Easy Mistakes To Make When Buying Cyprus Property For Sale
Cyprus has peaceful and secluded beaches, as well as thriving nightlife
, excellent restaurants, and a great cultural scene. Property for sale has the potential for rental income, as this island draws many visitors per year, and it is the ideal place to enjoy the perfect getaway year after year.
However, many buyers who are purchasing a holiday home for the first time make simple mistakes, which could be avoided. Here are some of the most common blunders that people make when investing in overseas property, and how you can avoid them when buying a Cyprus property:
Going it Alone
Buying a property is a huge investment and a major decision, so dont try to tackle the complex process by yourself. Be sure to enlist the services of a professional estate agent as well as a lawyer, inspector, and insurer. Make sure that these individuals have lots of experience and you feel like you can trust them. You might also want to welcome the referrals and advice of your friends and family.
Be very careful when choosing your lawyer, because another major mistake that first time buyers of Cyprus property will make is choosing the lawyer who was recommended by the estate agent or developer. This always brings up the issue of whether there is a conflict of interest, and it is better off avoided completely.
Failing to Doubt the Sales Talk
When you are looking at a Cyprus, the seller is only going to tell you what you want to hear because they want you to buy the home. Dont forget to always do your own research into the property to find out what is true and what is false. For example, a sales person at a development might claim that the empty plot of land beside your property is not going to be built upon, but this isnt necessarily true.
Or, you might be told that the property is a rental hotspot, only to find out later that you are not making the rental income you expected. It is better to find out this information beforehand so that you dont find out years after buying the home when it is too late. You can always ask the local council, your independent lawyer, and also research the information yourself.
Forgetting About Extra Fees
Another major mistake to make when buying property for sale is to forget to factor in the cost of the extra fees involved in the home buying process. If you forget about legal fees, buying costs, translation fees, mortgage set up, and other fees these can really add up to throw your budget out of line. You will also have to consider the exchange rate when buying a Cyprus property, as this can cost you money as well.
Make sure to avoid these common mistakes.
These common mistakes are easy to make when buying a Cyprus property, but they are also easily avoided.
by: James P Martin
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