Buying / Renting Cyprus Property
A Step by Step Guide
We are here to make your property enquiry trouble free and successful!
The process of buying/renting a property can be easier, more enjoyable, less time-consuming and less expensive if you keep to the following simple steps. We will help you prepare so that sellers perceive you as a preferred buyer, help you locate and assess properties for sale/rent that match your specifications, and help you through the myriad details attending the actual purchase.
We have the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications.
Look at each step of the buying/renting process in more detail and then decide how our professionals here at Patrimonio can better serve you;
- Our online form will help you make a clear definition of your needs and help us in finding the most suitable properties. You will then be contacted to arrange a meeting where we can analyze your needs in person and recommend suitable properties and viewing arrangements.
- We are just a call away if you prefer just a personal contact: +357 99 095008 / +357 25 321012
- Email us your contact details and any information that may be useful in assisting you firstname.lastname@example.org
Please note that our services are absolutely free of charge! When registering with us you are insured of free personal consultations, unlimited property viewings, help with contracts and buying your property and much more.
Step 1 – Creating a fine definition of your perfect home
Your first step toward buying/renting your new home will be to analyze your needs in order to get a clear picture of exactly what you want your new home to look like and how it should function for you and your family.
You can run property searches on our website, save your search criteria and results for use at a later date, compare listings, and request to be notified by email when new listings that match your criteria arrive.
We will inform you about newly listed homes in your category and range the moment they hit the market.
First, you should write down why you are looking for a new home. For example, are you currently looking for a retirement home where you can relax and enjoy sunshine all year round? Maybe you recently married and have outgrown your current residence. Or, maybe you have just gotten a promotion, which requires you to move to a new city. These factors will all have a bearing on how you approach your property search.
Second, establish a time frame that you would like to stay within for buying/renting your home. Depending on your reasons for wanting a new home and the current state of the market in the area you are looking to buy, you should be able to come up with a rough guideline, which you can finalize at a later time.
Last, you most likely have a mental picture of what you would like your house to look like and what features it should have. It's very important to write these ideas down to avoid any ambiguity later in your home search. You should make at least two lists: one should be a list describing your dream home and the other should list the features of the home that are an absolute must have in order to buy it. In a perfect world, your new home would fulfil both lists 100 percent. It is more likely that you will end up blending the two lists into a schedule of prioritized items as you progress through the buying/renting process. This is a natural and evolutionary process as you get clearer about what you want and what property is available in relation to your budget.
Step 2 –Budgeting your home
Now that you have your list of features you want in your new home, you are ready to start looking! Well, not just yet. You are going to need to know in what price range to look.
Shopping for a mortgage for property used to be a time consuming, full time job. Now you need not look any further than here with us. We are here to advise on the best possible finance institutes to meet your needs.
The loan amount usually ranges from 60%-80% of the value of the property with a repayment period up to 30 years, depending on the age of the purchaser and the down payment made. Easy terms of payments and long-term in-house finance schemes are also available.
Where renting property is concerned you would have to have a clear idea of your monthly budget along with common expenses. Our available properties are usually reasonably priced according to the market and we are well known for our negotiating skills to insure both tenant and landlord have arrived at mutually satisfying agreement!
Contact us for more information or to speak with a finance executive. Please feel free to use our mortgage calculator (link).
Step 3 – Area information
Now that you have your list of needs and wants and you know how much you can afford to spend, it's time to look at some properties! An important consideration is the area in which you want to live. People don't only buy/rent the house; they buy/rent the area the house is in too.
So, you will need to make another list of what type of area you want to live in. You will most likely want to consider things like what amenities are offered (shops, restaurants, tennis courts, parks, schools, distance to place of employment etc.), whether the property is by the beach or maybe in a quiet suburb or village and, if you have children who are attending school or soon will be, what school district you will be in and how close the schools are.
The information from your list of needs and wants for your home and neighbourhood can be incorporated into a broad search profile, which will then be narrowed down to specific areas dictated by the market in which you will be looking. Our computer information systems fed through our vast databanks will be an invaluable resource during this step.
Step 4 – Check our website listings or contact us
You can start your search for properties directly from our website or contact us directly.
We pride ourselves in our wide range of properties and aim to provide as much information on our system to help our clients find the perfect home. Our good relationships and networking with all major developers, other agents and private vendors country wide insure that our services will meet your needs.
You can contact our specially trained staff around the clock to ask a question, speak with a professional property executive and receive information, to personally arrange a viewing appointment and more.
Step 5 – Make an appointment
Searching our properties online is a good start and it will give you a good idea of the real estate market on the island. Now it is time to meet with property owners and estate agents to discuss in detail and get any further assistance as needed.
If you are not familiar with the areas, no need to worry. Our advertising executives will give you a tour of different locations highlighting each one’s pros and cons so that you can familiarize yourself with the area.
You can personally see and inspect several properties that match your requirements and you will have the opportunity discuss and analyze each one, receive additional information on a house you like and revisit properties if needed.
Step 6 – Negotiate the offer
Now that you have found the home you would like to purchase/rent, it's time to make an offer. Taking into account the recent sales of homes in that area which are similar in size, quality, conveniences and amenities, what are you willing to pay for the home?
Keep in mind that almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process -- that is, if you have adequate information and you use it in an appropriate manner.
Some of the things that you may have to negotiate are:
- The price
- Terms of Payment
- Repairs that need to be done
- Appliances and fixtures
- Occupancy time frame
The key to successful negotiating is keeping in mind that the end result must make both of you, the buyer and the seller happy. Otherwise, negative feelings will persist throughout the remainder of the process and someone may walk away feeling that they were not treated fairly.
Step 7 – Pre-close preparation
Once the negotiation process is over and a price has been agreed, you will need to pay the reservation fee which is about 1% of the sale price or a booking deposit in case of rentals. The reservation fee will enable the owner or estate agent to take the property off the market so no one else can put an offer on it. It shows to the owner that you are committed. You would also need to contact your solicitor to make sure that all the necessary documents are being prepared, and that they are complete and accurate.
Step 8 – Closing Sale
The contract is then drawn up by your solicitor, and though the items below are not an exhaustive list, it should include the following 7 points in order for it to be a valid contract of sale:
- Reference to the vendor
- Reference to the purchaser
- The subject matter has to be described as accurately as possible. If it does not exist at the stage of signing the contract, for example if it’s a property to be built in the future, reference to subject specifications must be determined accurately
- The purchase price
- The terms of payment
- The delivery date and
- The transfer date for the title deeds
Step 8a – Closing Rent
The contract is either provided by the landlord or our company and should highlight the following main points. Contracts are usually for the duration of a year and renewable annually. One or two months deposits are required and monthly rents are paid in advance.
- Reference to the Landlord
- Reference to the tenant
- Address of property
- Term of tenancy
- Annual or monthly rate
- Whether it is for domestic or professional use
- An itinery of furnishings if applicable
Remember that the legalities of this phase are very important. If you have any questions or concerns, they need to be addressed right away before signing.
Step 9 – After sales/rent activity
Congratulations on the purchase/rental of your new home! Now that you have bought/rented your property you will need to have your local services such as electricity, water, and telephone set up. We would be more than happy to help you coordinate the set-up of these local services.
Also, you should already be aware of the expenses that are typically associated with owning a home. Management committee fees, landscaping costs, and annual communal expenses should be budgeted for throughout the year.
Step 10 – Setting up home!
When it is time to take delivery of your new home you will most likely need to decorate, landscape gardens, shop for furniture, appliance and other relevant goods.
As our slogan says; Your Home, Our Business.
We are very proud that Patrimonio’s services don’t stop after you have bought or rented your property!
Our services include:
- Interior Design & Furnishings
- Home Appliances & Supplies
- Swimming Pools & their maintenance
- Repairs, Maintenance & Decorating
- Home Insurance