How to rent your home - A step by Step guide
Renting property in Cyprus should be as easy as 1, 2 , 3 with Quicklets Cyprus. Here’s how to get it done.
Renting a property in Cyprus is a good way to help with mortgage payments or have a bit of spare cash saved at the end of the month to help towards future investments.
However the process can be incredibly daunting and oftentimes leave home owners pulling their hair out trying to make sure that all bases have been covered, both ahead of the putting the house on the rental market, as well as during the lifecycle of the lease agreement.
There are a multitude of tasks to consider to ensure a rewarding rental of your property in Cyprus, but luckily the property agents at QuickLets Cyprus have a clear cut guide to help you tick all the boxes along the way.
Don’t be scared to get your hands dirty
You may have inherited a property unexpectedly, or perhaps built up enough finances to allow for the purchase of a new rental property in Cyprus. Maybe you're just tired of your current home and wish to allow others to enjoy your space.
Either way, the first step is deciding to actually put your house on the rental market. From there, all other steps will come in due course. The most prevalent being that you ensure the property is in the right state for tenants. It may seem logical, but fixing any issues, no matter how small, be it leaking taps or scuffs on walls, should be high on the agenda. This will prevent the little things becoming big issues later on, and help avoiding unnecessary expensive maintenance costs. Not to mention it is a lot harder to attend to these issues once tenants have taken occupation.
They will also be handing over a load of their hard earned cash each week or month, and as such will expect a certain standard. Consider it in this way, if you wouldn’t be willing to accept certain faults and damages within a property, how could you expect tenants to.
Educate yourself about your landlord responsibilities
Making the transition from homeowner over to landlord brings with it a host of additional responsibilities. Working with a property manager or doing appropriate research can help guide you on the do’s and don’ts, particularly in relation to property maintenance, ownership of utility accounts, as well as how and when you communicate with tenants based on circumstance.
Further to this there are numerous responsibilities and benefits related to taxation and the law that you will need to gain an understanding of. Communicating with a good accountant can help you understand this further, but the key take away from this is that there will be a large amount of documentation you will have to understand to know how to be compliant, whilst also ensuring a successful entrance into the rental market.
Don’t try and go it alone
This brings us to our next guideline, which is to seek the assistance of a qualified and experienced property management service.
Whilst it can be tempting to try and save a few euros by looking after things yourself, the experience can quickly sour when you understand the amount of time it can take out of your day to day. Managing property, be it stand alone or part of a larger portfolio, is a full time job. Not to mention you need to create a sense of distance from yourself and the property that was once your home, to remove any form of emotional attachment. No matter how long you have lived in or owned it for, there will always be an element of bias on the part of the owner. Be it over inflating the market value of the property, or being over picky or prejudiced towards which tenants can move in.
Property managers have a closer understanding of the rental market. They can help in the drafting of lease agreements, work as a go between for yourself and tenants, and manage and maintain daily operations so you don't have to. A good property manager is worth their weight in gold, as not only will they look after things on your behalf, but can ultimately end up making you more money from your rental property in Cyprus than you initially anticipated.
The above looks to cast a spotlight on some of the higher level issues to take into consideration. However as with all things, the deeper you look, the more you will find. In order to gain a comprehensive understanding of all things involved with putting your home up for rent, why not look to get in touch with a member of our team at QuickLets Cyprus for an initial chat about how they can guide you.
Dedicated and experienced agents can help educate you further, whilst also assisting in the tailoring of a plan that best suits what you are looking to get out of your Cyprus property rental.