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When searching for a home, there are many aspects to consider. All of them will have different impact on the choices and the decisions, though, irrespective of your preferences, some of these aspects are, without a doubt, essential. 

Something to consider:

Completed property:

Depending on your budget, personal preferences and other aspects, this could be any structure be it villa or a townhouse, new or aged, based on “ready to move in” concept. It leaves you with an easy feeling that your family can move in straight without a need for an intermediary accommodation such as a hotel or a rental.

Pros

No planning needed- simply bring your clothes

No time wasting searching for white good, electronics and furniture to fit

No additional expenses on decorations and furnishes

Easy moving process

Cons

Not much flexibility

Items are not always of expected quality and/or age

Colours and textiles might not be your favourite

In case of a property being on resale, the factor of sanitary ware being used previously might be upsetting to some buyers.

Shell structure

By shell structure, I refer to two different though similar concepts; number one is where the property is fully erected, walls are plastered, windows are in and electric fittings are in place but nothing else, i.e. no paint on the walls, no light fittings,  sanitary ware, no cabinets, practically you are looking at the walls and the ceilings.

Number two is a very common phenomenon in Cyprus. The property literary looks like a carcass: concrete slabs interconnected and based on a solid foundation. No walls, no windows, no stairs, and possibly not even floors. These types of building structure often times belong to locals who, at certain point, decided to invest in building a house and for x or y reason could not complete the basics. Most of those reasons are due to financial difficulties that Cyprus experienced a few years ago.

Pros

Cheaper per square metre. In case of carcass structure, at times it is sold at cost of land only.

Flexibility in personalization.

Wide choice of materials and fittings.

Personal contribution in the process of creating your home

Cons

The original design of the house might not be 100% what you are looking for (but you love the neighbourhood!)

It is time consuming and can be frustrating (local “siga-siga” takes on a different meaning at this stage)

Can become quite costly if wrong contractor paints the picture

 

Land

Depending on location, can be the most cost-effective way to invest (and hardly depreciates). You can chose a location in the mountains or right on the seashore. With breathtaking scenery in the middle of nowhere or on the outskirts of a tiny village. The choice is yours, this is the beauty of this type of investment.

Pros

Wide selection and various options

You design your dream home from scratch

Supervising the constriction can result in a much lower investment needed than compared to a completed property. 

Cons

Building permits required along a few other permits (unless the previous land lord already walked this route)

Can take over a year to be completed (if built correctly, remember it a seismically active area)

Potential difficulty finding the right/honest/decent contractor

 

To add to the above, I would say that you need to establish the reason you are purchasing the property. If it is a plain, straight forward investment, then I support your best bet is to buy a completed property (be warned that developers tend to overcharge dramatically)

 

Completed properties are also best for those who wish to buy a property in order to obtain permanent residency in Cyprus [link to the page with more info on immigration], though land investment and shell structures are also accepted by the immigration as investments. However, the budget has to be established in account of lawyer expenses (it’s nearly impossible to achieve anything here without one) and keeping in mind the minimum expenditure required by the government for your specific nationality, i.e. for certain countries, the minimum cost of a property is 50 000 Euro whilst others need to cash out at least 300 000 euro for a house.

 

For persons and families who are creative, have free time and a large pocket, it could be feasible to buy land and build the house just the way they would love it. Yes, it might be a time-consuming venture but it can provide an unforgettable experience and allow you to expand your horizons.

 

 

 

 

 

 

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