You’ve already planned on one or two successful viewing trips to Cyprus. Whilst there you focused your property search to several areas that ticked most of the boxes. As long as your finances to make a purchase are in place, it’s time to start making offers.
Seek advice from your estate agent before commencing this stage of the buying process, but remember that the agent works for the seller. Therefore, they will be paid a higher commission the higher the price.
Because it can be tricky to know what is a fair price when purchasing a property overseas in an unfamiliar country, here a few top tips to help you remain in control during any negotiations.
By reviewing recent sales in the local area you will be well-placed to ask for a fair price
Increase your knowledge by conducting research
You will be able to show you mean business when negotiating if you conduct a spot of market research beforehand. For example, by reviewing recent sales in the local area you will be well-placed to ask for a fair price when the time comes.
Enter the negotiation process with the right attitude
If your property negotiation is going to be a success you need to focus. Make sure you don’t appear too keen, or too blasé. Always let the selling team know you’ve conducted plenty of research and viewed plenty of houses, by asking educated questions.
Try and gauge the seller’s emotions. This will determine whether you should divulge your love for the property or keep your cards close to your chest.
Whatever type of property you wish to live in when you get to Cyprus, knowing how to negotiate for your property should get you a little more house for your money! Download our guide: How to Negotiate Abroad.
A dose of charm
Remember that you’re attempting purchase something the seller has a strong emotional connection to. If you are too aggressive in your approach to the negotiation, both in terms of attitude and pricing, all your hard work could be undone.
While you’ll usually negotiate via the agent, you might consider writing a letter to the seller to help you stand out from the competition. This will enable you to introduce yourself and explain why you have fallen in love with their home.
Take control of the negotiations
Understand that the seller’s vulnerability puts you in the driving seat. You could pull out of the deal at any minute and buy another property, while the seller needs to sell that property. Remember, you are the one making the offer.
Firstly, make sure you know exactly what you can afford to pay before entering any negotiations. This will allow you to respond confidently and swiftly to any counter-offers. Any delay in your response to other buyer’s interest could see the property slip from your grasp.
Respond confidently and swiftly to any counter-offers
Offer less to Brits returning?
If you’re buying from a British owner overseas, remember that while the falling value of the pound since the Brexit vote has added to your costs overseas, it has been to the advantage of anyone moving their money back to the UK. That is an opportunity to make an offer.
Don’t lose sleep if the deal falls through
A quick chat to people who have already purchased a home in Cyprus will soon reveal that they look back with relief on any deal that dell though, because they found their ideal property eventually. The key here is to stay rational!
Make sure you contact a currency specialist before making an offer on a property in Cyprus. You don’t want to make an offer, only to find the exchange rate has moved even before the seller has responded.