by Merve Çalışkan
Most people who made the decision to buy property in North Cyprus, have gone through some of questions like should I buy or rent first? This is true for every person planning to buy property on the island. If you are considering relocating to North Cyprus, you may be deciding whether to buy or rent a property.
With professional advice from Senilk Real Estate, both two options are hassle-free and really affordable. However, each option has its own pros and cons, and this article aims to help you decide which option is rightly the best for you.
The 4 decisions you could make before buying:
- Is North Cyprus the right country for my property purchase?
- Which area or part of North Cyprus is best for my property purchase?
- Within my chosen area, which residential site/area would be the best to buy?
- Having chosen the site, which actual property is the right one to choose?
If you have not visited North Cyprus before, it is essential to explore the country first and then determine which areas you prefer before making a final purchase. You can visit and explore the various towns and villages on the island, booking for the property tour or inspection trip to Kyrenia, Famagusta, Lefkosa including Karpas Peninsula.
If you feel that you need more time to get to know North Cyprus and have not visited before, a short-term rental may be the right decision for you initially. However, we at Senilk Real Estate advise against taking on a long term or 6-month rental contract upon arrival as this longer payment commitment prevents you seizing the opportunity to purchase the right home when it arrives – often within a month!
Reasons to buy rather than rent
If you are an experienced North Cyprus visitor and have chosen the country as your future full or part-time home, then deciding to buy your dream home sooner rather than later has many advantages over renting, even if you have not yet quite decided on the area.
”Buy your new home and save yourself from the hassle of moving twice”
During your inspection trip, Senilk Real Estate will ensure that you get an introduction to all the possible areas, as well as to the properties. We can hold your hand as you make the decision on area, location and which property to purchase. Most people who already love North Cyprus find it quite easy to choose the right area within a day or two.
Our property consultants have over 10 years’ experience at guiding clients to the right area and property in Northern Cyprus. It can be a huge advantage to making the decision on area and type of property when with experienced property professionals who can better inform your decision making on the pros and cons of different areas and property types.
Property prices are rising
In some key residential areas, property prices are rising fast. If you decide to rent for longer than necessary, you may find that your actual savings for the eventual house purchase are no longer enough for the type of property you have in mind at the beginning. This can lead to huge disappointment.
Use your monthly payments to purchase your home and maximize profit from your asset! With the arrival of low-interest, 10-year, 50% bank mortgages for overseas buyers, it makes sense to pay a monthly installment to buy your home, rather than using it to paying rent. There are also up to 75% 10-year mortgages on some new build properties.
Tourism is expanding hugely in North Cyprus, tourists are attracted by the low cost of living and great exchange rate for the pound sterling and euro, need holiday rental apartments and villas, which they often prefer over hotels. Once you own your own property, if you are not living in it full time, you can make a substantial income from the holiday let business in the months from May to October. This obviously does not apply in a rented property.
If you are relocating to put your child or children into one of the excellent English oriented schools in Northern Cyprus, you better buy your own property if you can afford to, since the numbers of international students are increasing faster than the supply of housing and accommodations.
Senik Real Estate strongly advised that it is better to purchase a home rather than to rent, once you are sure about your school selection. Prices are rising fast in these areas owing to demand and you may find yourself priced out of the market completely if you choose to rent first.
Finally, Senilk Real Estate encourage you to buy your new home and save yourself from the hassle of moving twice! We offer everyone a relocation advice for free of charge, because we know the process of relocating and moving to the new place can be stressful. It’s wise to save yourself from the stressful life and give us a direct call +90 5338502662 to help you.
