Everybody knows that buy to let property is the most safe and simple way to build a significant asset base. It may easily replace your pension and provide you and your family a wealthy lifestyle in the short term.
Cyprus is an attractive destination for investors and many of them buy property to let.
Cyprus buy to let market now represents 30% of the foreign buyers with returns in the region of 6-8% of the property value.
Before you consider purchasing such a property be prepared:
- To outlay a deposit of at least 20% of the property price though it is recommended to go as high as 40%.
- To maintain the property to a high standard as it will attract tenants.
- To pay for maintenance.
- To find a property Management Company, as it will take care of your tenants all the time.
Points to consider:
- Purchasing a property look at it from the tenants’ point of view.
- If you are not ready to spend a lot of time on this property, look for a new one.
- Investigate what kind of properties and which areas are in demand.
- Look for a property that is close to all amenities, public transport, restaurants, entertainment places and bars.
- Investigate what extra charges are levied on the property as this will have a significant impact on your rental income. Most of the new developments in Cyprus may include gyms, parking, swimming pools and landscaped garden and they all require maintenance. Consider on development with low maintenance.
- Consider on purchasing a first-floor apartment as they are usually more secure for the tenant and still accessible to most people.
- Easy access and a garage or off-street parking is a real bonus.
- A property should have enough natural light and this will be considered as an advantage.
- Most of the tenants prefer fully equipped kitchen.
- Keep in mind that popular does not actually mean in the heart of the tourist area, as these properties are usually seasonal and may not grant such good returns. Consider on the residential areas close to all facilities that are preferred by tenants.
- Research the market conditions thoroughly before considering on the price.
- Keep the property properly maintained.
- Keep in mind that a property in first-class conditions is easier to let.
Copyright © CyprusNet
