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Best 10 Tips For Property Investment In Cyprus

Filed Under : buy house by admin
Sep.2,2010

You will be shocked at just how popular Cyprus has become for property investment considering just how small the island is. It is the English speaking sector of the property investment market that are turning Cyprus into the leading choice for a whole range of property investments from retirement homes to buy to let property.

The question obviously arises to why Cyprus is such a popular choice for property investment. The English language is spoken throughout the Island thanks to the influence of the British colonialists, who also set up the initial infrastructure of the island. You will also se straight away that this island has a mystical feel about it and a unique beauty that will make your heart beat faster. The critical reason for it being such a popular tourist destination is the mild climate it has throughout the year and the sunshine never seems to stop beating down.

Every country seems to have a different procedure when purchasing real estate and Cyprus in no different there either. You will learn about the exact steps that need to be taken in order to finalise a property purchase although this process only applies to properties that are purchased in Southern Cyprus.

1. Every foreign national has to obtain approval from the government before buying a house in Cyprus – specifically from the Council of Ministers. This can take 8-14 months so you would be well advised to begin the process before you even start choosing your property.

2. Get a lawyer. It is not a good idea to try to do without and there are good bilingual lawyers in Cyprus – if in doubt, ask for a recommendation from expatriates in the area.

3. On approval of the Council of Ministers and the property formally recognised, the purchase process may begin. A contract is drawn up with property, parties, price etc agreed upon and a 1%+ holding deposit is left with either your own lawyer or the notary.

4. A secondary reservation deposit agreement will then be executed and the property will be taken off the market. As long as you stick to the agreement, it won\’t be put back on the market again. 5. The lawyer will then investigate the title through the District and Registry Office.

6. Meanwhile you need to obtain your financing. Probably the easiest way is to finance through a bank in Cyprus. Most banks are quite westernized and will accommodate US and UK mortgage clients. Alternatively you may wish to refinance your existing home, or in the case of a new build the developers may offer their own mortgage facilities.

For anyone who is selling up everything they own and looking at Cyprus as a new era in their life, then you should be prepared for having quite a lot of money left over from the Cyprus property purchase. It won\’t take you long to see that things in Cyprus are so much cheaper and that you are really able to make a big difference to your lifestyle.

7. The final contact is drawn up and signed before the notary once your lawyer has completed the investigation work into the property and that the finance for it\’s purchase is in place. As soon as the signing is finalised the relative documentation is filed with the Land Registry Office.

8. Should one of the parties be a subject of Cyprus it will be necessary to get official approval from the Bank of Cyprus in order to conclude the transfer of funds and consequently the property purchase. This final step would not be necessary should both parties be foreign nationals.

9. If you have just purchased a resale property then you become the title holder with immediate effect but if you have just bought a new build property then it will take three years, but don\’t worry as you are registered as the owner at the District Land Registry.

10. Now you can just get on with life as usually and start to get into the Mediterranean lifestyle as you will certainly want to start relaxing after a stressful time at the notary. As you know you can get by only speaking English but if you want to enrich your experience on the island then try and learn a bit of Greek.

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Quick Tips On Property Investment Buying

Filed Under : buy house by admin
Aug.21,2010

Buying investment properties can be a very lucrative business venture even in today’s real estate market. While many so-called “analysts” incessantly argue that now is the probably the worst time to invest in real estate, savvy investors and those who really know the industry believe and practice otherwise. How else would you explain the rising number of investors snapping up investment properties, or the huge number of people who are getting trained and educated to become full-time real estate investors?

These people have good reasons why they are investing in real estate. So if you want to enter the property investment buying business, here are a few simple tips that should help you get started:

1. Determine the type of investment. Before you jump into the investment property business, you should decide on what type of property you want to invest in. There are a lot of investments to choose from. Rental houses, condominiums, apartment buildings, and mobile homes offer varying kinds of risks and rewards. If you’re like the thousands of others who are new to the business, perhaps it might be best for you to start with single-family homes. With hundreds of thousands of bank owned houses and distressed properties across the country today, you can buy single-family homes for very low prices and then renovate, rehab, or resell them for hefty profit margins.

2. Location, location, location. As any investor would tell you, the three most important aspects when investing in real estate is location, location, location. Ensure that your investment property is located in a good area of the city. Investment properties that are located close to schools, shopping centers, supermarkets, and financial districts always yield good returns.

3. Determine property prices and rents. It is imperative that you ascertain property values and rents in the area where you want to invest. Property prices are readily available from brokers and local real estate offices. If you’re planning to get rental properties, ask other landlords in the area how much rents are going for.

4. Secure financing. Many people have shunned property investment buying because they don’t have capital. What they don’t realize is that you don’t need money to start your own real estate investing business. A lot of investors nowadays use other people’s money to finance their deals. With most banks getting stricter in their lending policies, a good bet for you to find the financing that you need is to turn to hard money lenders.

Property investment buying may not be for everyone, but it can be very profitable to those who are patient and determined enough to succeed in the business. If you want to learn more how you can get started investing in real estate, visit www.REIwired.com today.

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Tips on property buying and investment

Filed Under : buy house by admin
Aug.15,2010

Are you looking for a lucrative property option… here are a few tips that you can consider before planning to buy or invest in a property.

1. First and foremost, even before planning to make an investment in a home, think for a moment about the size of your family, the age of all family members, current income-tax and wealth-tax position. Also, consider the impact of the proposed investment so far as income-tax and wealth tax is concerned on different family members. After measuring all the pros and cons, decide where to invest and in whose name.

2. Remember, you can always purchase property in the names of two or more family members. If you are taking into consideration a joint purchase of a property, make sure that the investment by the co-owners is in proportion with their ownership in the property to avoid disputes later.

3. To invest in a residential property, taking up a home loan for investment is a good choice

4. If you receive house rent allowance from your company, you can always enjoy tax benefit out of a house rent allowance payment if you are supposed to make payment on account of rent to your wife or any other member of the family.

5. It is always sensible from the point of view of tax planning that each person owns single residential property only. One residential property is totally exempted from wealth tax without any limit. So, if you are planning to buy many residential properties for your family, it is reasonable to do so in the names of those family members who do not possess any kind of property. If a person possesses more than one residential property but it is let out for more than 300 days in a year, such a kind of property is completely exempt from wealth tax.

6. If you are planning to make investment in the realty sector exclusively from the perspective of safety and security of your children, especially daughter, in the years to come, it is definitely recommended that you should invest in the sector not in the name of your daughter but in the name of a person who is a100 % specific beneficiary trust of your daughter.

7. Always remember that for rental income received from any type of residential, commercial or industrial property, a standard deduction is allowed in respect of repairs, etc., which is equal to 30% of the property’s annual value. This much deduction is allowed to all categories of tax payers whether or not they spend money on repairs. This tax deduction is very important as it reduces the income-tax payment burden to the extent of 30% on your rental income.

8. There is no gift tax in making if you are planning to buy a property as a gift. Hence, you can gift your properties to specific relatives without any upper limit. But, one has to keep in mind the fact t that all immovable properties require compulsory registration to make the gift complete.

These were the tips on the various possibilities of making an investment in the property market. Now, if you are planning to relocate or are looking for a property to buy, following are the ways to go about it:

 

In your case, a real estate agent can be of a great help, because he has a useful experience of the property market. However, you can always find a property without an agent.

 

1. Browse for properties online: You will find a lot of information related to property on various property portals. There are many reputable websites that list millions of properties. Each property listing will provide you details like the address, sq ft, number of rooms and pictures. Some listings also reveal selling price. All this information, available on the internet, is very useful and you can browse through lakhs of properties in your chosen area without actually visiting these places physically. Search online the kind of places where you’d like to buy a property and after that, arrange appointments with the owners or agents for viewing.

 

2. Do target foreclosure deals: Always make sure that you are a part of any foreclosure event in your local area to look for good bargains and deals. Those people are eager to sell off their property as early as possible. You never know, perhaps, you can find your perfect property there.

 

3. Read the classified section in the newspaper meticulously and regularly: We all know, newspaper is one of the most common channels used by people to list their properties. So, use it. However, the only shortcoming that newspapers have is that there is very limited space available and you will not have the comfort to view pictures of the properties in advance.

 

In the end, no matter how you are buying your property, just make sure that you negotiate and get the best deals for your property.

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10 Killer Tips for Property Investment

Filed Under : buy house by admin
Jul.22,2010

If you really want the best deals in investment properties, you have to increase your odds by finding more deals. Who is more likely to get a cheap apartment building, an investor that looks through the MLS listings and calls it a day, or the one that uses ten resources? Here are the ten:

1. Talk. Let people know you are looking and sometimes the properties will come to you. There are a lot of owners out there who want to sell, but haven’t yet listed their property.

2. Use the internet. Go to a search engine and enter the type of real estate you are looking for, along with the city you want to invest in. You never know what you might find.

3. Drive around looking for “For Sale By Owner” signs. Owners often don’t want to pay to keep the ad in the paper every week, so you won’t see all properties there.

4. Find abandoned properties. That’s a pretty clear sign that the owner doesn’t want to deal with the property. He might sell cheap.

5. Find old “For Rent” ads. Call if they are a few weeks old. Landlords are often ready to sell, especially if the haven’t yet rented the units out.

6. Talk to bankers. You might get a foreclosed-on investment property cheaper if you buy it before they list it with a real estate agent.

7. Offer someone a finder’s fee. There are people that always seem to hear about the good deals. Have such people coming to you.

8. Eviction notices. If your local papers publish eviction notices, or if you can get the information at the courthouse, it can be useful. A landlord who just went through the procees of evicting tenants is a likely seller.

9. Old FSBO ads. If you call on two-month-old “For sale By Owner” ads, and they haven’t sold, they may be ready to deal. Owners often give up the effort, but still would love to sell. Help them out!

10. Put an ad in the paper. “Looking for investment properties to buy,” might be sufficient to generate a few calls.

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