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The Advantages of Renting an Apartment Vs. Owning a Home

admin — Mon, 06 Feb 2012 12:11:25 +0000

You’ve probably heard this before: if you’re making a monthly rent payment, as opposed to a monthly mortgage payment, you’re essentially throwing your money away. Well, as common as the saying is, it’s not necessarily true – in many situations, it’s actually much more advantageous to rent an apartment rather than own a home. Here’s why:

It’s Easy

Compared to owning a home, living in an apartment rental is incredibly easy. Why do the work yourself when you can enjoy the following benefits:

·        Dedicated property and maintenance staff to call if anything goes wrong

·        No back-breaking snow shoveling, lawn maintenance or pool/sauna care

·        One single monthly rent cheque usually pays for everything (instead of several separate bills and fees when you own a house or a condo)

You Get More for Your Money

Believe it or not, you can usually rent an apartment or house for much less than the cost of buying it – especially if you live in a larger city. And if you want to be right downtown, renting is almost always more affordable than owning a condo (and you get a lot more living space, as well, as downtown apartments are usually much larger than downtown condos).

As well, apartment renters don’t have to come up with the thousands of dollars in down payments, closing costs and fees for things such as building inspections, legal counsel, land transfer taxes and insurance.

And this doesn’t even factor in the cost of borrowing – in the first five years of ownership, most mortgage payments are applied only to the interest, not the capital. This is money that you won’t get back when you sell your home (and you’ll still have all the hassles and extra costs of putting your house on the market).

That Tax Break is Not Guaranteed

Getting a big tax break is supposed to be one of the greatest advantages of owning a home – but you can’t always rely on getting this break. If your annual mortgage interest payment, plus any other deductions you are entitled to, isn’t greater than your standard tax deductions, you will not receive any tax benefit from owning a house.

If you rent an apartment, however, you’ll always receive some form of tax relief, as a large portion of your rent is tax deductible every year.

Maximum Flexibility

Renting provides an enormous amount of flexibility. You can pack up and leave immediately at the end of your lease (which can be monthly or yearly, whatever best suits your lifestyle) – there’s no waiting to sell and no agonizing about the housing market before you move. For many people, the freedom to live where you want and when you want is a huge benefit that simply cannot be overlooked.

Minimum Risk

For homeowners, the stakes are enormously high should their finances crumble. When they can’t pay the mortgage, the lender has great leverage – the house and all the equity invested in it could be in jeopardy. That’s not to say there aren’t consequences if a tenant can’t pay the rent – but the financial devastation that comes with losing your home is far greater than being evicted from your apartment.

In addition, there are several social service programs that are run by all levels of government to help people in need pay their rent so they won’t be evicted. Are the banks as lenient or supportive when it comes time to pay the mortgage?

Ultimately, making the decision to either rent an apartment or buy a home involves much more than simply comparing rental rates, mortgage payments, lease lengths and tax breaks. It’s a combination of all of the personal circumstances happening in your life – both now and several years down the road.

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Land and Balcones Club Apartments Sold in Austin

admin — Sat, 04 Feb 2012 09:11:19 +0000

There is news of two big purchases in Austin. The first involves the purchase of over 1.5 million acres of timberland. Temple-Inland Inc. sold the property to an affiliate of the Campbell Group. The selling price was reportedly $2.4 billion. 0.4 of the purchased acres are in Alabama, Louisiana, and Georgia, but the bulk of the purchase is located in East Texas. Temple-Inland Inc. is expected to make net cash proceeds of $1.8 billion and is expected to grant common stockholders $1.1 billion, or $10.25 per share after the purchase.

The timberland agreement includes a 12-year fiber saw timer supply agreement and a 20-year pulpwood fiber supply agreement. In addition, affiliates of The Campbell Group have promised to maintain Temple-Inland Inc.’s commitment to the environment. This likely means that the new investors will have to continue the conservation efforts started by Temple-Inland Inc. and will likely have to adhere to the same environmentally-conscious use of the land. During the deal, Temple-Inland Inc. used Goldman, Sachs & Co. and Citigroup Global Markets Inc. as financial advisors and Sutherland, Asbill & Brennan LLP as legal advisors. The Campbell Group LLC, used Morrison & Foerster LLP and Schwabe, Williamson & Wyatt as legal advisors during the deal.

In addition to the timberland purchase, another key purchase in the area occurred recently when a Los Angeles-based company, M&A Real Estate Partners, bought Balcones Club Apartments. The 312-unit Balcones Club Apartments were owned by Equity Residential Properties Trust. The new investor hopes to renovate the building, which is now 23 years old. It is possible that the new owners hope to turn this Class B apartment building into something a little more upscale. The 13 acres on 9218 Balcones Club Dr are certainly a great investment and a great place for tenants. Currently, Balcones Club Apartments features one- and two-bedroom units that span 464 to 1,150 square feet each. Rents for the units range from a very reasonable $506 to $859.

Balcones Club Apartments currently features a number of amenities that appeal to tenants. Corner fireplaces, wet bars, oak cabinets, built-in microwave ovens, window seats, vaulted ceilings and plenty of storage room are just some of the features of the residential units. In addition, the apartment complex does offer lofts and town homes as well as more traditional apartments. This pet-friendly building is close to major thoroughfares and major employers, including IBM, Lakeline Mall, 3M, TI, and State Farm. The building boasts two pools as well as well-maintained common areas. Many units features great views and there is a fitness center available for tenants as well. Students in the building attend Spicewood Elementary, Canyon Vista Middle School, and Westwood High School. It will be interesting to see in the upcoming months what sort of upgrades and renovations the new investors have planned for this residential community. The building, nestled between Highway 183 and the Balcones Country Club golf course, was 97% occupied at the time of the sale.

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Top 5 Reasons to Invest in Apartment Buildings

admin — Wed, 01 Feb 2012 18:21:29 +0000

When most people hear about the millions of dollars investors make buying and selling real estate, the majority of them think about homes and duplexes. That’s because nearly everyone starts in the single family market.

But they don’t have to. The main reason investors start out buying homes is because they’ve heard all the stories or watched an infomercial where some guru is pitching the latest and greatest “no money down” technique. Buyers think they can purchase homes with no cash using a variety of methods including foreclosure, rehab, fix and flip, subject to, lease option, partnerships, wholesaling and more. And they’re right-you can buy homes that way. But you can do the same thing with apartment buildings.

The benefits of investing in multifamily properties are out of this world. I haven’t found a single reason not to invest in apartment buildings. Let’s review five of the top reasons apartments simply make more sense.

Apartments almost always provide a more affordable housing option:

I can’t get into all the economics explaining why apartments provide a more affordable housing option in this article because it would turn into a book. So let’s try to simplify it. The difference between the amount of rental and mortgage payments consumers spend each month is what I call the “gap”. Picture a bar graph where the average rent is $600 per month and the average mortgage is $1,000. The difference is the gap. As the gap increases fewer people can afford to purchase a home. There are only two ways the gap can get bigger. First, the mortgage payment increases or second, rental rates decrease. Most of the time rents do not decline, at least not significantly.

Mortgages, on the other hand, usually increase. If enough homes exist in the market, to meet demand, builders stop building. When demand catches up, they start developing again, because it becomes profitable. That means prices increase, and with them, mortgages. As mortgages increase the gap gets bigger and we experience greater demand for apartment rentals and that pushes rent higher. Rent growth always follows mortgage growth. This is one of the best reasons to buy an apartment building.

Somebody else manages the property:

One of the biggest advantages of buying apartment buildings is leverage. All real estate investors understand the term leverage, but most relate the term to money. There are lots of ways to leverage; money is just one of several. When you buy apartments, you leverage off the work and effort of other people because you can afford it. A lot of investors don’t want to be property managers-I’m one of them. Others don’t trust them and with good reason. But if you take the necessary steps, you’ll enjoy the benefits of apartment building ownership (cash flow, appreciation, tax advantages, or principal reduction or a combination of them) for many, many years to come. The best part? Somebody else does all the work.

The numbers make more sense:

When you buy single family homes and 2-4 unit properties your expenses usually consist of taxes and insurance. If you’re lucky, you might find one other line item such as management or utilities. But that doesn’t mean other expenses don’t exist. We all know there will be turnover, resident issues and the like. When you buy apartment buildings, expenses include taxes, insurance, utilities, maintenance, management, advertising and much more. Not only that, but you get to spread out the cost of maintaining the property across more units. The economies of scale are far superior to homes and 2-4 unit properties. For example, if you have a total of 20 houses, you have 20 different roofs. You also have 20 different utility bills, tax statements, mortgage payments and who knows how much time you’ll spend traveling from property to property. The numbers just make more sense with apartments.

Increase income (and property value) and spend very little doing it:

I have personally bought and sold many apartments where I didn’t spend a penny improving the property, yet I increased the value hundreds of thousands of dollars. While doing it, I also improved cash flow. “Forcing appreciation” on an apartment building can be as simple as increasing income and decreasing operating expense. To increase value with most real estate, you have to spend money improving the look of it. But that’s not necessarily the case with apartments. You might not have to spend anything at all.

Less competition:

Most investors limit their potential by selecting properties that require conventional financing. Then they shop based on the amount of money they have. When you look for a car, one of the first questions the salesperson will ask you is, “What price range?” Then they try to fit a car into that range. It’s true that the number of opportunities increases in relation to the amount of money you have available, but that’s the worst way to shop. There are lots of ways to buy apartments with no money, and because most buyers are looking for homes, you eliminate a majority of the competition when you invest in apartments.

Again, these are not all of the benefits to owning apartments, but it is a good start. I encourage you to check out The Successful Real Estate Investor, which is the first course many investors take to build a foundation for their overall investment plan. Once you do that, you’ll understand how and why investing in apartment buildings can make all your dreams come true.

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Make Your Days Safe and Secure in Apartments

admin — Mon, 30 Jan 2012 16:41:39 +0000

Your home is your royal palace and you do not want a security threat hanging over your head all time. Nowadays, most people prefer to reside in apartments, this being one of the modern trends. The reason why apartments are chosen as a main residence related to the security offered, a primary factor of concern. Apartment security is an important issue for those who decide to reside either in flats or apartments. They protect themselves using security systems such as apartment alarms, keeping intruders and burglars away.

Apartments pose many security threats; however, these are quite insignificant when compared to independent dwelling units. One cannot imagine that in order to be secure it is enough to enter the apartment and lock the door. Getting informed about basic apartment security problems is essential.

You should able to protect your apartment from criminals and thieves. You ought to take cautionary measures, driving away the strangers and other people with bad intentions from your apartment. To achieve such objectives, you have home security systems. All you have to do is select the best possible apartment security systems from the numerous offers presented online. Apartment alarms have improved tremendously thanks to modern technical advancements in the design and manufacture of home security systems. Unlike independent dwelling units, you do not need an individual home warning and monitoring system. The best choice is represented by a centralized basis monitoring system. However, in order to select the perfect security system, you should know the major security threats in apartments.

Most of the apartment burglaries happen during daytime. Intruders have gotten accustomed to breaking into people’s homes when all family members and neighbors are not home. There are however numerous cases of burglaries that happened over night, when everyone was sleeping. Also, it is a known fact that the apartments in which no one resides often fall prey to thieves. Most of the times, the intruders are searching for cash, valuable jewelry and other items they can sell for a profit. Burglars gain access through the open windows and doors. One should definitely learn how to protect himself/herself from these kinds of burglaries.

Apartment security systems will prove out to be very helpful when it comes to stopping these kinds of menaces. Even if you are out of your apartment, you won’t have to worry about a thing as your home will be protected thanks to the security monitoring devices. Apartment alarms can issue warning signals and thus give warnings to the neighbors in the apartment building. Having such a system installed, you will be able to obtain valuable information about the intruder. The security team will take the necessary steps, calling the police, the fire department or asking for medical help if required.

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Garage Apartment Plans – A Great Way To Add Value To Your Home And Generate Extra Cash

admin — Sat, 28 Jan 2012 14:32:03 +0000

A detached garage with an apartment makes a great guesthouse. Garage apartments plans provide space for storage and add value to your home. You can also generate extra income from your garage apartment! Making a living space over your apartment is a great idea for extra income, or you can use it for a home office. In certain areas you must prove that your home office is separate from your home to qualify for tax purposes. Having the office over your garage with keep your home office completely away from the home. Suddenly your new garage apartment has become a tax write off.

Garage apartments also provide a new sense of independence for your college aged child, if they plan to stay home. Students are always on the lookout for housing that is affordable and garage apartments fit he bill perfectly. Other new members of the workforce may be interested in your garage apartment as well. The potential for this extra income can add value to your home if and when you decide to sell. Some older folks who have retired often decide to live in their garage apartment while renting out their older home that may now be too large for their needs.

For parents who need extra room

Garage apartments can add a new master bedroom for parents of large families who need an extra room. If your garage is attached to your house, a garage apartment can serve as a very large and airy extra bedroom for privacy starved parents. For this type of apartment plan, the extra kitchen may be left off or appliances not added until children have moved away and the parents decide to rent the garage apartment.

Before you start building your garage apartment or purchase new garage apartments plans, check your local building permits and requirements. If you plan on using the apartment as a rental unit, you might need to supply an extra parking space for the renter. You may also need to think of adding stairs to the exterior of the building for security reasons. Be sure to check the insurance requirements as well.

Where to find garage apartment plans

Two sources I like for garage apartment plans are a site called coolhouseplans and one titled archwaypress.

As an example of pricing, coolhouseplans offers plans for a 448 sq. ft. garage and garage apartment at 400 that range in price from a low of $375 for one set of blueprints to a high of $650 for a reproducible set of plans or CAD (Computer Aided Drawing) files on CD-ROM.

Coolhouseplans also has lower-priced plans for a garage and garage apartment that range in price from $220 to $550.

In comparison, Archwaypress offers a single set of plans for a garage and loft $115 or $215 for reproducible masters. It also sells a three-set package of plans for a garage and garage apartment at a cost of $165 for $265 for reproducible masters.

Whichever you choose, a garage apartment can make a lot of sense as either extra room or as extra income.

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Apartments in Borovets – Buying an Apartment in Borovets

admin — Fri, 27 Jan 2012 02:04:58 +0000

Apartments in Borovets – The ever growing property market in Bulgaria is a pleasure to watch with so many new and off plan developments emerging almost every month. It’s proving difficult to know which one to opt for when considering buying apartments in Borovets.

We feature literally hundreds of the very best developments selling apartments in Borovets with some offering great guaranteed rental schemes and % discounts. Our Borovets apartments are added to our database by agents and developers from the area so you would be dealing directly with the agents on the ground in the great beach resort of Borovets.

Apartments in Borovets Buyers Guides

When thinking of buying an apartment in the ski region of Borovets it pays to check your homework on the buying process. We have a buyers guide to buying apartments in Borovets on our website which you may find of interest. The guide covers things such as a general market overview, setting up a limited company, deposits, notaries and much more.

Check out our buyers guide before you commit yourself to buying apartments in Borovets

Borovets Inspection Trips

Buying apartments in Borovets can be as easy as 1,2,3 with our amazingly cheap Inspection Trips from as little as €49 that’s only £35.

All trips include

Flights from your local or nearest airport Hotel accommodation with breakfast – typically 4 * wherever available Transfers to and from the Bulgarian airport Representative of the agent to show you around their developments All legal questions answered

Other locations as well as Borovets

With over 11,000 properties for sale in Bulgaria including more than 400 apartments in Borovets alone why not check out some of the other areas we cover in Bulgaria like:

Pamporovo

Sunny Beach

Ski Resorts in Bulgaria in General

Bourgas

Borovets and Bulgarian News Articles Keep up to date with the news and articles on buying property in Borovets and Bulgaria in general. These can be viewed on our News pages for Bulgaria as well as our general news pages. We also feature a daily overseas property news feed that cover many subjects dealing with buying apartments in Borovets as well as many other regions around Bulgaria and the rest of the world.

Whatever your needs are for buying an apartment or villa anywhere in the world then you need to drop by our site to learn more.

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Apartment Investing: Assessing Motivation

admin — Wed, 25 Jan 2012 13:01:52 +0000

As a real estate investor focusing almost exclusively on apartment buildings throughout the country, people often ask me what it takes to find motivated sellers. All buyers want to make intelligent investment decisions, and to do so investors must understand seller motivation-thus the question.

One of the most important principles for negotiating the purchase of a lifetime (over and over again) is to learn and understand seller motivation. They generally fall into one of four categories:

They need to solve a problem. (Management headaches, divorce, bankruptcy, death, illness, lawsuit, needs cash, dispute with partner)

Their circumstances are changing. (Retirement, moving, job transfer, increase in taxes)

They have other opportunities. (1031 tax-deferred exchange, business, stock)

They’re price motivated. (If they get their price, they’ll sell. If not, they won’t.)

If you buy an apartment building and hope to make a lot of money, you’ll need to convert current and/or future cash flow into value. Price is undoubtedly a major factor in your decision making process. If you negotiate with sellers who are price motivated, you’re less likely to get what you want and you’ll probably make a poor investment. It’s your job to figure out what’s driving the selling decision and then focus on solving whatever issue your counterpart is facing, but you don’t want to solve it by paying too much for the property. So how do you do it?

Assessing motivation is easy to do when you’re buying from homeowners. Most of them haven’t learned the same skills and strategies and they don’t know why or how to ask certain types of questions. For example, almost all investors ask the seller why they’re selling, and they should. If you ask Joe Homeowner that question, he’ll likely spill his guts and tell you that he’s moving out of town, going through a divorce, or is about to lose the home. He’ll openly give you all the information you need. It can be a bit more challenging when working with investors.

But that doesn’t mean the motivation is different, it just means the answers are not as clear. One of the biggest negotiating mistakes investors make is to assume they know what the other side wants. We’re all different. We all want different things for different reasons. Although a large percentage of sellers sell because of price, there are still plenty who are not price motivated. Even so, most apartment building owners will answer the “Why are you selling?” question with, “We’re doing an exchange.”

An IRS 1031 tax-deferred exchange falls under the “opportunity” category. Maybe they really do want to exchange out of one property into another because they can make more money. However, “We’re doing an exchange,” is usually just their way of telling you: “I’m not motivated so don’t try to steal my property.” They know what you’re doing and why you’re asking the question. This answer is especially popular with real estate agents-because they know negotiations will be difficult if you suspect you can buy the property for less. The point is there’s almost always something else behind the decision. Maybe they’re exchanging and maybe they’re not-it doesn’t necessarily mean that it’s the reason they’re selling the property.

The best way to get to the bottom of it is to ask a lot of well thought out, pre-planned questions. Think of assessing motivation as a fact-finding investigation. Have you ever asked the same question in a different way and received a completely different answer? We all have. It happens all the time. Do your homework and ask several good, pointed questions. Here are a few examples:

What do you like most about the property? What’s the one thing you would change if you could?

Why did you buy this property versus anything else on the market?

When was the last time you sold a property like this?

How did you arrive at the asking price?

How many other properties do you own? Why did you elect to sell this one?

What steps did you take to prepare the property for the market?

When new investors decide to buy apartment buildings, one of the first things I do is help them build a plan based on their objectives. For example, two questions I ask repeatedly are, “Why?” and “When?” Everyone wants to make money in real estate. Is that the goal? No! It’s not. The goal is the reason behind it. Why do you want to make money and when do you want it? What’s driving the decision?

For some it boils down to putting their kids through college. For others it’s all about setting aside a financial nest egg for retirement. Everyone has a reason and that’s what we’re trying to uncover when we ask sellers questions. We’re trying to get to the heart of the matter because they’re unlikely to tell us on their own. If you want to accelerate your net worth and buy properties that will make you richer, faster than you ever thought possible, master the art of assessing motivation.

Everyone has a reason. It’s up to you to find out what it is.

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Strategy To Sell My Apartment

admin — Sun, 22 Jan 2012 09:32:33 +0000

The question of “how do I sell my apartment for the most money” is frequently asked these days, especially since the economic collapse. Unfortunately, selling for a high price right off the bat is not going to work. What you need to do it set your asking price low and then drum up a sense of competition amongst your buyers so that they bid more than what you’re asking. This article explains how.

First you need to get your apartment valued by a third-party professional. He or she will look at your local area values and make a solid comparison to your flat. You need to go for a price that is very competitive, so go as low as you feel comfortable with. Remember, people are NOT going to pay through the nose given the current economy. Be realistic.

Once you’re comfortable with a competitive price, it’s time to get advertising. You need to focus on your buyer in every ad that you place. It’s not 2006 anymore, and the power is no longer in the sellers hands. Tell your prospective buyer why your flat is better than your neighbors. Take high quality photos and put them on the internet. Make a video if you really want to drum up excitement. Be creative and unique!

Apart from a solid advertising campaign, think about how to boost the impression of competition amongst your buyers. One of the best ways to do this is to hold an open house event in the early evening on a Sunday. Invite your prospects around for a look around, some cheese, and a few light refreshments. This will give you a great opportunity to really sell your house face to face, and when your buyers see all the other competition they will be pressured to bid high and fast.

If you’re still asking “how do I sell my apartment”, check out this Sold In 21 Days website now for a way to sell your house within a month!

Alternatively, check out this article: How Do I Sell My Apartment For The Most Money?

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The Best Ways to Sell Your Home Fast

admin — Fri, 20 Jan 2012 19:14:27 +0000

Selling a home is often considered to be one of the most difficult tasks. Time and patience are the prerequisites involved in selling a house. It is essential to understand the basic need behind the sale of the house, so that you could take proper decisions on the significant factors, from setting the price to the investment of time and money. Apart from this, the time and season also dictate the decoration style and color scheme. Selling a home involves the creation of a clear plan of action and vigorous churning of thought processes. There are various ways, like renovating, clearing the clutter and online selling that help to attract the prospective buyers.

The following ways would help you sell your home fast:

Online selling: The Internet has boosted the real estate business. It helps sellers, buyers as well as the real estate agents. It enables them to reach out to a wide range of clientele. It allows people to relocate their homes, without any hassles, since numerous people wanting to sell and buy houses respond to the queries everyday on the home selling websites. The information specifies the size, location and the number of bedrooms, bathrooms, kitchen and the number of study-rooms required by the prospective buyers. In addition to this, online selling also provides you with additional details of houses on sale available at different locations, like the proximity to swimming pools, salons and gymnasiums. Most of the time the prices are also mentioned, to help both, sellers as well as buyers, to avoid the stressful task of enquiring before quoting the price. They even mention the address, contact numbers and the suitable visiting hours, to add to the comfort of buyers.

Multiple Listing Services: The multiple listing services, popularly known as MLS is a database that allows the real estate brokers to represent the sellers under a listing contract. It is meant to share information regarding the properties with a real estate broker. The broker may choose to represent potential buyers or cooperate with the sellers broker, to search for the property. Multiple listing services operate as a directory of properties for sale, situated at locations easily accessible by real estate agents and buyers. It basically works towards effective dissemination of information, so that when a real estate agent is introduced to a potential homebuyer, he could search the MLS system and retrieve information about all the homes for sale in the specified area and price range.

Real estate or investment company: It would be a wise attempt to sell your house to a real estate agent or investment company, since no financial eventuality would be required for the sale. Apart from this you need not invest in the repairing work as well. Moreover, you need not wait for a month to receive the money from the buyer.

Upload details of your home on the Internet: In order to sell your home fast, you should upload a picture of your home on the Internet. Try to place photographs that would define the exterior as well as the interior of your house at its best. If possible, get it done by a professional photographer.

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Is There Still Such a Thing as a Cheap Cyprus Apartment?

admin — Tue, 17 Jan 2012 13:36:30 +0000

Whilst Cyprus apartment prices continue to rise especially the price of the typical one bedroom property you would expect a cheap Cyprus apartment to be a thing of the past. The truth is that if you know where to start your Cyprus property search there are still plenty of Cyprus real estate bargains out there for those who are prepared to do some homework first. The key to any successful major purchase is research, research and then some more research. So if you are searching for that cheap Cyprus apartment bargain you will need all the relevant information before you get started.

To be fore armed it is advantageous to have at least a rough idea about how the Cyprus property market works and what the differences are to other parts of Europe especially the U.K. Although the legal system in Cyprus is very similar to the U.K. there are some major differences you should be aware of. If you purchase your cheap Cyprus apartment “off plan” or on a new development you will most likely not receive the deeds to your property for several years hence. Instead when you purchase your cheap Cyprus apartment or luxury villa the developer will draw up a contract stating that you are the owner of that particular apartment or plot. This contract will also constitute the specifications of your property including any fixtures and fittings to be built into the final purchase price.

The reason there are no title deeds for your cheap Cyprus apartment or even (if you are lucky enough) your luxury villa is that there is initially only one deed for the whole piece of land that all the buildings are built upon. When the Cyprus developer purchases the land it is usually transferred to him as one plot with one title deed. Once the development is finished including all the roads services and pavements the government surveyors will check the actual development against the original plans before finally issuing separate title deeds for each property. So eventually that cheap Cyprus apartment will have it’s own deeds but in the interim the contract between the developer and yourself entitles you to ownership.

If after buying that cheap Cyprus apartment you then decide to sell it on there is no problem either. The contractor will raise a new contract between himself and your purchaser naming them as the new owners of the property. Whilst this system does work very well and has done so for years there are a few things to bear in mind. The first one is that once the title deeds for your cheap Cyprus apartment or villa are ready to be handed over there is a tax due on them. This is a percentage of the original purchase price of your property and at the time of writing this article a £cy160,000 villa is incuring an eventual deed tax of around £cy5,500. So you should obtain at least some idea of how much more that cheap Cyprus apartment will cost you at the end of the day.

Also remember that contract we talked about? The one you set up with the developer when you buy your cheap Cyprus apartment or luxury Cyprus villa. Well, if you do decide to sell before you have received the title deeds the developer will charge you a premium for changing the names on the contract. Many developers are charging a flat fee of £cy3000! to carry out the service of raising an exact same contract with the only alteration being the insertion of a new name. Once again you should factor this into any budget before you buy your cheap Cyprus apartment or villa.

Whilst these hidden charges are not always eluded to when you first start your Cyprus property search there is nothing illegal about them and they are standard fees. The good news is that if you are aware of them at the outset they could make a great bargaining tool. You would be surprised at how many people are totally unaware of many of these factors until after they have made the the bulk of their payments. By then it’s too late and that cheap Cyprus apartment isn’t such a bargain after all except to the developer, property agent and Cyprus the tax man. If you do your homework without just diving in you can still save a considerable amount of your hard earned cash and still pick up a cheap Cyprus apartment.

Repossession

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