Here you have must-know tips for new landlords in Cyprus real estate world
Becoming an owner is a significant decision in a world of investment opportunities and resale properties. When buying a property in Cyprus, you must follow a wide range of steps. First, you must be up to date with all the necessary controls: inspections, insurance, and various contingencies. To make this easier, it is best to make a checklist. In the Cyprus marketplace, there are good real estate agents willing to advise on these issues. The main items to consider in this list are the following:
Permission to rent
To begin with, we must consider whether we can rent our property. What to do? You must have a special permit that allows you to rent.
Valuing the property
There are plenty of offices in Nicosia, Paphos, Limassol, Ayia Napa, and other locations with expert appraisers. Licensed estate agents are the right people to make the relevant assessment and thus know what price to rent our property in the long term.
A previous step is to have a housing license, which verifies the property allows us to be able to rent.
Inspection of facilities
The real estate industry requires a series of inspections regarding energy services and the provision of drinking water, among others. It is a fundamental legal requirement that cannot be ignored. For now, these inspections grant a qualification and its corresponding certificate. It applies both for properties for sale and properties for rent.
It is essential that the property is safe for its tenants and comply with what the law dictates. The property market for rentals involves long-term contracts, and it is crucial to know that there will be no risks for tenants in time. This includes a wide variety of concepts to consider, including gas safety, electrical safety, fire safety, and the presence of smoke and carbon monoxide alarms.
The real estate market offers a wide range of houses or apartments for rent, and it is important to publish our property with the highest visibility. It is good that there is an attraction for those looking to rent through a licensed real estate as advice. Especially if it is luxurious properties, where those interested always require the support of a professional.
Payment of taxes
Each must be reflected in a year-end tax return. This statement applies to both the tenant and the owner. The landlord must pay taxes on the profits after deducting the allowed expenses: building insurance, repairs, and maintenance, among others. It is worth adding that you can claim tax relief in some instances, but to do so, you need a specialist in commercial properties.
Documentation for rent
It is essential to check that the tenant has her documentation in order before signing the rental contract.
If necessary, ask for references from tenants, even previous owners. Bank statements and proof of income are beneficial. Besides, it is always good to carry out credit checks, which will allow us to be sure of the person who will rent our property.
Drafting a lease
A lease must be signed between the owner and his tenant. Estate in Cyprus requires that these contracts have a series of inescapable data, among which are: the names of the people, the rental price and the form of payment, the amount of the deposit and how the protection of the same is carried out, the property address, the rental start, and end date, and any obligations of the parties, among other important information.
As with any excellent investment property, you must take out building insurance.