August 17, 2009
Buying A Vacation Villa In Cyprus
Have you ever thought about buying a vacation villa in Cyprus to rent out?
Is now the right time to buy?
Any time really is the right time to buy your dream vacation villa in Cyprus.
You just have to remember one thing when your purchasing your Cyprus villa, does your rent cover your mortgage? If it does which in 99% of most cases it will then go ahead and buy one.
You should be looking at this as a long term savings plan, with very sunny vacations included. Not many banks can offer you that!
So what should you consider before you buy your Cyprus Villa?
You really spend a great amount of time looking for what you are really after, you could even hire an estate agent out if you wish, they will gladly take your around. You'll find if you do it this way the agent might be able to get you a discount rate, but you will need to ask first.
Have you considered the size of your Cyprus villa? 3 bedroom 4 bedroom etc….Plus how mant times might you be using it, or what type of people are you going to rent it to. Next you need to know if your after a beachfront villa, how far is it from the airport, how far is it from the main town centre and things like that.
So if you've found somewhere or you might have you eye on your dream villa remember you need to allocate about 10% over your budget on the asking price, this will help you cover all the extra costs, like VAT, Transfer of Titles, agents fee's.
Like any villa if you want to reserve it you'll have to pay a reservation deposit. This reservation deposit will help you secure your villa. Deposit are usually around 10% - 15% of the asking price. Like any villa in Cyprus bought, once you have paid your deposit then the purchase price says the same until completion.
There is one down side to this! You need to remember that your deposit is none refundable, so make sure you're very happy with your purchase of your dream Cyprus villa before you pay your deposit.
There are two sides to Cyprus and each have there own rules about buying property. Both are very straight forward, but the only concern you need when your buying a villa in Northern Cyprus is you need to open a Northern Cyprus bank account. This is very straight forward.
If your looking for more tips on Cyprus villas or Cyprus properties make sure you have a good look at www.cyprusinformer.com they have some great information and resource for buying or renting Cyprus villas.
Villas in Cyprus - Cyprus Informer is a free newsletter and blog for everyone who plans to visit the beautiful island of Cyprus for a SAFE holiday or is looking for information on Villas in Cyprus.