1. Choose your location carefully
There’s a wide range of North Cyprus property for sale and therefore it is crucial to make a wise choice. Your ideal Cyprus property should have an appealing view (of the sea or mountains), be of generous dimensions and have amenities close by. Benefit by consulting with Kensington Development Group, an expert in property for sale in Cyprus.
2. Decide on frequency of use
You should temper your excitement about a property for sale in Cyprus with the question “How often will I be using it”. If it is intended as a retirement home or a place where you intend spending at least half a year, you will probably be spending more. If it is just an occasional holiday location, your budget will be more modest.
3. Understand about Title Deeds
When looking at North Cyprus property for sale, you need to become familiar with the complex issue of Title Deeds. The best title is ‘Turkish or Foreign Pre-1974 Land’, which is private land owned by Turkish Cypriots. Another category is ‘Gift Land/TMD’, where the government awarded points on abandoned North Cyprus land in return for military service. The most problematic title is ‘Esdeger/Exchange’, where land abandoned by Turkish Cypriots in the South was exchanged for abandoned property in the North.
4. Use the Reservation Fee and Trip
As is typical with any Cyprus property for sale, especially in quality real estate developments, the ‘early decider’ is the one who catches the better location. It therefore makes a great deal of sense to pay a Reservation Fee (usually around £1,000) on your preferred location. Your Inspection Trip then gives you the opportunity to confirm specific details on the spot, with local experts.
5. Select a capable local lawyer
The key to looking after your interests when buying property for sale in Cyprus is appointing a capable North Cypriot lawyer. Kensington Development Group can recommend several trusted lawyers. They may cost around £1,250 but their value in helping you avoid future headaches is incalculable.
6. Research your loans/payment options
Not many buyers of a property for sale in Cyprus will be able to close the deal without additional financing. The opening of the North Cyprus property market has encouraged a blossoming of various finance and loan opportunities, either via local mortgage or installment plan arrangements.
7. Research all relevant taxes
In this area, particularly, your local lawyer will be expected to ‘earn his keep’. The three tax areas touching any Cyprus property for sale are Land Registry Transfer Fee, VAT and Stamp Duty. The variations depend on all kinds of conditions.
8. Investigate your likely income
You have identified your ideal holiday property in Cyprus and are ready to move ahead with the deal. An important aspect along the way will be to calculate the likely income from rentals that your property will attract (unless you plan to live there all year round). Again here, you should consult with Kensington Development Group.