Find yourself a reputable building inspector during the overseas buying process in the same way as you would an estate agent, lawyer and currency specialist. Doing so could save you a lot of money in the long run.
Let’s set the scene. Having fallen in love with a villa outside Paphos all those months ago you embarked on your overseas property buying journey. After what seemed like endless amounts of careful planning and hard work you finally got the keys to your dream home, only to find out a short while later that it’s suffering from subsidence and needs completely rewiring. Your agent had advised you to have a building survey conducted to prevent such an eventuality, but everything looked fine on the surface so you thought it was an unnecessary expense. Now you have a much larger bill on your hands.
Employ the services of a building inspector to cast their professional eye over the property before parting with your money.
The building survey
Don’t let your dream home in the sun become an expensive nightmare full of unexpected costs. Employ the services of a building inspector to cast their professional eye over the property before parting with your money, just as you would if you were buying back in the UK.
So your survey throws up an issue with the property, but not a deal breaker. What now? Download our new guide, How to Negotiate Abroad, to work out your strategy for getting the property price reduced.
A structural survey reduces the risk of paying over the odds for a mediocre property or one that may require costly repairs down the line. The building inspector will inspect the foundations, roof, walls, floors, electrics and plumbing for any signs of damage and decay. Any problems they unearth will be detailed in their report, leaving you in a position to make informed decisions. Depending on the findings, you might decide to pull out of the purchase, reduce your offer, or insert a clause in the contract outlining the work that needs to be completed by the vendor prior to the sale.
Finding a building inspector
In Cyprus you should seek out a building inspector who is registered with the Cyprus Scientific and Technical Chamber and a member of the Royal Institute of Chartered Surveyors [LINK: https://www.ricsfirms.com/search/?search=true&location=Cyprus&box=14667]. Do not choose one that has been recommended or introduced to you by the estate agent selling the property. This way you can guarantee that your survey will be impartial.
The average charge for a building survey in Cyprus is around the €500 (£450) mark.
How much does a survey cost
The average charge for a building survey in Cyprus is around the €500 (£450) mark, but factors such as the value of your property and the complexity of the report you require will impact this price. And remember, the price of a building survey is likely to be considerably less than the cost of having to fork out to rectify that subsistence and get the entire property rewired.
The Cyprus Buying Guide takes you through each stage of the property buying process, with practical recommendations from our experts who have been through the process themselves. The guide will help you to: