Property in Cyprus 4 tips before you buy
Buying a property in Cyprus is in many cases a life changing decision. The right choice could certainly, upgrade the quality of a family’s life significantly and give a much better return as an investment. The wrong choice, however, could cause undesirable occurrences to the well-being or even damage the family’s or the investor’s budget. Consider the countless times owners have complained of the quality of their residences. Encountering problems with humidity or mold on the first year of purchase or long delays before their property title deed could be issued.
Typically, those who buy a property in Cyprus focus on location, which marks the value of the property and the price. This determines the potential return. It is in the same manner essential however, to give top priority to its quality which will induce the actual cost of the property in the long run.
There are simple steps to follow in order to establish whether a property meets the quality standards proclaimed by its vendors.
Buy property in Cyprus Steps to Follow
1. Ask the background of the Developing Company
Initially, the background of the developing company should be examined to determine its solvency and confirm adequate occupational exposure. Equally important is the current presence of the company in the market which governs its future course and stability. Moreover, Land Development Organizations awarded the Quality Management System Certificate are customarily dedicated to quality.
2. Ask for recommendations
It is encouraged to ask locally for recommendations for the company. What’s more, you could read testimonials or even refer to persons who have already purchased properties from the same property developer.
3. Study the contract Carefully
The contract of sale should be studied carefully. One of the things you should look for is whether a warranty is offered through the contract, a component revealing the quality of a company. Moreover, you need to confirm that the developing company has complied with all technical construction specifications, in order to secure a property title deed on time.
4. Know all your rights
A buyer has the right, with the written consent of the seller, to carry out a ‘search’ through the Land Registry Office to find out whether the property is subject to any mortgage.
The recommendations preceding should be loyally supported by any prospective buyer to ensure a successful property purchase and subsequently a profitable investment. Besides, investing in real estate in Cyprus, being a global business and investment destination, has been proved one of the safest investment options in terms of risk and returns