Because of the long-standing problems with Title Deeds, more property purchasers are limiting their searches to resale properties that have been issued with the crucial Title Deed.
(However, even properties with Title Deeds may experience issues.) It’s critical to check that the property hasn’t been extended, a swimming pool or garage constructed, or anything else without the right permission. In a subsequent essay, I’ll go into greater detail on this topic.)
Some people purchase a resale property without first visiting the island to assess what they’re receiving. They frequently make decisions based on flashy promotional materials and marketing hype. This is the biggest understatement since Noah stated, “I think we’re in for a drop of rain!”
Just as you would evaluate a car before purchasing it, you must visit Cyprus and view your potential new permanent/vacation house (inside and out) before parting with your money.
You’ve probably seen those TV property shows where a prospective buyer ‘inspects’ a property. They say things like “This room is a good size,” “I like the decoration,” and “What a beautiful view.” So they like the property and the location, but have they thoroughly inspected it?
Taking a look at resale homes
Here’s some general suggestions for browsing resale properties to get you started:
- Find someone to accompany you. Someone you trust, such as your husband/wife/partner. They can notice something you overlook and prevent you from getting something you don’t need (see below.)
- Examine as many qualities as possible.
- After a few days of severe rain, inspect properties for dampness and leaking windows and doors.
- Take your time and don’t let estate agents or merchants rush you through a viewing without allowing you to peek around every corner.
- Make a list of all the characteristics you’d like in a new house. If you’re not sure what characteristics you want, make a list of what you enjoy and don’t like about your current home. When you’re looking at houses, bring this list with you.
- Allowing yourself to be seduced by a stunning environment, the decoration and furniture, or the attractiveness of the agent or dealer will not lead to a purchase.
- If you locate a property you like, return to it and do a more complete inspection. Return at various times of the day to watch where the sun rises and sets, as well as the changing traffic conditions.
- Meet your neighbors if at all possible.
The first thing to look for when viewing resale properties (or any other property) is the location and general condition of the surrounding area and buildings.
The most critical element to consider is location. But, depending on your specific needs and tastes, a “good location” can imply various things to different individuals. Here are a few things to think about:
Check out the region at various times of the day to get a sense of the general environment and conditions, as well as what local amenities are available.
- Is it a noisy neighborhood?
- Are there any farm animals in the area? Is their odor likely to be an issue?
- What is the state of the properties around you?
- Is there any adjacent industrial or construction activity that could cause a nuisance?
- Is there any land nearby that could be developed at a later date?
- How close are neighborhood conveniences like shops, physicians, and dentists?
- Is there public transportation available nearby?
- What are the local traffic conditions (peak and off-peak)? Are the local roads in decent condition?
Restrict your search to resale properties in residential zones if you’re looking for a permanent residence. (Many properties in tourist zones are purchased as vacation homes or as investment properties for holiday rentals; many are vacant outside of the peak tourist season, and you may not have permanent neighbors, and some travelers can be noisy.)
Before making a purchase, take some time to look around. Don’t be seduced by the place’s romance; buy with your brain, not your heart.
Take a look at the big picture. You may be fit and active now, but as the years pass, you may not be able to manage a large or steep yard, numerous steps, or the journey to the shops/doctor/hospital, etc. “Buy in haste, repent at leisure,” says the saying.
In July, NPLs accounted for 17.4 percent of total loans
According to the Cyprus Central Bank (CCB),
According to the CCB, NPLs totaled €4.979 billion in July 2021, down from €4.987 billion in June 2021 by about €8 million, as follows:
Non-financial firms – €2.073 billion, including €1.712 billion in small and medium-sized business loans (SMEs).
Households accounted for €2.670 billion.
€236 million in other financial corporations
Total loans, on the other hand, increased by €137 million to €28.528 billion at the end of July, up from €28.391 billion in June 2021.