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
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
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
If you’re looking to buy property in North Cyprus, get in touch with us today and see how we can