Buying a property is one of the most important decisions that someone will make in their life. It can be one of the greatest experiences or it can also be something that you might regret. Many buyers miss out on great opportunities. Some buyers are so taken by a property and end up overpaying or not seeing the various defects on the property. We are here to help you avoid any pitfalls while searching for the property of your dreams.
The first thing that you need to do when looking for a property is research. Not doing enough research is a common mistake that we have noticed with unhappy buyers. Doing research does not mean going to a website portal and searching for property. It is much more than that. Let’s get to it……
Price Data
When you see the prices for properties, you should know right away if that is a good price or a bad price. The way to do that is to check price data analysis to see how the market is moving.
You can find pricing data on properties here:
https://realitymix.cz/statistika-nemovitosti/
https://www.reas.cz/cenova-mapa
Location
As an Expat you might not know the various districts of Prague. Many people check areas that they know or that they have lived in. This could be a big mistake! Take a walk down the street in different locations, go to different places and explore. This will help you narrow down your search arrow!
Types of Property
Do you know the type of property that you want? In the Czech Republic there are various types of buildings. For example 1)buildings from turn of the last century – large ceilings, brick built 2) panel buildings – low ceilings, smaller rooms 3) new builds – big windows , small spaces etc.
You should get acquainted with all the different types of properties because the prices largely vary based on buildings.
How much things cost?
It is important to know how much improvements or repairs cost so you could reflect it on the final price of the property. When you see a property that needs a new kitchen or a new bathroom, you will then know how much that would cost. All properties vary, some need smaller renovations and others need very large and expensive renovations.
Budget
The best way to create a budget is finding out how much you can borrow. It is really important to see a mortgage broker early in the process so you can find out what you can borrow, how much it will cost you monthly, and what you are comfortable with.
