Sections

Ultimate property guide Property buying guide Buying off plan properties Buying resale properties Buying renovation properties Buying custom properties Buying land Finding properties for sale Property price variations property investment guide Cyprus government rules & regulations Essential legal advice Cyprus luxury properties Cyprus custom properties Resource centre Cyprus property news Cyprus property forum About Nigel Howarth Link exchange

Sponsored Links

Buying resale properties in Cyprus

If you're thinking of buying a resale property in Cyprus, there are literally thousands on the market to choose from. Just one property advertiser I recently looked at lists over 800 properties for sale in the Paphos area alone!

Of course, not all of the resale properties advertised are suitable for permanent living. Many are Cyprus holiday villas and apartments that have been bought as buy to let investment properties.

So how can you tell whether the resale property you're thinking of buying is a permanent home or a buy to let investment property? Simple - take a look at the kitchen. In buy to let investment properties the kitchens are so small that you couldn't get a cat in one, let alone swing it around!

If you want to move into your new home in the shortest possible time, then buying a resale property is your best option.

Advantages of buying resale properties

1. The buying process is very quick in Cyprus and you could take possession of your new property within a matter of weeks of signing the contract.

2. You will see exactly what you are getting for your money.

3. The garden may be landscaped ready for your enjoyment.

4. Some resale properties are sold complete with furniture and other useful extras such as household appliances, satellite dish, television, etc.

5. The price should be substantially less than buying a new property off plan from a developer.

Disadvantages of buying resale properties

1. You will need to arrange for the property to be inspected and valued by an independent surveyor and valuer.

2. Resale properties may need modernisation, so you may incur additional costs in repairing, modernising and/or the property, which could work out more expensive than buying a new one.

3. An independent survey of a resale property may not uncover hidden problems that may be laying in wait for you.

4. If the property  is relatively new, you may find that its Title Deed is not available and it may therefore take a long time for you to complete your purchase.

5. If you decide to sell the property before its Title Deed is registered in your name, you may need to come to a financial arrangement with its registered owner to cancel your contract of sale.

Advice for resale property buyers

1. Read my 'Legal Advice & Fees' section and my 'Property Conveyancing' pages.

2. Do not enter into any sale agreement until you’ve had a report prepared on the structural condition of the resale property and its market value assessed by an independent firm of surveyors and valuers.

3. Get firm quotations for any modernisation, extensions, changes, repairs and additions that you wish to make to the property and ensure that these will be acceptable to the Town Planning Authority.

4. If the present owner has made any structural changes, extensions or additions to the property, ensure that they obtained the required permissions and permits and that the changes are reflected on its Title Deed (if issued).

5. If the properties furnished, come to an arrangement with the vendor whereby you buy any furniture, etc. in a separate furniture agreement. (This will reduce your Property Transfer Fees and the vendor’s Capital Gains Tax liability).