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29
Buying a Home in Cyprus
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

Top Tips for financing your purchase
Do the numbers
Make sure you set your budget before you start looking at properties. If
you are planning to borrow money, you should include an allowance for
this and the mortgage repayments.
Don’t be tempted to spend more than you can afford on off-plan property
believing that that you will be able to sell it at a profit before completion.
Put together a realistic budget
Don’t waste your time looking at properties that are well within, or well
outside, your actual budget.
Be realistic and add in a contingency of 10% to 15% to cover legal
expenses, cost overruns, unexpected problems or extra paperwork.
If you are buying an apartment or some other type of property in a complex
with shared facilities such as a swimming pool, gardens, tennis courts,
etc.., don’t forget to include the common management expenses in your
budget.
Exchange rate movements
Currency exchange rates do not need to move substantially to affect the
cost of your purchase. A 10% drop in the value of the £ against the Euro,
may put a property out of your budget. Rate fluctuations will also affect
the cost of borrowing. If you’ve already signed a contract to buy, this will
cause you problems.
Speak to a professional foreign exchange specialist to highlight the risks
and take appropriate action to mitigate the impact of currency fluctuations.
© Nigel Howarth
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