Great Tips For Buying A Cyprus Villa
November 17th, 2008 by Tim Martins, under Vacations. No Comments
The number one Holiday destination in Europe is now Cyprus, plus there’s a slow growing trend of people returning to buy property over there. Cyprus is a paradise island and has everything you need. At the moment the property market is on a very steady climb, so your better of buying sooner rather than later. If you are going to buy a Cyprus property make sure you research the market first.
You may think it is risky buying a property abroad, but in Cyprus English is the language for doing business in and for added security villa rentals are booming and this extra income will more than cover your mortgage payments. When you talk about a winter break you can count Cyprus out as the weather is fine and sunny throughout the whole year, so let’s not talk about a low season where Cyprus is concerned.
It’s quite incredible just how many old age pensioners and not so old pensioners are spending their winter months abroad in warmer climates. I like to think that the government heating allowance is being spent wisely and if you have traveled to Cyprus in the winter months before you would probably agree that our British summer is about the same as their winter.
You may think that paying for a property is going to be a problem but you couldn’t be further away from the truth. You only need to have the villa rented out for between 16 and 20 weeks per year in order to cover your monthly mortgage repayments. You will find the banks very helpful and everything will be explained in English about the different mortgage options available.
Non residents will only get a 75% mortgage of the value you of their property. Just think about this for minute as you can buy a villa now and over time this will make you a load of money, just like your house has done that you live in, or you can blow it on a very nice car and lose thousands a year on it! It’s a simple choose if you ask me.
If you ask people near where you live and ask what’s been the most profitable thing they have bought, I will guarantee you that 100% of them will say there house. So why should you go and buy a second house abroad in Cyprus? Well you have the luxury of having a gorgeous place in the sun, where you can visit anytime you like, plus it’s going up in value around 10% every year, and the best put about is you aren’t paying for the mortgage if you rent it out, like I said before you only need around 16/20 a weeks rent to cover you yearly mortgage payments.
You could even be smarter and buy two properties in Cyprus, this way you could help pay off your own mortgage on your own house. My advise to you is don’t sit around and let offers like this pass you by, take some action and I’ll guarantee it you’ll reap the benefits from it latter on down the line.
If you would like to know more about Cyprus properties then try cyprusinformer.com out, they’ll point you in the right direct and give you all the advice you need to purchase your Cyprus property and show you how to rent it out the easy way.
