Property Costs
Property Costs
The local equivalent of Council Tax is small. Guideline CYP 110.00!
There is an annual standing charge for water and sewerage supplied by the municipality. Guideline CYP 13.00 (+ VAT)
If you have a telephone, the monthly line rental is CYP 6.95 (+ VAT).
The standing electricity bi-monthly charge is CYP 2.31 (+ VAT).
Buildings and contents insurance is another cost. Guideline Annual premium works out at around 0.095% of the total sum insured.
Cooling costs guideline June/July electricity bill around CYP 60.00.
Just a guideline few hundred pounds for maintenance, repairs, etc.
If you buy an apartment, or any other property in a communal development, you will be liable to pay an annual fee to a management committee that regulates and manages it. (These committees are usually set up by the developer or an associated company to which property buyers pay a proportionate annual fee to cover the costs of insurance, maintenance and repairs of the commonly owned parts of the building). Maintenance charges on these types of properties can run into Guideline 200/300 CYP/annum.
Gardens can take a lot of water to stay looking good if you don’t use mediterranean plants. If you choose you plants carefully, they’ll not need water once they’ve established and you’ll also avoid the costs of installing an irrigation system. Don’t plant grass – because of the cost of watering.
The other aspect of gardening is maintenance. A couple of weeding runs once a year should suffice.
Make sure you don’t attempt to do this in August - too hot to bare (bear!!) Or you could go for a low-cost maintenance option – patterned concrete/tiles/natural stone patio.
Similarly swimming pools can be expensive to operate and maintain if they are not shared.
Should you decide to rent it out your property, then you’ll have the costs associated with maintenance charges, property management fees, repairs, redecoration, cleaning, breakages. You may also find that your building and contents insurance premium is higher due to the increased risk.
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