26
June
2023
09:00
The correct control of the zoning situation is the most important issue to be considered during the purchase of the land. The ground condition and measurement of the land are the second features that you should pay attention to. Proximity to transportation opportunities, development potential of the environment, location of the land are among the other details to be considered.
Why Should We Be Careful When Buying Land?
Buying land is an important undertaking. Whether it is for investment purposes or for residential purposes, it is necessary to pay attention to every detail when buying a land, otherwise undesirable situations may occur. If necessary, getting professional support would be a suitable option for making the right decision.
Differences in Purchase of Land for Investment and Housing
While purchasing land for investment purposes, the development potential of the environment will be prioritized, housing-living opportunities will be more important when purchasing land for housing. The location of the plot is important in both cases. You can build a house by buying a land in a good location to benefit from Cyprus rental flat investment opportunities.
Financial Effects of Mistakes in Land Purchase
The smallest mistakes to be made while buying a land can lead to big financial problems. For example, it is possible to buy a land that has not been surveyed and suffer great damage in an earthquake. Instead of land, Cyprus flats for sale options may be more suitable for you. You can choose an earthquake resistant house.
Steps to be Followed in the Land Purchase Process
Budget planning should be done first in the land purchase process. Then the location, size, shape of the plot is determined. Infrastructure and zoning controls are made. Land registry controls and cadastral surveys are carried out. By making analyzes in terms of location and potential, the land purchase process can be started.
Budget Planning and Financing Options
You should do financial planning to evaluate the best options for your budget. You should make the best use of your financial possibilities when buying land. By looking at Cyprus house prices and land prices, you can make choices that fit your budget.
Plot Selection: Location, Size and Shape
The location of the land is very important when buying a land. The location and size of the plot determine its value. Position, size and shape are the first things to look at.
Infrastructure and Zoning Status Control
The zoning status and infrastructure features reveal the qualities that will determine whether or not to buy the land. The zoning situation is among the most defining features. That's how you know what you can do to the land.
Examination of Land Registry and Cadastre Information
You can find out the status of the land legally by examining the land registry and cadastre. If necessary, getting professional support in this regard can also ensure that the result is fast and accurate.
Using Expertise Service While Purchasing Land
The easiest way to make accurate analyzes when buying a land is to take advantage of the appraisal services. You can have clearer information about Cyprus land prices with an appraisal analysis.
Common Mistakes in Land Purchase and Ways to Avoid These
Common mistakes are made about the zoning status when buying land. The permission of the structures that can be built on the land is important. Wrong choices can be made about the shape and size of the land while purchasing the land. You can benefit from expertise services to prevent such situations.
Insufficient Research and Lack of Knowledge
When buying a land, it is important to do a good research and choose the right analysis. Acting on incomplete or incorrect information can lead to moral as well as financial losses.
Omitting Infrastructure and Zoning Plan Controls
If infrastructure and zoning controls are skipped, huge problems can arise. In large real estate investments such as houses and land, missing information can cause irreversible problems.
Ignoring Errors in Land Registry and Cadastre Information
If the results of the land registry and cadastre examinations are not taken into account, the results can be quite bad. For this reason, it is necessary to obtain the most accurate information and evaluate it from every angle.
Not Giving Insufficient Importance to Price Negotiation and Expertise Evaluation
If you do not negotiate the price while buying a land, you can buy the land at a higher price, which you can buy at a much more affordable price. Appraisal evaluations will help you to make profitable choices.
Legal Regulations and Taxation When Buying Land
When buying land, you should have knowledge about legal regulations and taxation. You can make better choices by knowing how much tax you will pay.
Concepts of Condominium Ownership and Flat Easement
The concept of construction servitude indicates that the project has been approved. The concept of condominium explains the construction situation suitable for the project.
Cadastre and Land Registry Transactions
In order to legally own a land, it is necessary to carry out the land registry and cadastre procedures. Wherever it is, getting professional support in such transactions will speed up the process as well as its correct operation.
Taxes and Fees Payable in Land Purchase and Sale
A tax of 6% is paid on the price approved by the Land Registry Office. For details, support can be obtained from the relevant government agency.
Government Supports and Incentives in Land Purchase
50% tax discount is provided to the buyers who make their first purchase for one time only. A tax of 6% is payable on the amount approved by the land registry office. For details, support can be obtained from the relevant government agency.
Frequently Asked Questions and Answers
Can I Use Credit When Buying Land?
There is the possibility of using loans in all kinds of real estate purchases. However, the terms of the loans vary depending on many factors.
What is Zoning Peace and Can I Benefit from Zoning Peace when Buying Land?
The zoning peace is the forgiveness and inclusion of the licensed or unlicensed buildings that are in violation of the zoning legislation, which have ownership or zoning problems, and are included in the system. In order to benefit from the zoning amnesty in the purchase of land, there must be a building on the relevant land or plot.
Do You Need Neighbors' and Municipality's Approval When Buying Land?
There is no need for the approval of neighbors or the municipality when buying a land. However, if structures with different usage areas will be built on it, permissions may be required.
Which Documents Are Required When Buying Land?
Original or photocopy of the title deed, original and photocopy of the identity card, as well as a document from the relevant municipality showing the real estate value of the real estate, documents such as TCIP are required when buying a land
What are VAT and Stamp Duty Rates When Buying Land?
The VAT rate for lands and plots is 18% and the stamp tax is calculated as 9.48 per thousand.