Purchase To Let Investment In Northern Cyprus
Most people who are not in the property market don’t understand what the term “Buy to Let” means. Well it’s easy you purchase the property and everything has been finished you rent to it out to anyone who wants to stay in your property. The main thing you have to consider when you’re doing this is make sure your rent covers your mortgage payments.
If you are considering this type of property investment then you need to study the total month times for the Low and High seasons. Let’s take Northern Cyprus as an example which has about a seven month high season and the rest is low and let’s add to that over 300 days of clear blue skies. You can see why so many people want do get away from dull days and get straight over to sunny Northern Cyprus.
We are now going to go over a real example based on current costs on a property with a sea view valued at 250,000 Euro. If it is a new build property you will be required to leave a 3000 Euro deposit as a reservation fee. You will then be required to pay a total 30% deposit including the 3000 Euro reservation fee amounting to around 75.000 Euro.
With the deposit out of the way we just have to deal with the 175.000 Euro balance, which we’re going to finance. Have a good look at all of the different mortgage options but I would suggest a interest only mortgage, as this way your monthly payments are lower. We’ll 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’ve just bought into the equation, we have the ability to anticipate an amazing 2600 Euro. in the high season and an awesome 1500 Euro. over the low season.
So let’s state 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.
The important thing for you to know now is that if you believe this to be an opportunity that you don’t want to let slip, then check out the Cyprusinformer.com/blog which holds all the answers to your Northern Cyprus property investment dreams.
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