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Benefits of buying a property under construction

20 August

Is it profitable to buy an apartment under construction

A private apartment in Sunny Cyprus is a dream of many. The mild climate and the beaches golden sands, combined with European service, make life as comfortable as possible. But it’s no secret that buying an apartment in an already completed project is the most expensive option. Therefore, it is worth considering the conditions for buying apartments under construction.

Let’s take a closer look at this housing advantages and tell you how to avoid unnecessary risks.

Вuying a home at stage 0 benefits

At the pit stage, you can already buy an apartment. At this stage, the foundation is prepared, it is also called zero. According to statistics, more than 30% of apartments are sold at this particular time. The fact is that such a purchase has many advantages:

  • Low cost. The difference between starting and ending prices can reach 10 to 30%. It largely depends on the building area.
  • Wide selection. Early adopters can afford to choose the best options. Housing with a sea or mountains good view is being bought up the fastest. Such apartments are the most profitable. They can be rented profitably.
  • Possibility to buy on credit. There are different calculation programs:

– mortgage loans

– interest-free installment payment

– bank loan

The main thing is to understand that by the delivery time the housing cost will increase. And for those who took advantage of the loan, the apartment price will not change. Today, such transactions are reliable and safe thanks to the ability to issue bank guarantees.

 How to protect yourself from risks?

Let’s be honest, not everyone is ready to consider a purchase option at the construction initial stage, fearing possible problems with the developer. But they can be safely avoided.

Here are some important points to help you minimize your risks:

  • Check the developer reliability. As a rule, reliable developers do not hide anything from potential buyers. Information about the company and its activities can always be found in the public domain on the Internet. A big plus for the reputation is the presence of the already commissioned object.
  • Rate the location. To do this, you need to decide what exactly you need an apartment for: for sale, rent or residence. Choose a home considering the nearby shops, pharmacies, schools and other facilities that are difficult to do without in everyday life.
  • Pay close attention to the paperwork. Studying the documentation for the object being built will help you not to make a mistake in choosing a developer. The contract must be drawn up legally competently with all the nuances and risks participation. Experts advise you to contact a company that deals with similar issues and monitor the transaction quality.

Thanks to the tourism infrastructure development, the demand for real estate is growing every year. It will be possible to pay for the apartment with the developer in the shortest possible time. This is why it is so profitable to invest in housing in Northern Cyprus.

If you have decided on a purchase, then for the housing to be removed from sale, you will need to pay about 30% of the total cost.

 Who will help to buy housing in Northern Cyprus

Northern Cyprus has ideal conditions for real estate purchases. All facilities’ construction is under strict state supervision. At the moment, there is a visa-free regime.

It should be borne in mind that it is difficult for an ordinary foreign buyer to take into account many nuances that cannot be foreseen. Prime Pro Investment not only searches for suitable properties but also accompanies you at the buying a home all stages in Northern Cyprus. Professionals in their field are ready to answer all your questions.