Calculating your North Cyprus Property Budget
WHAT IS YOUR BUDGET?
When looking to calculate your property budget for North Cyprus you should obviously be conscious of what you are able to realistically spend. Despite the fact that there are now loans and payment plans to help with finance, and the time period in which you are expected to pay for your property can assist with freeing up your finance in installments, it all comes down to the reality of your overall available wealth.
Before you even commit to looking in a certain price range that you feel you can afford, make yourself familiar with the details of buying property in North Cyprus and what additional costs there may be.
ARE THERE ANY OTHER COSTS?
When calculating your budget, you need to be aware that on top of the property purchase price there are other costs. These include the obligatory cost of a lawyer who will process the legalities of the purchase. If it’s a new build property then you may have utility connection costs for electric and water, for example, and taxes and title deed transfer fees.
Depending on the property you buy, you should generally aim to add 10-12% on top of the property price so bear this mind when looking at an overall figure for your North Cyprus property.
WHAT PROPERTY CAN I AFFORD?
If you have run through your calculations and are happy that you are ready to invest in a North Cyprus property, then congratulations! So, how can Kensington help you choose the property that’s right for you? Well, to start with, we successfully provide investors with all types of property and most importantly, within a wide price range.
Given that you need to add on the process costs as detailed above, you can now do some research before you visit North Cyprus, so you know what types of property you may be able to afford, rather than being tempted to look at everything, including properties that you may not be able to afford!
WHAT KINDS OF PROPERTY PRICES ARE OUT THERE?
You will be pleased to know that some of Kensingtons lowest price ranges start at £59,000 for new build properties, these being our lovely and brilliantly located 1-bedroom Olive Grove apartments, and residential properties starting with Studios at our stunning Thalassa Beach Resort in Bafra. Both project locations are right by the beach too!
Kensington strive to offer a broad and competitive range of price ranges whilst still focussing on quality and finish, ensuring that our clients can find the property that fits their budget, knowing they have purchased a property that will stand the test of time. We can provide 1 bedroom properties as we have already mentioned, however, our properties can be built up to 7 bedrooms, and everything in between!
Our experience in the North Cyprus property market gives us a varied client base, meaning we offer a wider choice to suit all budgets. As well as Studios, Thalassa Beach Resort offers a huge array of property types, from 1 bedroom to 2 and 3 bedroom penthouse with jacuzzis or ground floors with private pools. Our portfolio at our Karpasia By The Sea project, in a great residential location in Esentepe, can offer anything from 3 to 7 bedrooms, currently starting at £220,00 to £2,750,000.
So, in addition to your budget, you may find you can also choose from various property types. Clients are very often surprised at what their money can buy and perhaps never imagined being able to purchase an apartment with a rooftop jacuzzi or private pool!
TO BUY FURNISHED OR UNFURNISHED.
When thinking about budget also factor in how you will furnish the property if it comes with nothing but the basics. Our Property Specialists can help by giving you ideas and costs for
white goods, furniture and furnishings. You can find further information on this in our Furnishing A Property in North Cyprus article.
To help with this kind of decision, we also provide options such as standard and upgraded furnishing packages to complete your home, or you can even buy a property which is already furnished with either package. This way you will know what the complete price is for buying a property that already has everything you may need.
In conclusion, we would advise working out your budget before investing in North Cyprus property. Given all the factors we have covered here, we hope you can feel comfortable that you can then decide to purchase your property with confidence.
For further information on an investment property in North Cyprus, please feel free to contact us at any time via email to firstname.lastname@example.org or call us on 00 9(0)533 862 1686.