Dealing with real estate in any country can be both daunting and exciting. When dealing with a country you don’t know well though, there are some common mistakes that people do. Nevertheless, these are easy to avoid when searching for property for sale in Paphos, Cyprus. Pafilia, for example, has had a solid track record for more than 40 years and offers a range of services, including in-house legal support.
Common Mistakes to Avoid when Searching Property for Sale in Paphos
1- Do your research and know your needs
Of course, you don’t necessarily know immediately what property type is available or which area you want to focus on. Nevertheless, you’ll have an idea of what you need in terms of the number of bathrooms and bedrooms. Then you should do a bit of reading around or driving around if you’re lucky to already be on the ground. Don’t make the mistake of jumping in blindly though and regretting buying the wrong house.
Cyprus has several main cities with some larger than others. Although, even the larger ones still offer a charming and laidback lifestyle with populations in the hundreds of thousands rather than in the millions. Having said that, looking for property for sale in Paphos means that you’ll be able to benefit from a coastal view, if that’s what you dream of, or from the buzz of Kato Paphos town center. Alternatively, you might prefer to live outside the town center and choose to focus on one of the villages instead. These include Tremithousa, Chloraka, Talla, Kissonerga, and the popular Universal, to name but a few.
2- Interview several agents before appointing one
Once you start getting a picture of what you might want then you’ll need to appoint an agent. Unfortunately, it’s too easy to fall into the trap of thinking that you can do this alone. However, don’t forget that property agents have the inside track. They also know how to maneuver through the nuances of the local processes. Then again, make sure you first check any agent’s certification and registration details before signing up with them.
3- Make sure you get a property lawyer
Many people make the mistake of thinking their agent can do everything when searching for property for sale in Paphos. Whilst some agents can do everything, thanks to an in-house legal team, many often have a conflict of interest when it comes to drawing up a Contract of Sale. On the other hand, an unbiased lawyer might even be able to save you some money in the long run.
4- Check title deeds at the Land Registry Office
Clearly, your lawyer is responsible for carrying out full due diligence, including ownership title deeds. A good lawyer covers everything for you but it’s worth pointing out that title deeds have caused issues for people in the past. Divorce cases are the typical reason for a mix-up of ownership details. There’s nothing worse than being about to sign a property only to realize that the so-called seller isn’t the rightful owner.
5- Review your property agent’s agreement and all fees of all parties
Another common mistake is that people get unpleasant surprises about the total costs of fees and commissions. To avoid this, ensure you sign a buyer’s agreement with your property agent that details everything including any potential third parties. Of course, these costs should also include reservation deposit, transfer tax, stamp duty, and VAT. Nevertheless, don’t forget to check the agent commission fees and any potential lending fees or even inspection fees.
6- Have reservation terms signed before paying your fee
Before you pay your reservation fee, you should have agreed on how the terms are going to be structured. For instance, do you get a full refund if the deal falls through? You should also allow enough time for proper due diligence and a well-crafted contract of sale with payments to be done in installments. You don’t want a nasty surprise after you’ve paid for everything.
7- Consider lifetime costs
Many properties come with certain obligations especially if they’re part of a residential community. You might therefore find that you have monthly property management fees to pay although this isn’t necessarily a problem. Simply, check everything upfront so that you are ready to pay those fees. No one wants surprises when it’s too late to backtrack.
8- Update your will
Most non-Europeans don’t realize that they have to make a specific will for any assets they hold in a European country. Also, the law usually dictates how these assets are passed down to your children. You might therefore want to review how your will is structured, especially if you want to follow a different approach to that of the law.
Final Recommendations for Searching Property for Sale in Paphos
Dealing with real estate is an investment and so you should do your research first. Even then you won’t know everything but interview some property agents and find the right team that you want to work with. Make sure that you also appoint a lawyer and then you’ll be well surrounded by people who will help you avoid all these mistakes. Then again, having an idea of them gives you a head start for finding your perfect home.