Cyprus is an attractive place with its culture, climate, shopping centers, pubs, markets, restaurants and cafes. Any successful businessman would prefer to purchase a commercial property in Cyprus. It is obvious that buying a property is a complicated process. The purchasing process becomes even more complex when you are trying to buy a commercial property.
The first thing you have to do is to write down what kind of Cyprus commercial property you are looking for. Determine the size of the building, whether you want a property with tenants and whether you want an office space or a customer-oriented business, such as cafes or bookstores. All these important aspects you have to determine before talking to a real estate agent.
Arrange all the necessary documents which you might need for procedure of property purchase.
An experienced Cyprus real estate agent knows the reasonable sales and lease rates in the chosen location as well as plans for growth, demographics and other future developments in the area. In order to succeed on best deal possible, you have to provide your agent with all necessary financial documents. It is also time saving as he will provide you information about commercial properties that fit within your budget.
If you are planning to take a loan for your purchase, find a mortgage lender you trust that deals with loans for commercial property. It might be a good idea to have pre-approval from the mortgage lender before searching a real estate agent. This will allow you to understand the price range you can think of and help you to identify the properties you qualify for.
Focus on long term loan payment deals and small percentage of down payments. This would help you to keep your cash reserve for better use.
If you have an extra sum of money for investment purchase some extra footage then.
If you buy a property unit, ensure that you hold equal rights against other owners.
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