4 key points to consider when buying home (in Prague, Czech Republic)

4 key points to consider when buying home (in Prague, Czech Republic)
Buying an apartment or a house is for many people the biggest investment they make in life. As this is a very important and often unique event, it is important to prepare well for it. We will go through a few key points of the process itself. It requires a lot of activities that can cost you a lot of nerves. We will be happy to guide you through the process professionally from the very beginning to the end, and you will save a lot of time and energy.

1. Clarify your basic preferences

Location - check the civic amenities of the selected place, especially if you are considering living outside a big city. Are there shops, post office or town hall nearby? For young families, the proximity of a school, kindergarten or paediatrician offices will be an important factor. Otherwise, it will be necessary to drive children to school to the next village. Transport accessibility - find out about public transport. See how long it will take you to get from the city or work to your new home. Are there parking spaces available? If the apartment does not include a parking space, will there be a place to park in front of the house every evening?

2. Examine the positive and negative factors in the neighbourhood

Existing comfort of living in the location - is it located near a busy road? Carefully consider getting used to the continuous noise of traffic. For example, if there is a local cultural centre next to the house, which in itself may sound positive, check with the locals how noise ordinance is observed at cultural events. Future development projects in the area - find out information about the surrounding land and development projects planned for the neighbourhood. Take a look at the development plan and zoning plan of the site. Is there any plan for the transport network extension? Or a new cultural centre or better transport access to the Prague metro? These sound like positive news for the future. On the other hand, the plan to build the airport may not be such good news.

3. Legal status the property

First of all, it is very important to verify that if seller is the real owner of the property, or it is the joint property of the spouses, and so the sale will require the consent of both. It is also necessary to examine restrictions of the property ownership, such as easements, liens or even property seizure. Also check in the Certificate of Ownership whether property is a residential space. It can be a non-residential “atelier” studio that is usually not approved for permanent living - so it is not possible to have a permanent residence here and does not meet existing hygiene standards (for example, lighting, soundproofing, etc.). The downside is that you can't take out a mortgage loan without guaranteeing another property to buy it.

4. Technical inspection of the house or apartment

When inspecting the house, make sure to check technical condition inside and outside, including the roof, cellar or attic. Also pay attention to internal wiring, statics and insulation. The apartment must be checked of all wiring, floors, windows, bathroom, kitchen and toilet. Invite a specialist to examine all the parameters professionally. Also have the technical documentation for the property submitted. Ask for any revision reports. Did the owners have the windows changed, for example, at their own expense? Request a warranty card for them. Get acquainted with the energy performance of the building and management - insist on a written basis for the energy performance of housing. Nowadays, most apartment buildings have already processed the energy label of the property (PENB). This will tell you how economical the use of the apartment will be. It is good to have the actual consumption in the last annual billing documented. Take an interest in the management of the Association of Unit Owners (SVJ in Czech) - did SVJ, for example, take out a loan to renovate the house? Find out when it is due to be fully paid. Regarding the management of the house, it is best to contact the chairman of SVJ directly that will also provide information about the planned investments in the building.