How much of asking price?

[AliOL]

Hi and thank you for letting me join.

First post and although I have looked, I can't find an answer....so apologies in advance!

We have holidayed several times in the area, and on the mainland, and are looking to buy a holiday home. Thank you for all the info re pitfalls...really useful and we will probably ask lots of questions when we are closer to actually buying.

Question is how much leeway is there generally in the price asked to actual purchase price of property? ( I know this will vary, but generally there will be an average).

Planning to come out for 2 weeks (if possible) in Sept to look/possibly buy if the right house is seen..... do not want big complex and a quiet area. (most of our holidays have been at both ends of Northern Cyprus).

Thank you in advance
Ali

[13roman58]

You can do all the research you want but that is no substitute for the actual experience of an area and all if anything it has to offer.
It sounds that you are looking for a holiday villa? Plenty of those available.
Being at the right time and place could get you a bargain ( or a bundle of problems)
I always recommend that you should rent for a minimum of six months. Maybe not an option for you.
As to your question of potential discount on an advertised price, so many variables.
Good luck finding the property you want.

[sophie]

I don't always agree with 13roman58 but in this case he's 100%. Don't make the same mistake that loads of us made and bought instead of renting for at least 6 months. Preferably through a Cypriot winter (they an be awful) and when, like now, we're going to bed in temps of27+, getting up in temps of 29+ and living during the day at 36 and above. Good luck.

[TAC]

A house is worth what someone will pay for it and most are over priced
A good starting price would be around 20% off the asking price

[jimm]

The agents put 10% on it so they can reduce it, by the same amount, currently they are going 20 to 30% under the asking price

[Brinsley]

This is not as glib as it might seem but my advice, please read between the lines.
*All real estate agents do not have a legal duty of care of information they provide
*All Advocates do not have legal duty of care of your interests even though you've advanced paid for their services
*Start off with a suitcase of CASH, £,$,€ 50% below asking price and insist on a face to face meeting with the vendor and show the cash
*Walkaway when they will laugh at you then see what happens, you're in the driving seat

There are no 'market-forces' here just good old greed

[Hedge-fund]

Hi and thank you for letting me join.

First post and although I have looked, I can't find an answer....so apologies in advance!

We have holidayed several times in the area, and on the mainland, and are looking to buy a holiday home. Thank you for all the info re pitfalls...really useful and we will probably ask lots of questions when we are closer to actually buying.

Question is how much leeway is there generally in the price asked to actual purchase price of property? ( I know this will vary, but generally there will be an average).

Planning to come out for 2 weeks (if possible) in Sept to look/possibly buy if the right house is seen..... do not want big complex and a quiet area. (most of our holidays have been at both ends of Northern Cyprus).

Thank you in advance
Ali

As people have said, renting first is a great idea.

When buying make sure the deeds are clean - I wouldn't buy anything that isn't pre-74 Turkish title but that is purely a personal view and I wouldn't criticise anyone buying other titles - but you must make sure the ownership is crystal clear and there are no charges over the land.

[sophie]

Totally agree with Hedge-Fund and double check facts your (Solicitor)? gives you. Too many of us have been well and truly hoodwinked over the years.

[Reyntj]

My input is he agents charge 5 %. So in order to justify this they tell the vendor an unrealistic price. Which ends up with few sales and property stuck on the market for years.