Things to Consider When Buying Second-Hand Housing

Those who want to invest in real estate in Northern Cyprus sometimes choose to buy second-hand housing. In this article, we will talk about some of the things you should consider in order to not risk your savings when buying second-hand housing.
The number of people who buy residential properties or invest in real estate in Northern Cyprus is increasing rapidly. Although off the plan properties (houses that haven’t been constructed yet) or turnkey projects are preferred due to the price advantage, the number of those looking for second-hand housing is also quite high.

Although second-hand houses do not offer many advantages over new houses, some buyers prefer these houses. There are some criteria you should pay attention to when choosing to buy these types of houses, which are usually sold by a real estate agent or directly from the owner. So what should you consider when buying second hand housing?

1- Consider the maintenance costs of the property

Considering that second-hand houses may be old they may bring many maintenance costs every year such as maintenance of electricity and plumbing. These may be both expensive and difficult to renew. Furthermore if the property has insulation problems this will burden your energy expenses in the long run.

You may also want to change some things in the house, such as floor tiles, kitchen cabinets, and wardrobes. For this reason, when buying second-hand housing, be sure to review the maintenance or replacement costs. Although second-hand houses may seem like they provide a price advantage the maintenance costs may add up in the long run.

Consider the age of the building carefully as older buildings may pose some risks to your savings. To avoid these types of issues, you can choose to invest in newly built Cyprus real estate projects.

2- Check if the property has any restrictions that might prevent the sale

If you want tobuy a house in Cyprus, be sure to have information about the type of title deed of the property. Apart from that, confirm whether the title deed is a land title or a construction servitude.

There are some situations that may prevent the sale from going through when buying a second-hand house. These may be restrictions such as foreclosure, enforcement or mortgage on the title deed. Find out if these situations exist from the owner of the house you want to buy.

3- Ask why the owner is selling the property

There are a number of possible reasons for a property owner to put their current home for sale. These may be need for cash, need for a different housing or the desire to move. However, some problems in the house can also make owners sell a house. For all these reasons, when buying second-hand housing, you need to get information about the reasons why the house is being sold. It wouldn’t be wise to buy a house with fundamental problems. Make sure you do good research about the house you are going to buy.

4- Learn your legal rights if the property still has an on going rental contract

If you are buying a house for investment purposes, it is advantageous for you to choose a house with a tenant already living in it. Learning the rental amount in the rental contract and continuing with a new agreement will provide you with guaranteed profit.

However, when buying a second-hand housing for living purposes, a house with tenants might cause some problems for you. Therefore, find out the duration of the contract and when you can evict the tenant.

5- Inspect the house in detail

When buying a second-hand house, it may be risky for you to decide based on the advertisement photos in the listing. Be sure to inspect the house you are going to buy in-person. Seeing the house in-person and examining it in detail allows you to detect many potential problems early on.

In addition to this, we recommend that you do a research about the sales price of the property. If you do not have a good grasp of the Northern Cyprus real estate sector, you can examine the sales prices of the surrounding houses.

Receive Help When Buying Second-Hand Housing

In this article, we have given you some advices on buying second-hand housing. If you want to buy a house in Northern Cyprus for living or investment purposes, definitely consult  a real estate agent. For more detailed information, you can contact us via the contact button at the bottom of the page and benefit from our free real estate consultancy service.