Investment property in Larnaca. View lists of bungalows for sale in Larnaca, Cyprus advertised by owners, agents. Cyprus Properties. Located on the picturesque South-East coast of Cyprus.

Investment properties generally require a larger down payment than owner-occupied properties, so they have more-stringent approval requirements. The 3% you may have put down on the home you currently live in isn’t going to work for an investment property. You will need at least 20%, given that mortgage insurance isn’t available on rental properties. 

The cost of borrowing money might be relatively cheap right now, but the interest rate on an investment property will be higher than traditional mortgage interest rates. Remember, you need a low mortgage payment that won’t eat into your monthly profits too significantly.

It’s tempting to look for the house that you can get at a bargain and flip into a rental property. However, if this is your first property, that’s probably a bad idea. Unless you have a contractor who does quality work on the cheap – or you’re skilled at large-scale home improvements – you’re likely to pay too much to renovate. Instead, look to buy a home that is priced below the market and needs only minor repairs.

Investment property in Larnaca