Renting your property in Cyprus is an incredibly rewarding investment, and it is widely considered by homeowners, residents and foreign investors, especially when the property can help you generate an income stream without putting in a great deal of effort.
Cyprus boosts a robust real estate market and giving the abundance of tourist attractions, the island is always abuzz with tourists and thus, the demand for rentals is always on the rise. Giving the increasing economic stability and the idyllic location of the Mediterranean coast, Cyprus is one of the best locations in the European Union for renting your property and amass a relaxed and effortless passive income year after year.
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HIRING A CREDIBLE PROPERTY MANAGEMENT PROFESSIONAL
It is important to keep in mind that if you are a foreign investor or even a resident who has relocated abroad and seeks to rent out his residential property, you cannot successfully and efficiently undertake this decision without the competence of a credible property manager. You need someone to collect the rent, manage all the repairs and maintenance requirements, and take care of all the other needs and requirements to make sure you receive your yearly cash flows without any disruptions.
LEGALITIES & PAPERWORK
Renting out your property in Cyprus will involve some legalities and paperwork, and it is advisable to obtain the services of a legal professional or property expert to ensure that all necessary paperwork has been compiled as required.
Taxation and other legal payments can lead to a complicated and challenging process of administrative duties, which are best handled with you have an expert to provide you sound advice and guidance. Be sure to undertake all the information and taxation guidance to make sure there are no surprises.
DECORATING & REFURBISHING THE PROPERTY
Decoration, furniture, facilities and modern amenities are a major feature that attract potential renters to a property and secure bookings, and even though you don’t have to follow a set pattern when it comes to amenities and décor. It is understandable that in a market as wide and diverse as that of Cyprus, it is best to provide facilities and furniture that will attract potential renters and help you obtain a good bargain.
The most basic step that you must undertake when renting your property in Cyprus is to protect yourself and your property as a landlord is to make sure your relationship and terms of agreement with the tenant have been written down in a comprehensive rental agreement. This agreement must highlight all the details of the rental, along with recording all the basic and background information of the tenant, salient points of the rental terms, and all the responsibilities of the tenant and the landlord. This document must also take into account all the rent payments, taxation, council payments, monthly utilities and other payments required by the property. In case of disagreements, this document will protect your rights as the landlord.