Are you thinking about selling your apartment or flat in Prague and wondering about all the steps you need to take to get the maximum value for your property or ensure a hassle-free transaction, and above all, do it quickly? In this article ee’ve got some tips for you on how to go about selling your apartment.
You might be thinking that selling an apartment in Prague can’t be that different from selling one in other regions, right? Well, the rules are pretty much the same in places like Uherské Hradiště as they are in the capital city. However, the Prague real estate market has its unique features that you should keep in mind. It starts with the number of apartments available and ends with their prices. So, how do you sell an apartment in Prague?
Is Prague expensive?
When we talk about the real estate market in Prague, what often comes to mind is the high prices at which apartments are offered in the city. As a seller, this could actually work in your favour, because you’d get an amount for your property that you might not get in most other regions. However, for some sellers, this might lead to the idea that they can ask for almost any amount for their apartment. But that can be a mistake, and there are two reasons for that.
The first is the phenomenon of “overpricing”. Under the impression that everything sells in Prague for any price, you might artificially inflate the price of your apartment. However, you can’t really expect potential buyers to jump at it. What’s worse, you might miss the opportunity when the market is most favorable for a high price. The longer you try to sell it, the more your property might lose value, and even offering discounts might not help, as buyers could think something’s wrong if the price keeps dropping. On the other hand, there’s also the situation of “underpricing” your apartment. In that case, you won’t get a fair amount for your property, which is a shame, of course.
The solution is to have an expertly estimated price for your Prague apartment. Any experienced real estate agent who knows the Prague market well can do this. And if you decide to use their services to sell your apartment, you’ll most likely get the estimation for free from most real estate agencies. If not, be prepared to pay a few thousand crowns for it. You can read more about this in our article “Property price estimation“.
Speed matters
Another thing that sets apart the sale of an apartment in Prague from sales in other regions is how quickly properties are snapped up from the market. To put it simply, there’s a huge demand for apartments in the capital city. This isn’t just because more and more people are moving to Prague, but also because there aren’t that many apartments available in the city.
Smaller apartments—like studios and 1-bedroom units (garsonky or 2+kk)—are the quickest to sell (typically within two months). And the reason is quite straightforward – these units are perfect as starter homes for young individuals or childless couples. They are also attractive to seniors and couples whose kids have flown the nest, and are no longer interested in a spacious apartment. Additionally, investors put their money into these smaller apartments and then rent them out. For larger apartments, sellers usually need to wait a few more weeks. On average, Prague apartments sell within about three months from when they are listed.
The speed at which an apartment in Prague sells is influenced by factors other than just its size. Apartments in prime areas in the city center and broader central Prague tend to sell faster, and having a metro station nearby also helps. As for the apartment itself, it’s ideal if it’s on a higher floor with an elevator, in a well-maintained apartment building, and in a peaceful street.
Be attractive
Making the sale of your apartment easier can also involve presenting the property well. Even though some sellers underestimate the importance of writing good listings, it’s essential to remember that the listing is the very first encounter a potential buyer has with your property. So, it’s worth making it as appealing as possible.
For tips on how to spruce up your apartment for potential buyers, you can check out our article “Preparing Your Property for Sale“.
If you’re selling your Prague apartment on your own, without involving a real estate agency, it’s a good idea to go through as many professional listings as you can to get an idea of how they look. On the other hand, if you’re using the services of a reputable real estate agency, you won’t need to worry much about promoting your apartment. They’ll take care of many other aspects related to selling (like finding and screening potential buyers, getting the apartment ready for viewings, professional photography, contract preparation, and more).
In fact, you can find a comprehensive guide on what needs to be arranged when selling an apartment in our article “How to sell property“. Special cases include selling an apartment with a mortgage or selling a cooperative apartment.
A helpful approach to ensure you don’t overlook anything is to look at the selling process from the buyer’s point of view. You can learn more about this in our article “What to check before buying an apartment“.
Wondering about income tax payment when selling property? Don’t miss our article “Property sales Tax” or “Income tax exemption when using the money from a sale buy another property.”
Do you need advice on how to proceed with the sale of your apartment? Are you planning to sell, but don’t want to do everything by yourself? At Kotula Real Estate Agency, we’ll guide you through the sale process from price estimation to the final contract signing. We’ll also make sure you get the highest price for your apartment. Contact us!
Photo: cemagraphics, Getty Images Signature via Canva.com
