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 When is the right time to purchase or sell an estate?
This is a well known dilemma if someone has an old house to sell and buy a new one. What should I do first? Buy or Sell?
• It depends on the reasons why you wish to sell your estate and its condition.
• Of whether the estate prices are increasing or stable.
• The area where the estate is built.
• Request and offer in the area.
All the above can affect how quickly your estate will be bought or sold.
If selling of estates are reduced then it would be wise to begin the process of selling prior the purchase of a new one. If request for estates is increased then you should begin purchase prior to selling.
Tips before beginning looking for your new apartment:
First of all you should determine the following:
• How much you are willing to spend for the purchase of an estate.
• The family needs and the size of the house (e.g. two, three or four bedrooms)
• Think of your vehicles (transportation or parking depending on the area where the house is placed).
• Check the area for good schools, parks and generally all those conditions that will ensure a comfortable and safe life.
How to compare apartments you visit:
At every visit you should observe and keep notes on the following items in order to be able to make later comparisons:
• The interior and exterior condition of the apartment (walls, windows, roof, etc). Keep notes.
• If there have been repairs request to see them
• Humidity, sound proof and other problems. Ask to know how they have dealt with them.
• Detailed analysis of what is included at the purchase of the estate (e.g. parking, storage area). •
How comfortable are the spaces and if they satisfy your family's needs.
• Size of the balconies and whether there is any kind of view from them.
• The distance of the estate from other estates and the size of the road where the estate is placed.
• If it is angular or it has a park or other areas in front of it.
• If there is rooftop insulation or a roof in case the apartment is at the last floor.
• The formation of the common spaces and the areas for children.
What you should be careful of when you purchase an estate:
1) Perspective for a surplus estate value:
• Due to the fact that every estate is not a true bargain, you should be informed by special estate advisors on the perspective of plans made for a reformation of your area. If such works are not planned, maybe the value of reselling your property will be reduced.
2) Research for the determination of the actual price:
• Research on estate prices at the area you are interested in, since there are many owners that have over-valued their estates and ask for unreasonable prices.
3) Check on prices and information on the estate:
• Assign a lawyer to check on the titles of the estate you have selected to avoid nasty surprises. This is probably the most important stage in the purchase of an estate.
•Following the check at the land registry you will have information regarding the state of the property. In the case where the estate is still under construction, you should check the state of the land.
• A check at the Town Planning agency will tell you whether or not the estate has been arbitrarily built.
•If you are interested in purchasing land, then you should request a check at the Archeological Department.
4) In case of an old estate you should:
• Pay attention at the year of construction.
• Get an engineer to examine the estate and offer you advice on technical issues and trace any possible faults in construction.
5) In case of a new estate you should:
• Select the area you are interested in.
•If you wish to purchase from a contractor, we will propose the best one for your needs. A necessary condition for the proper choice is to request from the constructor to write all obligations and give you the ground plan.
• Make sure you have your loan issued on time in order to avoid any legal penalties.
6) Purchase of land not included in the town plan
•If you are purchasing a land that is not included in the town plan you should be aware of the limit of square meters required to build.
• Generally the required limit is that of four thousand square meters with the ability to build an area of 200 square meters, and from then on for every 1000 square meters, 20 square meters. In special cases the limit may be reduced to two or increased in eight.
• You should also be aware of whether you have the ability to separate a part, e.g. of 10 thousand square meters in smaller pieces, since the Town Planning in such cases demands for a road to be present among the two pieces of land.
7) Down payment
• Following the final selection of the estate you wish to purchase you should give a down payment, as a commitment in order for the estate broker to stop negotiations with other buyers.
• In the case of an under construction estate you should know that if the frame is complete then the constructor has spent approximately 35% of the budget, while if the walls are completed the constructor has spent 40%, if the plumbing and electrical works are over then the constructor has spent 45% and if the coatings are done then the constructor has spent 50% of the budget.
• You should be aware that no down payment with a simple receipt binds either one of the buyer-seller.
• This can only be done through a notarian act
Steps for a successful selling:
In order to achieve a successful deal you should keep in mind the following:
• The actual value of your estate.
• The best deals are achieved when both sides are in a good mood.
• That the first impression counts and affects positively or negatively the possible buyer.
• The floor should be clean and any damages should be repaired
• If there is a mosaic on the floor, then you should replace it with tiles or marble.
• Move any unnecessary furniture in order to present a spacious and functional house.
• If the kitchen cabinets are old then replace them. If you cannot afford it, just repair them and paint them.
• Replace problematic switches and repair any problems relevant to heating.
• If there is any dampness make sure your repair them
• If the dampness comes from the roof make sure you proceed to the necessary insulation.
• In case the estate has not enough light, then you should paint the walls with smooth and luminary colors. If there is a fire place, then a mirror above it can create the sense that the space is larger.
• If the property is land, or house with its main advantage being that of the view or the garden, then you should choose to present it only during sunny days.
What to avoid for a successful selling:
What you should not do in order to achieve a better deal for your property are the following:
• You should not spend a lot of money for the renovation of your house because each buyer has his/her own view of the space and many things will be changed at the estate.
• You should not neglect to repair any electrical, plumbing or other damages and paint the walls.
• You should not paint the walls with dark or intense colors.
• You should not raise unreasonable demands.
• Never come in contact with the buyer when you are in a hurry, tired or angry.
• If your property is a land or a house with its main advantage being that of the view or the garden, never present it when it is raining or it is foggy.
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