5 Things To Consider When Buying Property In Northern Cyprus
There’s much to think about before buying a home. In my previous blog posts I wrote about reasons to buy in Northern Cyprus and why it is the best time to invest now, so it’s worth taking time to read about them before thinking about your motivations. It is also important to decide where you will buy and what type of property you want, those will be topics of my upcoming blogs.
5 Things to Consider:
Your dreams and intentions may change throughout the process, but organising your initial plans is the place to start. You should ask yourself these five basic questions.
- Why are you buying in Northern Cyprus?
So, you know you want to buy a property in Northern Cyprus, but why, exactly? Analysing and articulating your thoughts can help motivate and direct you. Start by writing down your ideas.
Here are some examples:
- “We want to enjoy more space, sun, clean beaches and warmer weather”
- “Our pension will go further in Northern Cyprus”
- “We would like to have exclusive but affordable lifestyle”
- “I want a place to enjoy memorable holidays with family and friends”
- “Property prices in Northern Cyprus is much more affordable than its competitors in Mediterranean”
- “Now the kids have left home, we need a new adventure”
- “Property investments in Northern Cyprus could have real potential as to return on investment and capital appretiation”
- ‘We want to raise our children in a peaceful and secure place with affordable fantastic international education standarts’
- “We are retired and we would like to live somewhere with high health service standarts but at the same time very affordable”
- “I don’t want ever to look back on my life with regret, never having made the move.”
- How will you use your property in Northern Cyprus?
This is crucial to ensuring that you really enjoy your property. What will you do with it? Long weekends, three weeks over the summer, for investment, for relocation, for holidays and then eventually retirement? Be honest with yourself. If you really don’t think you’ll be going for weekends, you can save money by being further from the airport. If you don’t want other people using it and don’t need the money, why worry about rental or investment potential?
- What must your property in Northern Cyprus have?
What are your deal-breakers, the must haves? How many bedrooms or bathrooms do you need? Is a pool an absolute requirement or would a local beach be better? Outdoor space? Is it essential that you can walk to a local cafe or bar? And what would you like your Cypriot home to have? What would make it perfect for you? Do you want a terrace, garden and/or a swimming pool?
- What don’t you want your property in Northern Cyprus have?
It’s nice to be positive, but focusing on what we can’t stand can be quite liberating too! Would you hate having to book a hire car every time you go to Northern Cyprus? Do you find a sandy beach less appealing than your own pool? Are you worried that you’ll be saddled with all the pool cleaning, or cooking? Would you find the presence of holidaymakers on your doorstep all summer a little irksome? Now is the time to say it loud and clear. You want to love this home, so spell out what will stop that happening, then see if your partner or spouse feel the same!
- How much is your budget for your property in Northern Cyprus?
There may be ways to raise more money, or even share the costs, but get an idea of your realistic budget from the off. After all, knowing how much you can afford up front will allow you to search for houses in Northern Cyprus without pricing yourself out of a move later. It’s also worth remembering that you should budget for at least 10% extra for buying costs.
In addition, before planning with your finances, you need to think about the fact that you will not get the “interbank” rate advertised by banks and in newspapers. Rather, you will get an exchange rate at least a percentage point above or below, so you should make room for this in your budget.
Finally, as always it is a privilege to live and invest in Northern Cyprus and we are continuing to release content that will be relevant to help everyone on the other side. As well as on www.privilegedinvestment.com you will find out on Youtube, Twitter, Instagram, Facebook, Linkedin.
You can also attend to one of our Live Webinars to have more info as to the current situation and current beneficial property offers in Northern Cyprus including legal and tax advice prepared by our professionals in our team.
For any possible questions contact us from email@example.com