4 Tips to Buying Investment Property in North Cyprus - What to Know
Purchasing an investment home comes with quite a bit of work. It’s especially challenging to navigate the real estate market when you’re a first-time property investor. There’s an extensive list of factors to consider—credit scores, down payments as well as other incidentals such as furnishings and storage facilities.
Since you are making a sizeable investment, it’s crucial to arm yourself with the right information. After all, you’re putting your money and investment into what could end up being one of your most valuable assets.
Still unsure of your abilities to invest in a property that will get you a return?
Here are our four tips that will make your journey to becoming an avid property investor in Cyprus smoother and a less stressful ride:
Tip #1: Contact a Privileged Investment Agent Who Knows the Area and Market
During the process of searching for the home of your dreams, the right agent can turn your hopes into reality. This is due to their knowledge and expertise in the area. They’ll be able to provide you with valuable insight into the properties you’re interested in. Additionally, they’ll be able to direct you to reliable loan officers and real estate attorneys, thanks to their industry contacts. Not to mention, they can give you tried and true tips on how to prove sellers that you’re a serious buyer.
It’s crucial to hire the best real estate investment agent for your needs as this individual can make or mar your home buying experience. You will find that referrals are invaluable when choosing your realtor. 54% of buyers found their agents from referrals from families and friends, though you can also check out for ratings online.
Tip #2: Always Check Out Comparable Properties in the Area to Determine the Right Pricing
If you already have a house in mind, be sure to look at comparable homes in the surrounding area to get a better idea of a fair price. This should help you determine the best starting offer when you’re ready to bid for your future investment property. It will also make it easier to predict future returns!
Tip #3: Don’t Forget to Ask Your Agent About Expected Closing Costs
Closing costs typically including the budget you need for hiring a real estate attorney as well as a home appraiser. You need both to help guide you with the buyer-seller agreement as well as to evaluate the home from floor to ceiling before purchase.
Fortunately, your closing costs don’t include the expenses for personal packing and moving costs. Additionally, the duty of paying the agent’s commission usually falls to the seller.
Tip #4: Prepare for Your Budget and Stick to It
Buying an investment home isn’t something you can do on a whim. It takes months and years of careful planning and saving. Therefore, be sure to draw up a budget and find a home that’s within your price range and able to provide the future returns you’re expecting. Ask yourself questions that can affect your expenses, such as:
- What can I afford?
- What is my ideal price range?
- What am I expecting to get in return from my investment property? In what timeframe am I expecting returns?
Privileged Investment’s provide transparent guidance on the entire process and a complimentary consultation if you’re considering or would like to learn more about property investment opportunities in Cyprus.
Buying an investment property can be time-consuming, stressful, and expensive. To ensure your investment goes as smoothly as possible, be sure to inform yourself on the process. The tips above should help make the procedures easier to manage and ensure you make the best decisions possible.
If you’re looking to buy property in North Cyprus, get in touch with us today and see how we can help!