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Looking Behind Property Sales In North Cyprus
November 24th, 2008 by Tim Martins, under Vacations. No Comments
When people start out looking for property in Cyprus, they will look over all property types on offer, although anyone on a low budget will probably have to conform to an apartment. The best advice you can get for buying an apartment in Cyprus would be to have a good look round the Island, as prices can differ quite a lot depending in which area you are looking in. Always be wary of the most incredible offers and make sure you do a bit of investigation work into why a property is so cheap.
Cyprus is the ideal place to buy a second home as there are so many benefits and you will see the difference it makes to your life immediately. It is so important to start things off on the right foot and we certainly don’t want to have any fuss at the purchase stage. It is a must that you have any doubts you may have answered by the agent and the owner, as there are often discrepancies. If you are unable to have contact with the owner then you should go back on your own and try and get in touch with one of the neighbors. If you find that everything is in order then make an offer and never accept the asking price. Remember that the vendors are in a rush to sell and they won’t want to waste any time.
It is so important to get as much local knowledge as possible so that the operation finalizes smoothly. It will be more beneficial for you if you are a cash buyer and if not that your mortgage is already approved. You might fall at the first fence if you are caught up in a chain, so try and find out how the vendor is fixed for completing on time. Dealing with estate agents can be a tricky business anywhere, so make sure that you look at several and try and view a few properties from each. You will no doubt get a good feeling for somebody, so then just carry out a bit of internet research on that particular estate agent. Do let anyone push you and make sure you end up buying what you set off to buy and if you just aren’t sure, then leave it for a while.
When the market begins to slow, then the balance of power is on your side as the buyer. When there are fewer buyers then there are properties to buy, the seller has fewer options, and may be willing to listen to lower offers just to sell his property and go to the next. Nonetheless, in some parts of Cyprus, this isn’t the case, since there the demand outstrips the supply, and this means that property prices in Cyprus remain rather high. Still, prices for cheap studio apartments in Cyprus are still less than they are in the UK. You may yet be able to afford that dream home in Cyprus – perhaps a villa instead of just an apartment!
When looking into a possible purchase and especially at an agreed price, you need to take into consideration what it will actually cost you in refurbishment costs in order to get the property up to top standard. Take a professional along with you and get a quote for any work that need carrying out and then make sure that this amount is reflected in your offer. You may also want to take into account a bank survey as this price is what the bank considers as it’s value. It is a good independent way of finding out if you are getting a bargain or not and you could consider it as an insurance policy for not getting ripped off.
The so called boom years may have gone in certain parts of Europe, but Cyprus is just flowing with investment opportunities. The property investment sector is headed by the sale of small studios and one bedroom apartments which are ideal for couples. The low budget sector is in fact ideal for those people with limited resources as they will not only end up with a second property, but also with a holiday home and a source of additional income as they are ideal for letting out.
If you need to carry out any further research I would suggest that you take a look at the Cyprusinformer blog, which is full of useful tips from independent sources. You will be so glad you found this site if you really are considering the purchase of a property in Cyprus, as your eyes will be opened to everything that needs to be known in this field.
Buying A Villa In Cyprus
November 22nd, 2008 by Tim Martins, under Vacations. No Comments
A really popular to live at the moment in Europe is Northern Cyprus and most might say that is down to the weather there. Cyprus has an incredible 300 days of blue skies and sunshine throughout a normal year. Cyprus is the third largest island in the Mediterranean and Northern Cyprus has also become a popular place to buy villas, as prices are very reasonable and you have an excellent chance of renting it out nearly all year round due to the perfect all year round climate.
You can find almost everything in North Cyprus and apart from the climate you also have lower all round prices, an ancient culture, very amicable locals and a safe and secure environment, making this the ideal place for property investment.
If you’re after making a few quick thousand bucks in a few years then I will virtually guarantee you can do by buying a Villa in Northern Cyprus. If you look at the property market in Northern Cyprus you’ll see that only 10% has been taken, so this gives you a great chance to make your money. Most people buy off plan, which is great because you buy your house cheaper, and when it’s built which can take around 18 months to finish your sat on a great amount of money.
I wouldn’t be telling you all this if I couldn’t back it up, but I have bought several villas in Northern Cyprus over the last few years. The conclusion to my investments is that each villa has appreciated by an average of 25% per year and I only have to rent them out for an average of 14 weeks per year in order to cover the monthly mortgage repayments. Not only that, but I have managed to clear my UK mortgage in just 3 years, so I am a winner on all fronts.
The second hand property market also has plenty of bargains to offer and an average 3 bedroom, 2 bathroom villa with private pool and sea view can be picked up for as little as 120.000 pounds sterling, so keep your eye for this type of offer as they don’t hang around for long. The best tip I can give you at this stage would be to always make an offer about 15% under the asking price and you’re in business.
If you are on the verge of buying a property in Cyprus then make sure you have a look at the site at cyprusinformer.com for the very best in independent precise information. They also have a blog where you will find a whole bunch of articles which touch on all types of property and holiday aspects about Cyprus.