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Buying an older apartment

Buying an older apartment


Since the cost of modern apartments is constantly growing, interest in the apartments of the old stock has increased.

As regards apartments and buildings of the old stock, which are maintained at an acceptable level, depending on the repairs required in them, it can often be concluded that they have an advantage.
There is a noticeable difference between the cost of new and old apartments, and depending on the quality of the apartment, the difference can be significant.

Older apartments have limited amenities and often lack parking and storage space, while collecting common expenses can be a challenge for both old and new apartments. Lack of double-glazed windows, increasing non-payment of common expenses, and sometimes even criminal incidents, such as the recent stabbing over a parking dispute, are facts to consider.

The efficiency of the administrative committee is paramount to the smooth running of the project, and Airbnb’s recent introduction of overnight partying tourists is an additional cause for concern. In one case involving an apartment in Larnaca, a neighbor complained of trouble and his car was set on fire.

Thus, all the nuances of the object should be studied before buying. It would be a good idea to interview three or four local residents to uncover any hidden problems in the building. Unfortunately, there is no proper legal framework in Cyprus to regulate the operation of common areas and building costs. It would be wise for the buyer to consider talking to some tenants to find out any non-obvious issues.When comparing the total costs of old and new apartments, it becomes apparent that the latter category has much higher costs. This is another factor to consider.

What happens if an elevator breaks down in a 20-story building, and there are no funds or procedures to repair it? The prevailing total cost for a three bedroom apartment is around 40-50 euros per month, how will tenants pay for the increased costs for more modern apartments?

You can look for apartments that are 10-20 years old, but in good condition, in the city center. It is worth considering options that generally yield 5 percent, while more expensive apartments bring much lower returns, especially if you take into account the VAT of 19 percent.

Under the current circumstances, comparing new and old objects is not an easy task.

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