Renting: Pros and Cons

Cyprus, with its beautiful landscapes and favorable climate, is an attractive destination for many looking to rent a home. However, like any real estate decision, renting in Cyprus comes with its own set of pros and cons. For those exploring rental options, the marketplace INDEX.cy offers a wealth of choices and valuable information to guide your decision.

Pros of renting a house

Home repairs: If something breaks in a home you’re renting, it’s typically on the landlord to fix, not you. So when the air conditioning unit stops working in the middle of summer, you don’t have to spend thousands of dollars to fix it.

Monthly housing expenses: For the most part, when renting a house your monthly housing costs will stay the same, aside from minor fluctuations in utility costs. Your base rent doesn’t change and you likely won’t need to budget for any emergency repairs,  maintenance costs, or factor in property taxes.

Flexibility: You can move out when your lease is finished or relocate to another city without having to worry about selling your home. Renting a house also allows you to see which home styles you like, which floor plans you don’t like, and if a neighborhood is the right fit, before buying a home.

Investment opportunities: Renting can free up some of your income since you won’t be spending it on repairs or upgrades. You may have extra funds, also called disposable income, to invest in building your finances rather than investing in a home. You may even be able to save money towards a down payment.

Cons of renting a house

Temporary: The biggest pro of renting is also the biggest con. If you’re planning to put down roots in a community, renting may not be the best option, as most leases last for only a year or two.

Uncertainty: There’s no telling when the home’s owner may decide they don’t want the responsibility of being a landlord anymore. When your rent is up, they can decide to sell, which means you’ll need to relocate. Similarly, when your lease is up, your apartment may not offer you the option to renew your lease.

Possible rent increases: When renting, each year you renew your lease it’s possible your rent will increase. Depending on whether you negotiate rent, the new cost may be out of your budget. In that case, you’ll likely need to find a new rental.

No home equity: As a renter, you don’t build any equity—that’s the percentage of the home’s value you’ve paid for, rather than what your lender still owns. When you pay your rent each month, you’re helping someone else build equity, when you could use those funds to improve your own finances.

As-is home: You usually don’t have the option of modifying a rental home to suit your needs. Some landlords may allow you to make small changes like painting the walls in your living space, but you’ll probably have to paint them back to the original color when you move out.

For those considering renting in Cyprus, INDEX.cy serves as an invaluable resource. The platform not only lists a diverse range of rental properties but also provides essential information about the renting process, market trends, and legal considerations. Whether you’re looking for a temporary residence or a long-term rental, INDEX.cy can help you find the best option that aligns with your needs and preferences. With comprehensive listings and insightful resources, INDEX.cy makes renting in Cyprus a more informed and streamlined experience.