If you’re a seller, you’re grappling with estimating the price of your family house so you can set the right asking price and get a fair value for your property. As a buyer, you’re scanning listings and wondering, “Is this the market price I should accept, or is it negotiable?” or perhaps, “How much should the price be reduced to avoid overpaying?”
In this article, we’ll walk you through the step-by-step process of estimating the value of a family house in the Czech Republic.
To estimate correctly, you need real sales data.
So, how do you actually appraise or estimate the value of family houses in the Czech Republic? There are various method available, but for family houses, there’s only one sure-fire approach – which is to compare the house in question to the recent sales of similar houses. Then, you can simply match the price of the house with that of similar properties which have already been sold. For a small fee, you can find the prices of family houses which have recently been sold on websites like http://www.cenovamapa.cz/or http://www.cenovamapa.org/. Both of these platforms contain data from purchase contracts recorded in the real estate cadastre (land register) of the Czech Republic, which means they provide information about actual, realised prices that have been agreed upon between sellers and buyers.
Some people might (wrongly) believe it’s okay just to compare various random online house listings, but this approach is not recommended. These listings might have incorrectly set prices, leading to inaccurate estimates. Of course, you can go ahead and compare these asking prices for research purposes to see what’s currently available on the Czech market, but your estimate should rely solely on the prices of family houses which have actually been sold.
We recommend that you search for the following sales listings:
Family houses that:
- Were sold within close proximity to your property, such as in the same neighborhood or on nearby streets,
- Have a similar character (architecture, liveable area, and land size),
- Were sold recently, for example, within the past 6-12 months.
This way, you should be able to find at least 5 to 10 sale prices which will ensure your estimate is accurate as far as possible. We recommend compiling the key information about each of the properties you are using for comparison into a table (for example, in Excel) and then focusing on the ones which are most similar to your own (you can download a working table for estimating the value of a family house here). Whilst you may find several houses very similar to the one you’re appraising, their prices can vary. This price difference is usually due to specific features of the house, which we’ll discuss later in this article.
What factors increase or decrease the price of a family house in the Czech Republic?
Okay, so let’s look at some of the specifics of a family house with this simple example: A family house can be located on the edge of a park or on a noisy street, or it may be adjacent to a car repair shop. All of these factors influence its value. There are many such specifics which need to be taken into account.
What factors affect the market price of a family house in the Czech Republic and how do they impact the price? The following table will give you a good overview:
| Property | Impact |
| Noise | -10 to -20 % depending on the intensity |
| Area at risk of flooding | -10 to -20 % depending on flood level |
| Sloping or irregularly shaped land | -10 % |
| Lack of access easement (right of way) to the house | -10 % |
| Land encumbered with easements that reduce usability | -10 % depending on the impact of the restriction |
| Land within a protected zone of infrastructure networks (e.g., power lines) | -10 % depending on the impact of the restriction |
| Unpleasant surroundings (factories, warehouses, unsightly buildings, etc.) | -10 % |
| Problematic neighbor | -10 % to -20 % |
| Adjacent to a forest or park | +10 % to 20 % |
| With scenic views | +10 % to 20 % |
| North-facing | -5 % |
| South-facing, southeast-facing, southwest-facing | +5 % |
Do you need advice on how to proceed when selling an apartment or other property? Are you planning to sell, but you don’t want to go it alone? At Kotula Prague Realtor, we’ll take you through the sale process from price estimation to the final contract signing, and we’ll make sure you get the maximum value for your property. Contact us!
Photo: designer491, Getty Images via Canva.com
