6 Things to Consider While Looking for Luxury Properties in Cyprus
Posted: Jan 03, 2021
Buying a luxury property in Cyprus is a great decision in itself. The weather there is excellent and you can enjoy a laid back lifestyle at low cost of living. There is plenty of fresh air with less crowd, low pollution levels, and low crime rates.
Whether you are going in for a new condo or high-end home, you are going to find a plethora of choices in Cyprus. However, there are a lot of things you need to keep in mind while looking for luxury properties in Cyprus. Here are a few:
Understand the Search Process
You may not find too many luxury properties listed on the usual real estate websites you browse through. You will have to go through your realtor’s personal connections if you want to go for a luxury home. Most luxury property owners would like to keep their listings private.
Make it a Point to Visit the Property
Photos don’t always do justice to large homes. Not many luxury properties are photogenic that way. Unless you see them in person you won’t be able to appreciate them. So dismissing properties based on their front elevation pictures may not be right. Do a search on Google Earth and see what is around the home before you make your decision.
Look For a Local Real Estate Expert
Getting in touch with a good local realtor is very important if you want to purchase one of the best luxury properties in Cyprus. They will have better access to high-end properties in the area and through them it becomes easier for you to get appointments to see these properties.
Get Prepared With the Documentation
Getting into the high-end market today is not as easy as what it used to be. You will need solid financial documentation to prove to the bank that you have the required income to pay back the loan. Take assistance of a professional accountant or your manager to make sure you get your pre-approval and pre-qualification letters.
Make Sure You Get the Title Insurance
Getting title insurance is very important if you don’t want to get into any problems in the future. Read through the document carefully and take a look at the exceptions page before closing the deal.
Negotiate as Much as you can
Do a research on the comparable properties that have been recently sold in the area and get their closing prices before making an offer. Take into account every aspect of the property you are buying and gather some points that you can use for negotiation. Take assistance from your real estate agent or a professional real estate advisor. The listed price is not always the final price of the property. There will always be room for negotiation.
You will also want to do some research about the future value of the property before you buy a luxury home in Cyprus. See what buildings are planned around your property and when the construction is going to begin. If you are buying a home in a cooperative or a condominium you might want to get in touch with an attorney to find out the financial viability of the building.
Michael Kelly is a Freelancer Writer, Entrepreneur and passionate blogger. A writer by day and a reader by night.