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Pros and Cons of a Purchase Through a Cyprus Estate Agent

Naturally, one of the initial choices to make in order to buy property would be to use an estate agent as their services have many advantages. At the same time you have to keep in mind that there can be some disadvantages as well. Find below in more detail the advantages of using an agent instead of doing it yourselves but also the lurking disadvantages.

The advantages of buying through a Cyprus estate agent

It is widely expected that hiring an agent can help you through the research of the property you want to purchase. Overall, there are many reasons that you should look into hiring a real estate agent as the majority of the prospect buyers would benefit from hiring an agent.

The process of buying a property is much simpler and easier with the assistance of real estate agents. It is easy to find online information and tips on how to take up the task of buying and a property but without experience and practical knowledge, this process can give disappointing results. Real estate markets are complicated to understand for beginners but purchasing property through estate agents can make it less stressful and diminish damages.

Your agent can answer questions about the current property market, interest rates and other issues.

As a prospect buyer you may not be aware of the ins and outs of the real estate market at the time you are looking for a property. It is very common nowadays to purchase overseas property where the market is ruled by different factors. Buying a property in Cyprus for example takes a different procedure and there several factors dominating the property market that you need to keep in mind in order to make a safe purchase.  For this reason, you would be a bit out in the dark if you decided to buy a property on your own.

On the other hand a purchase through a Cyprus estate agent can be extremely advantageous. A qualified estate agent will be familiar with the local property market and will be able to lead you through the process safely, advising you on what to do and how and when is the right time to do it according to the market. All of this information is priceless and can save you a lot of time and frustration that comes along with looking for a property and proceed on making a purchase.

What you need to do before contacting an agent is to determine your specific needs first and then seek an expert who can help you meet those needs. Most of the times real estate specialists focus on one field of the massive real estate market and often have additional skills and even accreditation in that field of specialization, such as residential, commercial or land. According to your preference and needs in property type you may be able to find a broker who has developed competency in that area and knows how to strategically match the business model with the most suitable real estate. Large real estate firms have many specialists each one focusing on a different category, while small firms either focus specifically on one area or take a general approach to the local market.

Rather than being lost with properties of all type, your agent can help you find what is catering for your individual needs.

Take advantage of the skills the knowledge of the details and nuances of buying or even renting a certain type of property. It is almost sure that your agent will deliver the most favorable results for you. Agents have access to various listing services that list properties for sale. While you can also find a property on your own by attending open houses or buildings, searching online and reading your paper's real estate section, your agent is the best point of access for all types of property and can help you narrow your search by taking notes on what you like and dislike.

Any information about the home itself, such as, how long it has been on the market, the neighborhood, the home's best features can be easily provided by the agent. Again if the location where you want to buy property comes first to you but you are new in the area and you do not knowledge about it, a professional property dealer will assist you to find out a property that suits your budget and requirements well.

Then the agent will help in sorting out the properties that match your criteria and schedule time for visiting those properties rather than wasting your time in checking out properties that do not match your needs. These agents also do a great job in showing the property around better than sellers can. An agent can distinguish and point out to you the pros and cons of a certain property as well as the special characteristics that make it most suitable or inappropriate for you to buy. Most of the times, the agents are working with skilful property inspectors. Their services can be necessary if you want to be sure where you are putting your money into.

An estate agent can help you deal with the economic aspect of buying a home.

First of all an agent can help you determine how much you can afford when purchasing a property. This is important for the buyers in order to avoid ending up purchasing a property that will exceed their budget.

The main advantage about contacting the agent is that he/she can help in saving a lot of money by negotiating price plots on property on your behalf. A comparison of various properties in the vicinity is a method agents can use to find out the value of a certain property. With the required skills and market knowledge, estate agents can competently find for you the real worth of the property. Buyers can avoid being deceived as agents count together all the aspects including location, market condition, type of house, supply and demand, while determining the correctness of the price of a property.

A negotiation on the price by the agent on your behalf when you make an offer on a house will hopefully decrease the cost for you. The agent can help you determine exactly what you offer, not only in price but also in other factors that are included, such as appliances, seller's help on closing costs and other negotiation issues.

After the buyers finally decide to proceed purchasing a specific property, the agent having many acquaintances can recommend lenders and work with lenders on your behalf to prequalify you for a loan.

The disadvantages of buying through an estate agent

Before turning to an estate agent to help you buy a property you ought to make sure that you consider what you are doing. Even though an agent can bring faster to the finish line, there some disadvantage you should be aware of.

Agents charge for a commission usually around 2%.

It is certain that the agent will have to charge a commission for the services offered to the buyer and the seller. The buyer or the seller of the property will be asked to pay the commission. As it is more common that the seller is the one who should pay for commission, it is yet possible that either you will be asked to pay extra, or the commission will be added o the final price of the house. Make sure you have the matter cleared out from the very beginning of your contact with the agent. Double checking with the seller directly would not do any harm. Otherwise you may get disappointed finding out that even if the seller paid for the commission the price the agent gave you was higher than agreed with the seller.

The estate agent knows how to influence your decision.

In several occasions you may find yourselves under pressure to decide quickly and proceed with a purchase. In fact when an agent is involved you may feel pressured by agents who are mostly interested in the commission they will get and will consequently advise you to make decisions in their favor. Therefore, the absence of an agent equals decisions made by you only.

The agent will present only a restricted number of properties.

Estate agents will only schedule for you viewings of a restricted number of properties that pass through their hands. In this way you may be convinced to buy something quickly and miss out a property that might have been just right what you dreamt of. On the contrary if you are searching without the assistance of an estate agent you are able to choose from many properties and you are not limited to the properties the real estate agent has to offer. When you are buying property privately you can also make negotiations yourself and you might even get a good deal speaking directly with the owner. A more personal approach can establish a good relationship with the seller, who may help later with easy payment or some last tasks and repairs that need to be done in the building.

Keeping in mind all the above you will be able to decide whether you want to use an agent or not in request of the right property for you and in the case you decide to ask for the assistance of an agent you might be able to minimise the effect of the negative aspects of involving an agent.

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