You should never blindly rush into buying a new home in Cyprus. Just about any property investment in this Mediterranean island is probably a good investment since everything points to a healthy future for property investments. But when you evaluate your options right you can avoid the unexpected mortgage and home repair surprises that could cost you your home.
Here are a few items homebuyers should evaluate when purchasing a home in Cyprus.
Estimate your budget
Your budget has a huge impact on the type of property you can afford. It is important to first evaluate your available budget and by figuring out how much money is available for a mortgage fee. A good way to see what type of monthly payment you can expect and afford is by using online mortgage calculators.
Reevaluate your monthly expenditure
Online mortgage calculators don’t include all of your monthly expenditures when you are buying a house. These calculators don’t take other expenses like home insurance, property taxes, utilities or upfront closing costs into consideration. To find out what these extras generally cost you can contact your real estate company or real estate lawyers.
Home repairs and maintenance
Unless you are buying brand new, you can probably count on quite a few repairs that will have to be done around the house. Most repairs can wait until you have gotten used to your mortgage expenses but it is wise to consider the number and type of repairs a home will need because these repairs will have to be done at one point or another.
Furniture might be pricier than you think
Furniture prices in Cyprus are quite steep, especially if you are looking to buy quality and luxury. If you can get by with old furniture then great, if you don’t have much to start with then you can expect to pay up to 25% of your home’s value on furniture.
Consider school districts
A good education is essential for any child and the further you are from good schools, the harder and more expensive it will be to get your children that education they deserve. Consider local school districts even if you don’t have children yet.
Consider a professional inspection
It is always best to hire a building contractor and electrician to come and inspect the property before you buy. This way you can be sure that the construction is sound and there will be no unexpected surprises. This also puts you in the unique position to negotiate the purchase price if repairs are needed.
While you are evaluating all of these items you can consult with a real estate lawyer to give you a hand. Our experts will ensure that you will know exactly what you are up against when it comes to home expenses and we will help you stay completely legal and protected when you buy your house in Cyprus.
