The good news is that housing prices are slowly rising so now is a great time to purchase. When it comes to real estate it’s all about choosing a location that is affordable to purchase but will offer good ROI. In this article, I will be giving you the best tips for buying properties that will make great investments.
Let’s jump in!
Tip #1: Properties for Sale Cyprus
While there are many beautiful places all over the world, Cyprus offers one of the best investment programmes as well as an opportunity to become a citizen. Properties for sale Cyprus are affordable and offer you an investment with high potential. The various locations on the island vary from young and fun to established family towns with easy access to education and other amenities perfect for families.
You also can take advantage of rental programmes where you purchase a property and rent it out as a holiday vacation home or long-term let. This type of investment offers amazing benefits such as:
- EU Approval
- Properties may be sold after five years
- The legislation allows for a citizenship track
- Visa-free travel to Canada, Australia, and any EU state
- Access to education work, travel, and tax benefits of an EU resident
With so many benefits and a straightforward and transparent track to invest and obtain citizenship, Cyprus is an excellent choice. Contact Prime Property for more info.
Tip #2: Look Into House Flipping
You do not need a huge down payment or a degree in design to become a good house flipper. House flipping refers to buying a property that is in a desirable area that has a good resale value but isn’t selling due to some fixable issues. Some examples of a good investment are:
- Home foreclosures
- A starting investment of around fifteen thousand dollars
- Time – a flip will take about four to six months
- Talk to the experts – contractors, designers, and other flippers
- Only renovate items that affect asking price
- Do as much of the work yourself – painting and curb appeal can be done whether you have experience or not and can make a big impact and cost you little to no money
Before you buy a property, consider what the current market value is, cost of renovations, and account for surprises that may add costs such as rewiring, roofing work, or plumbing. The ideal is to look for the seventy per cent rule – meaning you put 70% of the value of the home after the repairs. If done right, house flipping has proven to be very lucrative.
Tip #3: Renting Out Property
If you would like to begin property investment but don’t have time to travel abroad consider renting out your own home or buying a rental property. Typically this sort of investment will appeal to someone who prefers less money down and someone who wants passive income. As mentioned above, you can also rent out properties for sale in Cyprus and other exotic locations as well as closer to home.
Renting does come with some important considerations:
- Having a good property management team in place to avoid issues
- Insuring the property against different types of damage
- Having legal help to draft a good contract that will attract reliable tenants and protect you in the event of their early termination
If you want to make some extra income consider any or all of the above options from properties for sale in Cyprus to renting out your house – its never been a better time to earn passive income!