Architect Fees Range From 4% -6% (on The Building Cost) But You Can Agree Also On A Fixed Fee

Category: Finance.

If there is a building on the plot you are buying, ask for the building permit in order to make sure that the structure is not illegal, as well as to ascertain the terms and conditions of the building. Even if the title deed registers the property as a building site, it is recommended, however that you go through the motions of checking the various prerequisites for development.

Please note that most of the above problems do not exist in case you buy a building site( as opposed to a plot of land/ field) . Cyprus is the lead nation that joined the European Union in 2004 which is another factor affecting the growth and prices in the property for sale market of Cyprus. The climate of Cyprus makes the island one of the healthiest places in the world. It is expected that in the run- up to becoming a member of" the club" , prices of property for sale in Cyprus will continue to rise at an estimated growth rate of around 20% per annum. With 340 days of bright sunshine annually. This advice is specially useful to the foreign purchaser who has to encounter the problem of different laws and local attitudes. With the increasing complexity of the property market and the constant introduction of new concepts and measures new for the island( although not so in the European countries) it is advisable that the potential purchaser seeks professional advice prior to concluding a deal in order for hardships and disappointments to be avoided.

For this reason this firm has prepared the following tips which may be useful to the local property purchaser. Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement- 1/ 3 of the total value. It is usual for developers to give credit terms of payment when selling these flats. During construction- 1/ 3 of the total value. In most cases interest is charged at the rate of 9 per cent per annum as from the date the purchaser takes delivery of the apartment. (i. e. completion) The next step is to appoint an architect to carry out the design. The balance over a period of 2 to 3 years.

There is an abundance of well qualified architects on the island and many capable technicians as well. Architect fees range from 4% -6% (on the building cost) but you can agree also on a fixed fee. We suggest that you appoint an architect for the purpose( not an engineer or technician) . The prevailing fees are 8% on the building cost for a complete set of architectural plans and 6% for supervision( including the issuing of certificates) .

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