How to Sell Property in Cyprus

So you’ve decided you’re ready to sell your property. Well, before you place a "for sale" sign in front of your home/villa there are several things you need to consider.

First, you need to determine how much time you have. Do you need to sell right away or can the property stay on the market for several months? Believe it or not this will play a role when it comes to deciding on an asking price. If you need to sell quickly, you’ll want to price to sell, which may mean setting a lower asking price.

Next, evaluate the market value of your property as well as the current real estate conditions. Numerous factors including the time of year and the economy can effect conditions so be sure to do your homework. When deciding on a price be sure to take into consideration the maximum price the housing market will allow, how much similar properties in your area have sold for, and your time table for selling. Consider contacting an estate agent or a qualified value when determining the market value. They will help you avoid over pricing or under pricing you property, both of which can affect the sale of you home.

Keep in mind that although you decide on the asking price, buyers will ultimately decide what they are willing to pay for your property. For this reason, it is crucial that your property is appealing. You only get one chance to make a first impression, so before your property goes on the market consider doing the following:

• Give your home/villa a thorough cleaning.

• Wash windows, both inside and outside. Make them sparkle.

• Dust surfaces and remove cobwebs from light fixtures and furniture.

• Repair any broken or cracked interior surfaces.

• Fix cracked or peeling paint and wall paper. Perhaps even consider repainting or putting up new wallpaper.

• Clear out unnecessary junk so rooms are neat and uncluttered.

• De-personalize your property by removing personal objects such as photos.

• Remove stains from floors and carpets.

• Keep your lawn trimmed and edged

• Remove dead plants and clutter from your yard.

• Consider adding plants and flowers to make your yard more appealing.

• Repair broken fences and gates

• Complete those general maintenance jobs you have been putting off.

Although you can sell on your own, working with an estate agent or realtor is recommended. Most commission rates are 3% of the final sale price, however, some agents do charge higher rates. Your best option is to shop around and interview agents. When you find one you like formally agree on his/her commission rate before the house goes on the market.

If you decide not work with an estate agent there are numerous sites on the internet that can assist you through the process. Sites such as online cyprus property simply allow you to post your property for a small fee. The beauty of these types of sites is that they are accessible to people around the world. This is important since more and more citizens from other countries are looking to purchase property in Cyprus.

Marketing is the key to selling your property. In addition to placing a “for sale” sign outside, consider listing your home/villa in property magazines and newspapers. Newspapers such as Cyprus Weekly and Cyprus Property & Home reach thousands of readers and prospective buyers weekly.

When writing descriptions for such publications and for internet sites, be sure to include positive points such as the property’s location in relation to beaches, the supermarket, other towns, and even the airport. Also be sure to include any additional features the home may have such as a swimming pool or central air conditioning. While you want to emphasize all the positive selling points, don’t forget to include the basics such as the basic style of the home and how many bedrooms and bathrooms there are. You should also mention the size of each room in the home. If you’re writing the descriptions yourself remember to use key words. Avoid writing long-wordy descriptions that go on and on. Prospective buyers will get bored reading long descriptions and will move on to another property.

Consider setting up an appointment with your solicitor before you even get your first offer. They can fully explain Capital Gains Tax. Several factors determine the amount of tax you will pay after the sale including how long you have resided at your property, inflation, and the cost of any additions you may have made to the property.

Once you have accepted an offer and the buyer has put down a reservation fee you may again want to see your solicitor. They can draw up the necessary contracts or documents and answer any other legal questions you may have. At this time you should also make sure that you’ve paid all necessary taxes on your property. It is a good idea to get a Certificate of Release from the Inland Revenue verifying that all your taxes are settled. Doing this will help you avoid any unnecessary holdups later in the process.
The final sale and transfer of your property to the new buyer is relatively easy and can be concluded in about an hour. Both you and the buyer will need to go to the Lands’ Office counter where you will sign all necessary documents.

Selling your property entails more than simply placing a “for sale” sign out front and often can be an overwhelming endeavor. However, breaking it down into several systematic steps can make the processes easier thus reducing any anxiety associated with selling.