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.
If you decided to buy and then rent out your property you must remember there are two seasons, Low Season and High Season. A high season in Northern Cyprus will be around 7 months of the year, while the low season is the remaining months which are left, but don't worry because Northern Cyprus as over 300 days of the year of clear blue skies and you'll find that families like to get away from the dull winter to a nice sunny place like 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.
The remaining amount due is 175.000 Euro so the best option is a mortgage, but make sure you shop around first. I recently saw one as low as 4.25%, so this will be the base for our calculations making monthly mortgage payments come out out around 800 Euro. Always opt for an interest only mortgage as this will lower the monthly payments, so this time round you would be paying about 9.600 Euro per annum.
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 if we go into a little fine detail on the property we have just purchased, let's calculate on it being rented out for around 6 months over the high season and about 4 in the low season. This you may be amazed to know works out at 21.600 Euro rental income in your pocket. Well you will have to appoint a property management company to take care of your payments such as community charges, but this won't be more than 1000 Euro a year. Are you beginning to see why property investment in Northern Cyprus sounds interesting?
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. - 16955
If you decided to buy and then rent out your property you must remember there are two seasons, Low Season and High Season. A high season in Northern Cyprus will be around 7 months of the year, while the low season is the remaining months which are left, but don't worry because Northern Cyprus as over 300 days of the year of clear blue skies and you'll find that families like to get away from the dull winter to a nice sunny place like 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.
The remaining amount due is 175.000 Euro so the best option is a mortgage, but make sure you shop around first. I recently saw one as low as 4.25%, so this will be the base for our calculations making monthly mortgage payments come out out around 800 Euro. Always opt for an interest only mortgage as this will lower the monthly payments, so this time round you would be paying about 9.600 Euro per annum.
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 if we go into a little fine detail on the property we have just purchased, let's calculate on it being rented out for around 6 months over the high season and about 4 in the low season. This you may be amazed to know works out at 21.600 Euro rental income in your pocket. Well you will have to appoint a property management company to take care of your payments such as community charges, but this won't be more than 1000 Euro a year. Are you beginning to see why property investment in Northern Cyprus sounds interesting?
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. - 16955
About the Author:
Discover this Cyprus Holiday Rent to Buy property investment blog written by the renowned Tim Martins and Discover The Northern Cyprus Property Investment Secrets
No comments:
Post a Comment