Key Specifics about Renting Property in Cyprus

If owning a rental property is playing on your mind, then so be it. And if it is Cyprus, then it is still better. Factually speaking, Cyprus is a well functioning property market with escalating popularity in the field of real estate investors. There stands no reason why you should not invest in Cyprus, a place where opportunities thrive and you benefit.

Renting out property

It takes quite a toll on you, if you are to show a rental property to probable tenants. Now, owning a complex or having multiple similar units can make the situation trickier. All you need is one spotless "showroom." What this would do is enable you to access one furnished example of an existing dwelling. Furthermore, you will not have to neither take the trouble of dislocating a present tenant nor rack your head about the state of the occupied residence. If you are running out of options, you need not fret because you will soon discover some of the fascinating tips to display your property so much so that tenants will automatically fall for it.

• Always remember that, the first impression is the best impression and try to live on that. The exteriors of the residence or the property as a whole should be nicely painted and welcoming. What you can’t afford to do is leave your property in ramshackle state because by doing so you will be driving out new tenants at the first instance.

• Now, you cannot let go without fixing up the interiors. And if the property is vacant, make it a point to mend the problems if any.

• Keeping the apartment spic and span is more than a necessity. No one wishes to confront a grimy house for that matter. Whether your apartment is untenanted or tenanted, waste no time to keep them up to the mark.

• Bear in mind the striking features that your residence can proffer. The best you can do is pinpointing your strong selling points and make full use of them. Like for instance, if your apartment is open to a wonderful view, then might as well use it as trump card whatsoever.

• You cannot afford to keep the carpet unclean. Keep it as neat as a new pin. Make sure that the carpet is cleaned professionally beforehand. And you cannot sacrifice on the ill shape. Arrange for a new carpet instead.

• Whether to show a furnished or an unfurnished apartment entirely rests on the situation. Many fancy an unfurnished apartment so as to visualize their bit of furniture right there. You can at the most put in some furniture to make it more comforting to the eyes rather than leaving it blank all over. What’s more, if your residence has downsides like small rooms, you can make the right move by placing the furniture in the right place.

• A comfortable temperature is precisely what you need to hold on to your potential renters. Yes, humid conditions in a sultry weather while a freezing temperature in a chilly weather are certainly what you should do without. The benevolent climate of Cyprus is prevalent all year round making things easier for you and your potential renters.

• Your property should be well illuminated. Keep the electrical service on the run especially if you intend for renting out your property. Your potential renters might suspect something or the other if electricity is absconding from your dwelling.

• Try to accentuate any striking feature that your property holds like for example a pool, a roof deck, or any other interesting thing for the matter. In fact, show the probable tenants the grounds and not to mention the overall surroundings of the property. In Cyprus you will never run short of scenic beauty and the overall backdrop.

• You should keep the form of lease and rental application ready for discharge. In addition, make your mind as to what security deposit, key deposit, or pet deposit you wish to inflict.

If you are looking to buy a rental property you must always make sure to undertake some research and discover what it takes to be a landlord. Having a rental property is a financial boon in Cyprus. But just having a home, rented and earning out of it will not help; it will take quite an effort on your part to maintain a 20% return on your investment and not to mention selling it in about 20 years time for a bulky gain.

Things you should take into consideration before going in for a rental property are distance from your home, supply of possible tenants, standard rents you can amass and the capacity of tenants in that vicinity to shell out to you. Whatever the case may be make sure that you do your homework and imbibe all the pros and cons of buying rental property before you venture into one.

Reasons why Cyprus should be on your cards

As for Cyprus, it is classified among the high-income European countries with a record high economic performance, full employment conditions and not to mention it’s external and internal stability. These are quite pivotal factors once you consider investing in Cyprus. If that’s not enough then you will find that tourism is big in Cyprus and it goes without saying that it is the most distinct source of foreign exchange.

What even more striking is that Cyprus entertains about three million tourist visitors a year out of which half of the lot comes from UK alone. And how on earth can you not mention about the benevolent climate of Cyprus, the beautiful beaches and ancient monuments, minimum or no language barrier and excellent transportation and communication facilities.

As said earlier, Cyprus is a good functioning property market, which caters to all sections of the industry. Investors worldwide have no trouble in buying or selling property or even in receiving financing, advice or any legal protection in Cyprus whatsoever. Now, if you invest in Cyprus you can have unrivalled security and investment potential to say the least. North Cyprus with its growing boulevards on various aspects is simply an extension of Cyprus’s overall strengths.

Beyond that, if you are a pensioner, you need not worry. Cyprus has an extensive network of Double-tax treaties. If you become a resident in Cyprus, there will be no deduction of tax and you will have to pay in Cyprus at a rate of 5% after the initial £5,000. Countries like UK, USA, Yugoslavia, Sweden, Russia, Romania, Austria, Bulgaria, China, Canada, Czech Republic, Slovakia, Denmark, Greece, Germany, France, Hungary, Ireland, Italy, Kuwait, Norway and Poland fall under the Double-tax treaty.

By now, you must know what Cyprus has in store for you.