Watching Out For Scams
There are always stories of poor construction, developers falling into debt, and unfinished work all over the world. Many of them are false, but there have been reported cases of just this happening on the island of Cyprus. This is one of the reasons why investors need to make sure they research everything they can on the company they are purchasing from and the property they are buying. Everyone should keep some of these next few points in mind while shopping around.
A big sales tactic is pressure. And if the investor is not from the island, this may be a big problem. While there are plenty of honest real estate agents in the world, there are always some who want nothing more than to get a commission. To do this, they may try and convince the buyer that the can afford something they can’t. Their opinion may be slanted about a certain piece of property. For example, they may not like the idea of living close to a set of historical ruins. Also, potential buyers should never believe someone who says that they must make an inspection trip to the property. This is not true and they could find themselves legally bound simply by coming out to see what they are getting.
If the investor has already looked into what type of governmental paperwork they will need to live on Cyprus, then they will want to take the same time and due diligence to inspect every aspect of their contract when they make the final decision to buy. This should be standard practice no matter what country you live in, but this advice comes from people who have been scammed by contractors on Cyprus. Verify all the dates for the building stages, never pay them anything ahead of schedule, and make sure the lines for the utilities from the pole to the home are included. Investors should make sure they get everything in writing and never rely on the contractor’s verbal word. This could lead to a ‘he said-she said’ verbal war in court.
Potential buyer’s who are having their home built should examine and walk through something else that was manufactured by the developer. Considering some of them are not from Cyprus, it is best to check out the developer’s quality of work before hiring them. Investors do not want to have to chase the company down to fix something later only to find that they have completely left the country and flown the proverbial coup. Cyprus does have changes in the climates and the occasional earthquake so it is best to see how the construction crews do. They should also talk to others who used the same company to get a feel on their honesty and integrity.