Top Tips On What You Should Know Before Buying Property In Cyprus
Added: (Fri May 02 2008)
Pressbox (Press Release) -
It seems to be quite a common thing to buy a second property nowadays. But if you are considering buying a plot of land or property in Cyprus, it will more than likely be the best investment you will have ever made, but what's the best way about going about a mortgage on a second home.
Another valid consideration on making such an investment is that renting out property in Cyprus has never been easier so you will be able to consolidate your investment with ease. In the peak seasons you will be making a mint although in the winter it is slower, but you will still end up breaking even.
Many people seem to believe that it's just out of their means to buy a second property, but if the truth is to be known, money is out there for the taking. It is just a question of basic arithmetic really as if your mortgage payment is around 1000 Euro (750 pounds sterling) a month and the rental income is 1000 Euro a week. That equals to your mortgage payment being covered and 3000 Euro left over at the end of the month.
Although winter may only bring you in about 50% effectivity regarding rental income time wise and the rent is lower than in Summer months, we must take into consideration that the winter only lasts for 4 months in Cyprus so throughout the year as a whole your investment is well covered.
So as we mentioned the summer months is where the money lies and brings in about three times as much as in the winter, so on average you would rake in about 7000 Euro per year and forget that your property would have appreciated in value too. So just look at all the financial benefits you are getting and on top of that you will probably be able to squeeze in a couple of holidays too.
This really is an eye opener for anyone looking for ways of letting their money working for them, so they can work less. If you need more tips and guidance on investing your money in Cyprus, then make sure you listen to what the cyprusinformer.com have say on the matter, as they really do have the right connections to help you on your way.
Discover this Free Cyprus Holiday Rental on-line magazine written by the illustrious Tim Martins and check out this Cyprus Travel Tips Blog