efore anyone purchases a bi-monthly charge is CYP 2.31 (+
property abroad they VAT). Metered costs are the same
clearly wish to know what as in the UK.
the cost of ownership is. In
Cyprus the costs are very Buildings and contents insurance
reasonable and this article sets is another cost. Guideline Annual
out for prospective purchasers premium works out at around
what the typical or guideline 0.095% of the total sum insured.
costs are.
Cooling costs guideline June/July
The local equivalent of UK electricity bill around CYP
Council Tax is small. Guideline 60.00.
CYP 110.00 ony a year as opposed
to around GBP 1000. There is just a guideline few
hundred pounds per and for
There is an annual standing maintenance, repairs, etc.
charge for water and sewerage
(assuming water is supplied by If you buy an apartment, or any
the municipality and not from a other property in a communal
private well). Guideline CYP development, you will be liable
13.00 (+ VAT) to pay an annual fee to a
management committee that
Water is on a meter where the regulates and manages its
guideline is CYP 50 per quarter. relevant affairs. (These
committees are usually set up by
If you have a telephone, the the developer or an associated
monthly line rental is CYP 6.95 company to which property buyers
(+ VAT). pay a proportionate annual fee to
cover the costs of insurance,
The standing electricity maintenance and repairs of the
commonly owned parts of the
building). Maintenance charges on Similarly swimming pools can be
these types of properties can run expensive to operate and
into Guideline 200/300 CYP/annum. maintain.
If the property is left empty for
Gardens can consume a lot of long periods, you may wish to
water if you do not use drought consider installing an alarm
tolerant plants. If you choose system with a phone link to an
you plants carefully, they will alerting centre. Guideline
not need water once they have running costs are CYP 9.00/month.
established and you will also
avoid the costs of installing an
irrigation system. Avoid planting If you want rent it out your
grass - it will cost you a property for either long or
fortune to water. holiday lets, then you will have
the costs associated with
The other aspect of gardening is maintenance charges, property
maintenance. A couple of ‘weed management fees, repairs,
clearances’ and tidying up once a redecoration, cleaning, breakages
year should suffice. Or you could etc. You may also find that your
go for a low-cost maintenance building and contents insurance
option – patterned premium is higher due to the
concrete/tiles/natural stone increased risk.
patio.
About the Author:
John Mason is the owner and author of http://downtoearthcyprus.net. Down to Earth,Cyprus provides all you need to know about property purchase and finance in Cyprus.Your Definitive Guide to Buying Real Estate in the Republic of Cyprus.
You may freely distribute this article on condition that you keep this Author bio intact with an active link.
