If you are looking to buy a home in Cyprus then one of the biggest decisions you will have to make is to choose between buying an old and a new home in Cyprus. It can be hard to determine which is best for you but by considering the following factors you should be able to make the decision a lot easier.
Old homes are more affordable but costly to repair
Older homes are a lot more affordable. But most old homes require significant repairs in order to get them back up to standard. You may score a lot of money on the purchase but in the long run, your investment might not be as affordable as you might think. It is always good to take along a building constructor when you are screening older homes. These experts can give you a good idea of the expected cost of home repairs on older buildings. By comparing the market value, sales price and the required repairs you can easily determine whether you have a good deal on your hands or not.
New homes have higher market value increases
New homes and especially new luxury homes fair a lot better when it comes to property market increases. If you are buying with the goal to sell at a profit at a later stage or to lease out your property then this might be a better solution for you. Luxury accommodations in areas like Limassol, Nicosia or Paphos had a market value rise of 44% in certain some regions. These properties are often much higher in demand for the following reasons;
- Cyprus has a 33% increase in foreign investors who prefer new and luxury homes
- A higher tourist rate also boosts the demand for new and modern homes
- A positive economic outlook is attracting more wealthy investors
With that said, it thus makes sense to buy new if you are buying for business purposes. If you are buying for personal use then an old home with minor repair requirements at a good sales price is probably the best investment you can make.
It is always wise to use a Cyprus property lawyer whether you are buying a new home or older home. Our property lawyers will conduct a proper investigation on the ownership of the property and we can take care of all legal duties required for buying a home. Cyprus real estate lawyers are also constantly handling real estate related tasks and we are clued up on all the most relevant property values. We can give you the best advice with regards to the value of properties and can help you evaluate whether your old or new home is a good investment.
