Financing Cyprus Property

Accommodation: Avoid purchasing an one bedroom or studio type of accommodation (unless you are in a resort area) since you will have problems on resale. Prefer to get hired accommodation rather than think that you will sell your one bedroom unit and buy a larger one in the future.You may well find that selling the one bedroom flat is problematic. Flats most in demand are the three bedroom (around 120-130 sq.m.) and two bedroom (70-100 sq.m.) ones.

This state of affairs is fluid however and changes from time to time and from location to location. In resort areas the most marketable accommodation are the compact one and two bedroom flats.

Services: Experience has proved that it is difficult for co-owners to agree on the common servicing of the blocks. It is therefore advisable, especially if you are buying in a large block, to prefer to buy where the block has the lowest common services bill. Central heating has proved to be a major problem and the cause of many quarrels amongst co-owners. Avoid, also, flats which have common hot water facilities.

Solar heating is an economic alternative and its adoption is relatively inexpensive, having a payback period of approximately 5 years.If you will have a garden, it is advisable to drill a borehole for watering as the water charges rise more than proportionately with consumption. This will cost around C1,200 for the borehole and the pump, although it will depend on the depth of the borehole. The drilling of a borehole requires a Government permit first.

Bargains can still be found at the remote villages of Paphos and those of Limassol. It is strongly suggested that before concluding a deal, you obtain a firm estimate of the repairs / improvements required using the services of a qualified Q.S. or an architect, whereas what has been said previously about other property acquisitions holds good for this nature of property as well. In particular, you must check who your neighbours are, since in tightly knit communities, such as the local villages, they have their own way of living and attitudes towards life.

Property owners in Cyprus are advised to make a will in Cyprus to cover their Cypriot estate. A Cypriot will speed up the process of obtaining probate in Cyprus.Inheritance Tax is payable on a Cypriot estate and rates are on a sliding scale depending upon the value of the estate. Full professional advice should be obtained with regard to making a Cypriot Will and Inheritance Tax planning.

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