Common Mistakes To Avoid When Purchasing A Property
Business Housing

Common Mistakes To Avoid When Purchasing A Property

December 28, 2020

Buying a real estate property in Cyprus is a complicated process that requires careful planning before you can go through the daunting challenge of making a big purchase. It is a decision that just cannot be rushed because what you choose will influence your future life greatly. In taking this big step, there are several mistakes that many customers fall victim to and make things much harder. Given below are the common mistakes that customers make when purchasing a property in Cyprus.

1. Relying on agents alone for the purchase of the property

While seeking the professional aid of real estate agents to look for a property to purchase seems like a reasonable solution, relying solely on them can cost you. Real estate agents aim at getting the most sales and therefore some may not be honest. It is safest to conduct a search on any online platform on your own as well to verify the information. There are many sites on the internet where you can find properties for sale in any location. For instance, if you are looking for properties on sale in Cyprus, you can visit where you can easily find a property in Cyprus that meets your requirements. There are several different properties available in Cyprus in Limassol, Paphos, Larcana, Paralimni, Famagusta, and other locations in Cyprus. This site is very beneficial for both estate agents, private sellers, and buyers.

2. Relying only on one real estate agent

Relying on agents alone for the purchase of the property

If you do consult a real estate agent for your property search, remember not to rely only on one agent. Ideally, you must consult several real estate agents in order to find a reliable source of information. It is advisable to estimate market prices for properties on sale before you consult a real estate agent so that you can compare sale prices. The agent who quotes the closest price to your estimate of the market value is the most reliable one.

3. Not meeting the owner of the property face-to-face

You must always organize a face-to-face meeting with the owner through your real estate agent. You should avoid making a deal directly with the agent and not consulting the owner at all. In your meeting, remember to cross-check property ownership, and verify the allotment letter with the owner’s NIC. In several instances, the real estate agents avoid setting up a direct meeting by making excuses that the owner is out of the station. Do not seal any deal without first directly consulting the owner in order to avoid any sort of fraud.

4. Paying in one go

Paying in one go

When the deal has been finalized, it is time to make the payment. The payment should not be made altogether, instead, a token must first be paid to seal the deal between the owner and the buyer, when making this deal, get a receipt from the owner to keep a record that a token has been paid. Also, remember to keep a copy of the allotment/transfer letter. The token receipt must also have the address of the property and should also state that there is no due payment or litigation on the property.

Keep in mind the aforementioned things before you begin the search for a property for sale in order to avoid any kind of fraud.