new apartment in Cyprus.
When changing your place of residence and acquiring a new property, it is very important to take into account some of the nuances that we will talk about today in this blog.
A new building is a very profitable investment, because:
- off-plan constraction stage is several times cheaper than an just finished property
- property not older than 2 years
- you will be the first owner
- opportunity to have your own layout
- in most cases, documents are issued
- big choice
- new technologies.
Of course, there are also disadvantages, which are better to get acquainted with before taking an important step:
- frequent noise (if you are moving into a new building, then be prepared for the noise of workers in the morning)
- new neighbors
- builder's incompetence
- construction freeze.
Watch the market
No one will give you better advice than an expert who knows the market well. You can easily trust a professional and find the most suitable option for you.
Trust your instinct
If something bothers you, then it’s better to go and check the property, ask questions, because in the future you will live in this property. Also, talk to the owner in person and listen to your feelings, if nothing is alarming you, because behind the face of a smiling seller there may be a liar hiding. They can mask flaws or delay the deadlines after the signing of the contract, but this is more often encountered by new foreigners due to inexperience.
Pay attention to the location
The cost depends on the location. The most expensive areas are those closer to the coast. The farther from the city, the cheaper. The cost also depends on the age of the building. Buildings less than 10 years old are considered young, the price for them is higher. You can find great project in the suburbs, but then you must have a car. Visitors rely on the fact that Cyprus is small and you can walk in a short time and over long distances. But in the heat of 45+.
Use the services of a notary
In collecting the necessary documents, you will need the help of a qualified specialist, because not in all cases you receive a complete package of ready-made documents. There are many law offices in Cyprus, where there are entire departments dealing with this issue. Due to ignorance or inexperience (especially if this is your first purchase of this kind), the process can drag on indefinitely. Only a specialist will help you achieve the best result, it is better to pay once, so as not to overpay in the future.
Always make a copy of documents
This is another way to protect you. If the developer wants to hide something, then they will keep silent about this. Otherwise, it may turn out to be a scammer, which is very rare here. When a copy is in your hands, you can always correct certain points or remind the owner of his obligations to the buyer and the law.
Think about the risks
Sometimes circumstances may change and the construction of a building is suspended indefinitely, or the completion date of the work is postponed for a while. There is a risk that you will wait for your accommodation longer than planned. Therefore, choose a more reliable construction company and carefully check everything.
What inconveniences and risks are possible when buying a new building:
- Construction delays and deadlines. The developer may not meet the deadline and you will have to wait indefinitely.
- Sometimes builders make mistakes during the construction of a building, which can cause inconvenience in the future, so choose a quality new building responsibly.
Whether you are ready to pay the full amount immediately or take out a mortgage depend, it is best to consult with a notary.
There are three types of payment:
- Payment on the spot in full
- Installment plan
Ask your friends who have been living in Cyprus for a long time, because there are nuances that you can learn only after living here for several years. There will always be a project that you like.
Liquidity of the apartment
As a rule, liquid apartments do not stagnate for a long time, because these are the best offers on the market. Most often, these are studios, one-bedroom, two-bedroom and less often three-bedroom apartments.
- Good repair. Perhaps the main distinguishing feature. If the project has cosmetic repairs, and the equipment is rotten (this is also found in a new building), then your stay in this place will not be long, as the level of comfort will decrease significantly.
- Not older than 10 years old. If we are talking about a new building, then ideally, the construction should not have been stopped due to unforeseen circumstances. Because it adds years to the building, given that some materials tend to deteriorate due to natural phenomena.
- Location. Proximity to the sea, center, shops and other.
- With a good view. For some, this is a fundamental condition.
- At a favorable price. Most often, apartments with non-standard squares (large space, which, subsequently, is difficult to fill) and design sophistication are harder to sell and they stay empty longer.
- "Good history'. Few people want to live in an apartment with an unpleasant “past”.
- Good neighbors. It may seem ridiculous, but it is not uncommon for people to move because of troubles with their neighbors.
- Good area.
- Gated complex. This is additional security for you and all members of your family.
How to check the reliability of the developer?
First and foremost: documentation, reputation, timing and quality. Developers come in old and new generations. Those who have been in business for a long time and those who have just entered the market. This is easy to check: old developers have a reputation and a portfolio. Also, you have the opportunity to drive up to past objects and evaluate the quality of the constructed building.
By what criteria to evaluate the developer:
- how many years has it been on the market
- quality of the projects
- reviews of people living in old facilities
- availability of an office
- documentation (That is: how long the company is legally operating, whether the company has debts, who are the partners in the market, in order to understand expensive or cheap materials used in the construction of buildings, how previous constructions went, how they worked with contractors and buyers in terms of timing and finances, whether the deadlines were met (given the pandemic and the financial crisis).
It is more difficult to navigate with young developers, these may be foreign companies that are more difficult to check, but there are advantages: novelty, new technologies, interesting projects, attracting new interesting architects to work, and so on.
Interested in buying property in Cyprus? Welcome to DOM! 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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