24.12.2021
When buying a resale property in Cyprus, you need to consider a number of aspects. In addition to checking the object itself and its state, it is important to pay attention to:
Finance
It seems obvious, but some people buy more than they can afford and run into financial hardship. In addition to the actual sale price, you need to consider running costs such as electricity, water, telephone, taxes, repairs and maintenance, etc.
The resale property you are looking to buy may be in need of refurbishment. Get a firm written quote for any necessary repairs and repairs.
Common expenses
If you want to buy an apartment or other property in a community with shared amenities such as a swimming pool, you will need to pay utility bills for maintenance, repairs, insurance, and management of what is known as a “community home.” Shared ownership includes everything that is within the boundaries of the development, including individual residential buildings.
In its current form, the joint property law does not actually work and is in dire need of fundamental changes. Too often problems arise when owners refuse to pay utility bills. This means that those who pay must cover the missing amount. This causes resentment and often leads to a domino effect as more owners refuse to pay and the complex falls into disrepair.The building management committee can sue defaulters to recover their debts plus legal and court costs, but this is not always effective because:
- it is expensive
- hearing can take years
- even if the case is won, enforcing the court’s decision can prove “difficult”.
- if the debtor can prove that he is in financial difficulty, the court may order that he pay off the debt within a few years.
You should speak to the building management committee and check the bills to make sure everything is in order.
The problem of non-payers has been exacerbated by the COVID-19 pandemic, which has reduced the ability to pay for many people who have lost their jobs and/or live on less income.
Title documents
Another important point is the verification of documents related to real estate upon purchase. These include a certificate of ownership, approved architectural plans, building and planning permits. If a title deed has not been issued, you should find out what is causing the delay and whether the local planning authority has issued a “certificate of approval”. This certificate confirms that the property has been built in accordance with the permits and plans approved for its construction.
It is necessary to check that the approved architectural plans correspond to what is actually built. Some people add pools, garages, and other permanent structures, or expand properties without permission.Unauthorized changes will cause problems if you want to make changes to the property yourself and/or want to sell the property at a later date.
