Investment opportunities: top features of a profitable rental property
The moment we decide to invest in a property in Cyprus and then rent, a path begins where there is much to do. Whether it is a first property or resale property, a wide range of tasks begins that must be followed in excellent order. The Cyprus marketplace works like any other. Therefore, you need an order and the advice of a real estate agent that allows us to reach a successful conclusion with our objective.
As we said, the advice of licensed estate agents is vital. The initial search requires a wide variety of information to allow us to make the best decision. Of course: Cyprus real estate has many people willing to advise, but that does not mean that they are the best at their job. For now, the most important thing when looking for properties for sale is our final look at what we are going to buy.
Never lose focus on our investment, which will require property management and tenant relationships. There are indeed several significant investments in Cyprus opportunities and of high quality. But here, our objective is to buy and then obtain an income.
In this post, we leave you the most important questions to better understand the real estate market and achieve a long-term investment that is favourable and profitable.
Neighborhood: the neighborhood to choose will be crucial and will influence tenants willing to rent our house. The proximity of certain places will be decisive. If the community is near a university, our tenants are most likely teachers or students. If the property is near a soccer stadium, we know that there will be a lot of spectator and car traffic at certain times, and that will create additional noise.
Schools and universities: if we plan to rent our property to a family, we must ensure that it is close to a school or university. There are licensed real estate agents that specialize in this type of search.
Taxes: they are variable and depend on each jurisdiction. There are offices in Nicosia and in the island's main cities, where you can get information about it. Paying high taxes is not always bad. We can infer that high taxes in a specific neighborhood mean better services when it comes to luxurious properties. The property market offers a wide variety of alternatives, and the important thing is to be comfortable with our choice.
Criminality: it is essential to know about the neighborhood's safety where we are going to buy the house or apartment that we are going to rent. For now, it is good to visit the police station of the community where we want to invest. There are many cases in the real estate industry of bad situations. Then, an investor is surprised to have bought a property in an unsafe area.
Job opportunities: many interested in renting a property consider the job potential of the place where they want to live. In this context, commercial properties for rent and to live are an option to consider. For example, some doctors or dentists have their private offices in their homes, something increasingly common in times of pandemic.
Services: the development of the estate in Cyprus has generated a whole wave of new services in different locations on the island: parks, shopping centers, cinemas, gyms, and public transport are most required by anyone who wants to rent a property to live.
Building permits: keep in mind that there are places where you cannot build or make repairs on pre-existing properties. This data is relevant to the extent that we are interested in making changes to our property in the future. There are places in Cyprus where improvements or changes cannot be made, as in specific locations in Ayia Napa, for example.
Rental income: our income will arise from the rent of the property we will rent. It is crucial to carry out a preliminary investigation to know what our monthly payment may be. Cyprus investment has good real estate agents who can advise us to reach the best decision.
Natural disasters: we must know if the property we will buy is in a region prone to floods or earthquakes. This will lead us to consider the hiring of insurance that covers us in the event of any natural disaster.