Do you dream of owning a Cyprus apartment or luxury villa of your own? How many times have you sat in front of the TV watching those reality programs about lucky people buying holiday homes in the sun and wished it was you? You may even have made some inquiries into the why’s and wherefore’s of buying a Cyprus apartment only to dismiss the whole idea as too expensive for someone like you. The truth is that you may be surprised to learn that the majority of folks who own Cyprus property are in fact just ordinary John’s and Jane’s just like the rest of us. The only difference is that their desire to live the dream of owning a home in Cyprus was far greater than any arguments against the idea. So they looked deeper into it.
Few people will argue against property being a great investment and a Cyprus apartment either as a holiday home or a long term project is no exception. Traditionally property always seems to be just that little more expensive than you think you can afford in terms of loan or mortgage repayments and this is usually enough to put most would be Cyprus apartment owners off before they even get started. There are however ways to overcome such barriers even for Mr and Mrs average buyer if you do some homework before hand. As the old saying goes “there is more than one way to skin a cat” and the same goes when buying a Cyprus apartment.
Most folks will have some equity in their prime residence against which they could raise at least enough for a 20-30% deposit against an apartment in Cyprus without it costing them the earth in extra repayments on their mortgage. It is argued that the cheapest way to borrow over the long term is by this form of raising capital against your existing property. Whilst securing extra borrowing against the family home should always be approached with caution and forethought. But at least they would be investing the money into a Cyprus apartment which should in turn build equity into that investment rather than buying disposable items like cars or holidays that will show no return whatsoever.
Also bear in mind that if you purchase a Cyprus apartment “off plan” there is a good chance that it will increase in value before its even finished or you have paid off the full amount of the purchase price. In fact many savvy Cyprus property investors have grown rich by buying off plan and selling on before the whole development has been completed. The Cyprus banks are willing to make loans for a Cyprus apartment to none residents so raising the balance of the cost should not present a problem either. So the only setback the novice property buyer faces a this stage is how on earth do they cover the repayments on the loan?
As the face of tourism in Cyprus changes from big hotels and holiday apartment complexes to private apartments or villas, buyers of Cyprus apartments are cashing in on a huge rental market to cover their loan repayments. This is a win win situation for those who own Cyprus apartments and those looking for private holiday accommodation too. The apartment owners can rent their Cyprus property out whilst theyare not using it themselves and make a tidy income on their investment at the same time. All this whilst they sit back in the sun watching their Cyprus apartments go up in value year after year.
So if you have almost convinced yourself (as many do) that buying dream holiday apartments in Cyprus is only for those with pots of money under the bed, think again. You could be living your dreams in a few years from now and congratulating yourself on what a great move you made. Then again you might dismiss the whole idea and end up sitting in the cold at home thinking about how you almost nearly made the break but never actually did buy one of those beautiful Cyprus apartments.