Fachanwalt Insolvenzrecht

Over the last twenty years or so, the number of people owning second homes has increased enormously. This is especially the case where people own second homes outside their country of normal residence. What used to be for the privileged few, is now something enjoyed by many from all walks of life. However, the recent economic downturn has impacted badly on all sorts of ‘luxuries’ and holiday homes have been significantly affected. If you own a second home and have always kept it for your own, personal use, now is definitely the time to look at offering it for the holiday rental market.

The cost of leaving a second home empty was once comparatively small, but this is no longer usually the case. Insurance and general taxes have increased substantially in just about every country in the world. Maintenance is also a big issue. Naturally, if you rent out your home, there is an increased chance of breakages and general wear and tear will be higher. On the other hand, unused properties often suffer problems. Leaving a house empty and unattended can lead to disaster. A water leak or something similar can cause untold damage if it isn’t spotted early enough.

Because of a number of factors, property prices for villas in Northern Cyprus, and indeed, Cyprus as a whole, have been particularly badly hit by the current climate, but the situation holds true all over the world. Spain too has problems, as do most other countries in Europe. Many people who own Cyprus villas, and holiday homes in other countries, are opposed to the thought of renting out their property, but why? Of course, nobody welcomes the ideas of strangers living in their holiday villa or apartment, but do problems inevitably follow? In general, it seems not. People who offer owners villas for rental generally find that their property is looked after very well by guests. Ironically, but to some extent, understandably, the better furnished and equipped a property is, the less problems are likely to occur.

People who offer Cyprus villas for rental are sometimes resident there for part of the year, but return to northern Europe for the hotter months. Of course, this is an ideal holiday rental situation, as the demand for property is at its highest during the peak summer periods. For those who have properties purely for long-term investment, and occasional use, are in an even better position, as every single occupant is providing previously untapped financial support.

In terms of the practicalities of renting, first of all there is the matter of marketing. Many people choose to do this themselves, often by placing adverts in the classified sections of national newspapers, local papers and the like. Be warned though, response to this type of advertising is substantially lower than it used to be and it can end up a costly option. There are an increasing number of companies offering internet-based marketing for overseas property rental. For one property, the better-known of these usually charge in the region of