Have you ever dreamed of owning your own holiday home in the sun? Imagine how you would feel if you could turn that dream into a glorious reality and own that elusive property in the warm Mediterranean sunshine. Enjoying those long summers with your family and friends relaxing by your own private pool or enjoying a barbecue dinner with a glass of wine as you watch a magnificent sunset over the Ocean. It all sounds too good to be true and you probably think that for you it could never ever happen but, you may be wrong. More and more people are buying property in Cyprus and even retiring there to live their golden years in the sun.
Property in Cyprus is still relatively cheap compared with some of the more affluent parts of Europe and this makes it more affordable than you may at first imagine. You can still pick up a brand new apartment with all mod cons and a communal swimming pool for around ?70k British pounds! When you compare that with the cost of an apartment in the U.K they are still areal bargain. There is a lot more to it than that though because the cost of living inn Cyprus is also much lower than The U.K. too.
Council tax or rates are a fraction of those in England and despite the fact that Cyprus is an Island the water bills are minuscule as well. With the average wage in Cyprus round about ?cy150.00 per week your money bought in from the U.K will go quite a long way indeed. Mobile phones and fixed lines are also a lot less expensive as is electricity. Oh! and how about taxing you car for ?30.00 a year plus petrol round about .58p a litre too.
If none of the above is enough to tempt you out of draughty old Britain and into the warm Cyprus sun how about this. The Cyprus banks are now offering loans (subject to status) for none residents to purchase property on the Island. Many people are releasing equity in their U.K. homes and financing the balance using this method. It does get better still because they are then renting their Cyprus properties out whilst they are not using them for themselves.This is helping to pay off the loan and covers the cost of property maintenance ect.
With the value of Cyprus property continuing to rise there couldn't be a better time to live that dream and buy an apartment or villa. You, your family and friends will have years of enjoyment in the sun whilst your investment continues to grow. Why wait until you are priced out of the Cyprus property market just like so many were who dreamt of a home in Spain. Remember he (or she) whom hesitates is lost. So take a harder look at property in Cyprus and who knows we may even bump into you when you are living in the sun. Enjoy Cyprus and we wish you every success in living that dream!
If you are not accustomed to property market terms then allow me to explain what "Buy to Let" actually means. Well it's quite straight forward really as it's just a question of buying and completing on a property followed by letting it out to as many people as possible. The only important factor to consider is that your rental income covers your mortgage payments.
One thing to bear in mind when venturing on a property investment like this is the total month duration times of the high and low seasons. In Northern Cyprus for example, the low season lasts just five months and the high season stretches over seven months. To put the icing on the cake, there are over 300 sunny days a year, allowing thousands of travel makers the luxury of all year round holidays in places like Northern Cyprus.
There's nothing better than having real figures to work from so let's go over a property deal including a sea view totalling 250.000 Euro. First you will have to make an initial down payment of 3000 Euro to hold the property. That is followed by paying a 30% total deposit which would come to 75.000 Euro, including the 3000 Euro down payment.
With the deposit out of the way we just have to deal with the 175.000 Euro balance, which we are going to finance. Have a good look at all of the different mortgage options but I would recommend a interest only mortgage, as this way your monthly payments are lower. We will take the best rate in current conditions then the resulting monthly payments work out at about 800 Euro, that being 9.600 per year.
The statistics available on rental income in Northern Cyprus show that properties can be let out for up to 10 months per year. So if we put the property we have just bought into the equation, we can expect an amazing 2600 Euro. in the high season and an awesome 1500 Euro. over the low season.
Right, now let's expand on that and if you rent out for 6 months during the high season and just 4 during the low season, you would rake in an amazing 21.600 Euro in rental income. Things are looking good already but out of that we must account for certain payments such as rental management and community fees, so make sure you find a recommended property management agency, although the costs will not succeed 1000 Euro. per year.
If you feel that this could be the property investment for you in a country which received over 2.6 million visitors last year. It is still a growing trend and there is a need for more properties to let out, so don't miss the boat. Act now and head over to the Cyprusinformer.com/blog and you will find the best property investment advice on the internet.
Both Kevinor & Tim Martins are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Kevinor has sinced written about articles on various topics from Real Estate, Computers and The Internet and Travel and Leisure. Kevin Moore owns and runs several Cyprus information web sites full of useful info on Cyprus property and holidays so take a look . Kevinor's top article generates over 246000 views. to your Favourites.
Tim Martins has sinced written about articles on various topics from Family Travel, Finances and Real Estate. Discover this written by the illustrious Tim Martins and Unfold The. Tim Martins's top article generates over 60500 views. to your Favourites.