It isn’t easy buying a house in Cyprus. You need a cool head to make the right property decisions, you need money and you need the help from a good property lawyer or you could easily end up with a terrible disaster on your hands. Cyprus has plenty of property pitfalls you need to watch out for. For example, land claims in the north parts of Cyprus make investments in these regions extremely risky. The home market in Cyprus is also highly competitive in certain regions and you really do need a Cyprus property lawyer that sparks when it comes to finalising the sale or you can end up empty-handed. Here are 8 simple steps to help you buying property in Cyprus with ease.
Buying a house in Cyprus
Step 1 – Do your research
It is important to start doing your research well in advance. Estimate your property budget, decide in which regions you would like to stay or invest, find out which regions have the most steady property market. You should also research available educational systems, hospitals, and financial institutions so you can enjoy a comfortable life.
Step 2 – Hire a good real estate agent
A good real estate agent can help tremendously when it is time to shop for the perfect home. Tell your agent what you are looking for and they will constantly supply you with all of the home listings that fall within your category.
Step 3 – Get your mortgage pre-approved
Financing is a big issue for first time home buyers. It might be wise to get your mortgage pre-approved. With a pre-approved mortgage, you will know exactly what you will be expected to pay and you will be able to shop for a home that falls within your budget.
Step 4 – Shortlist and screen
Arrange with your real estate agent for home viewings. You can also hire a professional builder to accompany you on these trips. Home construction workers will be able to identify construction flaws and they can inform you of the needed repairs to get homes back up to standard.
Step 5 – Contact your property lawyer
Once you have decided on the home you would like, you should contact your Cyprus property lawyers. We can give you the best advice with regards to the home in question and we can help conduct a thorough investigation of the title deeds of the home.
Step 6 – Make offers and state your terms
Shortlist all of your home options and make an offer with terms. Most home sales are accompanied by terms, especially if you are buying older homes where repairs are required or homes that already have contract tenants. Real estate lawyers can help you set the terms of sales agreement clearly.
Step 7 – Get home insurance
It is important to get home insurance as soon as you sign that buyers contract for your home. Ask insurance companies for quotes and decide on the best agency.
Step 8 – Close the deal
Contact your property lawyer again to close the sales deal. We can help you with all legal documentation and duties and we also assist in the deed transfers. Your home will be transferred to your name legally and be binding.
Buying a house in Cyprus is quite challenging but it is an unforgettable experience that will result in plenty of long-term benefits.