Renting in North Cyprus
With so many disappointing summers in the UK it’s not surprising that the number of British considering buying a holiday home or permanently relocating abroad is on the rise. However, for many of us this is but a lottery dream. Without the surplus funds to buy a second home, it would not only require selling up and leaving loved ones behind but finding a new life, and even employment, in an unfamiliar country and in a foreign language.
But don’t despair, the prospect of a short or long-term let abroad opens up a whole new world of possibilities, and renting in Northern Cyprus has never been easier. Here’s three good reasons why renting in this highly desirable and delightful part of the Eastern Mediterranean is both an advantageous and affordable way of soaking up the sun without risking it all.
- Renting means you can sign up to as long or short a contract as you like without committing on a more permanent basis to any one property in any one area. If you ultimately decide against a particular region, town or village in North Cyprus, renting means that you can easily change location. Whilst compared to the southern side of the island the north is relatively untouched by tourism, the hustle and bustle of the quaint harbour town of Kyrenia differs widely to the remote tranquility of the Karpas Peninsula. Whilst both are picture-postcard locations, where you chose to live is a matter of personal preference and lifestyle choice.
- Renting doesn’t tie up a significant chunk of your net worth and avoids any difficulties or delays in liquidating your assets. If circumstances should change for any reason, eg, you needed to move back home at short notice, as in the UK even a long-term let can be easier and cheaper to get out of than owning a property.
- Renting avoids any UK and local tax implications of buying and selling a residential property abroad. It also avoids any ownership and inheritance complications, not to mention the legal fees and timescales associated with buying and selling. In fact, if you opt to rent you can be living the dream sooner than you think.
For those of you lucky enough to have the cash to buy a holiday home, or those bold enough to take the step of relocating abroad, here’s three good reasons why renting before you buy is the best way forward.
- Renting gives you the opportunity to buy in the right location. If you intend to invest in property abroad it’s best to do your homework on exactly where to buy, and what better way than spending a few weeks or months exploring this side of the island. The locals are so friendly that you’ll find you soon fit in and be on the hunt for a place of your own.
- Renting will allow you to build up your knowledge of the property market in Northern Cyprus, so if ultimately you do decide to buy you will know what to look for and even negotiate like one of the locals. Northern Cyprus has so many bargain properties across the entire region, from townhouses to country retreats, and all at a mere fraction of the cost of a property in the UK.
- Renting will give you breathing space to settle any matters back home such as the sale of your UK property, as well as the time to proceed properly with the purchase of a new place to live in North Cyprus. This can all be done to fit in with your own financial and practical timescales, giving you ample time to make the necessary preparations for your new life in the sun.
Buying a property abroad is a significant investment and potentially a life-changing decision. Having the opportunity to explore this wonderful side of the island will give you the peace of mind that your choice to invest in North Cyprus is the right one for you.