With good infrastructure, escalating property prices and a lucrative holiday rental market, buying a vacation home in Cyprus is a good proposition. If you are considering purchasing a Cyprus vacation home it is advisable to go through a registered agent who will make the whole process a stress-free one.
What to consider before buying a Cyprus Vacation Home
Spend some time thinking about exactly what it is you are looking for in your holiday home even before you hire an agent. Giving your agent a detailed description of your requirements will help the agent discount those properties that do not meet your requirements and increase your chances of finding a perfect holiday home that you will not regret buying. Consider the size of the house that you will require as well as the frequency with which you are likely to use it, the potential for renting it out when you are not using it as well as the long term investment prospects. If you are likely to be traveling to Cyprus frequently, you also need to take into consideration the distance from the airport. While beachfront, landed properties are far more popular than high-rise apartments that are inland, you may have other priorities. So be sure to let your agent know.
When allocating your budget for a vacation home in Cyprus you need to add about 10% over and above the purchase price to cover other incidental fees including VAT and Transfer of Title as well as the agent's fees. Ascertain all these in advance so you are not caught unawares.
The steps involved in buying a Cyprus Vacation Home
If you wish to reserve a vacation house that you've seen and liked, you would be required to pay a reservation deposit. This reservation deposit guarantees that the house will be reserved for you until the formalities are completed and will not be shown to anybody else. The purchase price of the vacation home is fixed at the time of paying the reservation deposit and any future property market fluctuations will not affect your purchase price. However, you need to remember that the reservation deposit is non-refundable except in cases where the seller is perhaps awaiting planning permission certification and it is taking longer than expected.
Non-residents who wish to purchase property in North Cyprus are required to open a North Cyprus bank account, which will facilitate the stage payments to the developer as well as the payments of utility bills if buying a resale property.
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