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Insure Your Building Correctly |
| Antonis Loizou, FRICS |
| We can say that most people take out an insurance to insure their building, which usually covers various events, mainly fire, earthquake, burst pipes, flooding, acts of God etc etc. One cannot be too sure where the cause of damage will come from, so, it is our opinion that a building should be covered for all eventualities, even if this has a slightly higher insurance cost. Special care is needed however when signing the insurance policy for the so called exclusion clauses. One such exclusion clause is that if a building is damaged as a result of a bush fire, there is no cover (unless you so stipulate). Other clauses which are of a special interest for buildings, is that if a building is not occupied for a period of 30 days continuously, then again you will find that you are not covered (practically all holiday homes). So and we know how difficult and incomprehensible is an insurance policy to understand, pay special attention to the exclusion clauses and insists on an all risks and eventualities policy. |
| 15/08/2010 |
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Buy or Rent? - Holiday Homes in Cyprus |
| Antonis Loizou, FRICS |
| We wish to submit our thoughts on whether to buy or rent a holiday home in Cyprus. Buying real estate is a large investment and especially if you are over budget, it can become dangerous, particularly during uncertain periods, such as what we have now.
The basic question is how long periods you intend to stay in the island. If for long periods then buy is a better option, but if only for 10-15 days a year, prefer to rent. For those who want to feel comfortable by coming back to their own “nest” and using their own “things” and decorating their property to their own style, buying is a better option (but it has its cost).
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| 08/08/2010 |
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Comparing Prices for Apartments in Cyprus |
| Antonis Loizou, FRICS |
| There is a great confusion regarding the extent of the apartments in Cyprus and how this is measured. Each group/developer uses his own methodology of calculation, so the unsuspecting buyer does not know what he is actually buying. Various developers and sales people use imaginative approaches of how the extent should be calculated, usually by giving an exaggerating picture of the size. |
| 01/08/2010 |
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VAT on Property Purchases in Cyprus |
| Antonis Loizou, FRICS |
| Properties in Cyprus (buildings not land) with a planning permit after 4/2004, attract a 15% VAT added on top of the acquisition price. Because there is some confusion on the whole situation, we will attempt to lay down some basic clarifications. |
| 25/07/2010 |
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Going on Holidays? – Protecting your Real Estate |
| Antonis Loizou, FRICS |
| It is a fact that, during the holiday season and especially the summer period, a lot of people go on holidays for a long period of time, with whole neighborhoods practically being empty, so there is no “protection” of your property from the observing eyes of the neighbors. For this reason we wish to submit to you a few tips how to protect your property since at this point of time, thefts are on a constant increase. |
| 18/07/2010 |
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