Buying Cyprus Property – Step by Step Guide
How to make your property enquiry trouble free and successful?
The process of buying a new Cyprus property can be easier, more enjoyable, less time-consuming and less expensive if you keep to the following simple steps. We will help you prepare so that sellers perceive you as a preferred buyer, help you locate and assess Cyprus properties for sale that match your specifications, and help you through the myriad details attending the actual purchase.
We have the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications.
Look at each step of the buying process in more detail.
Step 1 – Define the need of your perfect home
Congratulations on your decision to purchase a new home! Your first step toward buying your new home will be to analyze your needs in order to get a clear picture of exactly what you want your new home to look like and how it should function for you and your family.
You can run Cyprus property searches at our Website, save your search criteria and results for use at a later date, compare listings, and request to be notified by email when new listings that match your criteria arrive.
We will inform you about newly listed homes in your category and range the moment they hit the market.
First, you should write down why you are looking for a new home. For example, are you currently looking for a retirement home where you can relax and enjoy sunshine all year round? Maybe you recently married and have outgrown your current residence. Or, maybe you have just gotten a promotion, which requires you to move to a
Second, establish a time frame that you would like to stay within for buying your home. Depending on your reasons for wanting a new home and the current state of the market in the area you are looking to buy, you should be able to come up with a rough guideline, which you can finalize at a later time.
Last, you most likely have a mental picture of what you would like your house to look like and what features it should have. It's very important to write these ideas down to avoid any ambiguity later in your home search. You should make at least two lists: one should be a list describing your dream home and the other should list the features of the home that are an absolute must have in order to buy it. In a perfect world, your new home would fulfil both lists 100 percent. It is more likely that you will end up blending the two lists into a schedule of prioritized items as you progress through the buying process. This is a natural and evolutionary process as you get clearer about what you want and what Cyprus property is available.
Step 2 – Finance your home?
Now that you have your list of features you want in your new home, you are ready to start looking! Well, not just yet. You are going to need to know in what price range to look.
Shopping for a mortgage for Cyprus property used to be a time consuming, full time job. Now you need not look any further than BuySell.
The loan amount usually ranges from 60%-80% of the value of the property with a repayment period up to 25 years. Easy terms of payments and long-term in-house finance schemes are also available.
Contact your local BuySell office for more information or to speak with a finance executive.
Step 3 – Area information
Now that you have your list of needs and wants and you know how much you can afford to spend, it's time to look at some houses! An important consideration is the area in which you want to live. People don't only buy the house; they buy the area the house is in too.
So, you will need to make another list of what type of area you want to live in. You will most likely want to consider things like what amenities are offered (shops, restaurants, tennis courts, parks, etc.), whether the Cyprus property is by the beach or maybe in a quiet suburb or village and, if you have children who are attending school or soon will be, what school district you will be in and how close the schools are.
The information from your list of needs and wants for your home and neighbourhood can be incorporated into a broad search profile, which will then be narrowed down to specific areas dictated by the market in which you will be looking. Our computer information systems fed through our vast databanks will be an invaluable resource during this step.
Step 4 – Check for listings here
You can start your search for Cyprus properties in BuySell’s Magazine where 5000 Cyprus properties are listed every week or at www.buysellcyprus.com where more than 25,000 properties are currently listed and updated daily.
On BuySellCyprus.com, Cyprus properties are displayed with multiple external & internal photographs, floor plans, prices, locations, detailed features, 360° virtual tours and much more!
You can search thousands of Cyprus property listings, compare homes side by side, set alerts, schedule appointments, personally make offers to the owners or estate agents directly, online and more!
BuySell’s 50-seat Contact Centre
BuySell operates the most advanced contact centre in
You can contact our specially trained staff around the clock to ask a question, speak with an adevertising executive, receive information, to personally arrange a viewing appointment and more.
Step 5 – Make an appointment
Searching online or in the BuySell magazine for Cyprus property is a good start and it will give you a good idea of the real estate market on the island. Now it is time to meet with property owners and estate agents to discuss in detail and get any further assistance as needed.
If you are not familiar with the areas, no need to worry. Our advertising executives will give you a tour of different locations highlighting each one’s pros and cons so that you can familiarise yourself with the area.
You can personally see and inspect several Cyprus properties that match your requirements and you will have the opportunity discuss and analyse each one, receive additional information on a house you like and revisit properties if needed.
Step 6 – Negotiate the offer
Now that you have found the home you would like to purchase, it's time to make an offer. Taking into account the recent sales of homes in that area which are similar in size, quality, conveniences, and amenities, what are you willing to pay for the home?
Keep in mind that almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process -- that is, if you have adequate information and you use it in an appropriate manner.
Some of the things that you may have to negotiate are:
- The price
- Terms of Payment
- Repairs that need to be done
- Appliances and fixtures
- Occupancy time frame
The key to successful negotiating is keeping in mind that the end result must make both of you, the buyer and the seller happy. Otherwise, negative feelings will persist throughout the remainder of the process and someone may walk away feeling that they were not treated fairly.
Step 7 – Pre-close preparation
Once the negotiation process is over and a price has been agreed, you will need to pay the reservation fee which is about 1% of the sale price. The reservation fee will enable the owner or estate agent to take the property off the market so no one else can put an offer on it. It shows to the owner that you are committed and this way you avoid gazumping.
You will also need to contact your solicitor to make sure that all the necessary documents are being prepared, and that they are complete and accurate.
Step 8 - Closing
The contract is then drawn up by your solicitor, and though the items below are not an exhaustive list, it should include the following 7 points in order for it to be a valid contract of sale:
- Reference to the vendor
- Reference to the purchaser
- The subject matter has to be described as accurately as possible. If it does not exist at the stage of signing the contract, for example if it’s a Cyprus property to be built in the future, reference to subject specifications must be determined accurately
- The purchase price
- The terms of payment
- The delivery date and
- The transfer date for the title deeds
Remember that the legalities of this phase are very important. If you have any questions or concerns, they need to be addressed right away.
Step 9 – After Sales activity
Congratulations on the purchase of your new home! Now that you have bought a Cyprus property you will need to have your local services such as electricity, water, and telephone set up. The owner, estate agent or your solicitor can help you coordinate the set-up of these local services.
Also, you should already be aware of the expenses that are typically associated with owning a home. Management committee fees, landscaping costs, and annual communal expenses should be budgeted for throughout the year.
Step 10 – Moving in
When it is time to take delivery of your new home you will most likely need to shop for furniture, appliance and other relevant goods.
BuySell advertises several quality companies that can provide you with everything you need at great discounts.
Ask our advertising executives for more information.