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.
So let's quickly run through a nice example of what it will cost you. Let's say you looking for a property in the value of Euro 250,000, which you can get with a very nice sea view. If you're buying new then you'll have to put a reservation fee down for Euro 3000 and this will hold the property for you. After that you'll have to put a 30% deposit down so that will be around Euro 75,000, don't forget you have to take the Euro3000 off which you have already paid.
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.
So let's say you rent your property out for 6 months in the high season and 4 months in the low season... your total rent for the year would be Euro 21600. Now you're telling me that there's no money in renting. There are other charges to pay which include rental management, community fees and the cost of these will range depending on which rental management you take your property out with. But the cost is way less than Euro 1000.
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.
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.
So let's quickly run through a nice example of what it will cost you. Let's say you looking for a property in the value of Euro 250,000, which you can get with a very nice sea view. If you're buying new then you'll have to put a reservation fee down for Euro 3000 and this will hold the property for you. After that you'll have to put a 30% deposit down so that will be around Euro 75,000, don't forget you have to take the Euro3000 off which you have already paid.
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.
So let's say you rent your property out for 6 months in the high season and 4 months in the low season... your total rent for the year would be Euro 21600. Now you're telling me that there's no money in renting. There are other charges to pay which include rental management, community fees and the cost of these will range depending on which rental management you take your property out with. But the cost is way less than Euro 1000.
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.
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Discover this Cyprus Holiday Rent to Buy property investment blog edited by the illustrious Tim Martins and Unfold The Northern Cyprus Property Investment Secrets
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