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15
Buying a Home in Cyprus
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

Top Tips for buying resale property
There is a lot of resale (second-hand) property for sale in Cyprus at the
present time - and there are some good deals to be had if you're
prepared to negotiate. One property advertising company claims it has
20,000 on its books. That's more houses and apartments than are built in
Cyprus in a year!
Many people are desperate to sell - particularly property investors who
have been mislead into believing the marketing hype. But due to the
unacceptable delay in issuing Title Deeds and the fact that the Cyprus
banks will not give you a mortgage to buy a resale property unless it has
its Title Deed, they have great difficulty in selling. If you have the ready
cash and are willing to negotiate, there are some pretty good deals to be
had. Some properties haven't even been lived in!
Not all of the resale properties advertised are suitable for permanent
living - many are holiday homes. How can you tell? Simple - take a look
at the kitchen. Holiday home kitchens are so small that you couldn't get a
cat in one, let alone swing it around!
If you intend buying a resale property, use the professional eyes of an
independent surveyor to inspect the property, prepare a report on its
condition, and provide you with an independent appraisal of its market
value before entering into a sale agreement.
A structural survey reduces the risk of paying a premium price for a
mediocre property or one that may require costly repairs.
When you engage a surveyor, do not use one that’s been recommended
or introduced to you by the estate agent selling the property.
If you plan to buy a resale property, make your offer subject to the findings
of an independent survey and valuation.
© Nigel Howarth
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