Property valuation comes in handy in various situations – from selling an apartment or house to applying for a mortgage or handling inheritance proceedings. But who sould you turn to in each situation, and how does property valuation work in Prague?
The real estate market in Prague is quite unique. On one hand, apartments and houses seem to sprout up one after another, attracting more and more people to the city. On the other hand, property prices in Prague, whether for houses, apartments, or land, reach heights that leave the rest of the country far behind. How does this situation affect property valuations in Prague?
Court, bank, real estate agent?
Who can actually perform a property valuation? It depends, of course, on the specific situation in which you need it. If you’re applying for a mortgage in the Czech Republic, the bank requires a property valuation for their purposes. In these cases, the valuation is carried out by a bank appraiser. If you need what’s known as an expert appraisal (e.g., in divorce proceedings or in connection with debt collection, etc.), then you need to consult a court-appointed expert appraiser.
However, most people in the Czech Republic commonly use the services of a real estate agent or real estate agency. This happens when they need to determine the market value of the home or apartment they intend to sell, or if they want to confirm that the price they are paying for a property aligns with the reaslity of the current market. You can also use a real estate agent’s services for property valuation when inheritance proceedings are taking place.
What about apartments in Prague?
What factors actually determine property prices in Prague? Apart from the fact that a property is located in the capital city, several seemingly minor details can affect the price and, therefore, the valuation. For instance, the location – is the property in the city center? How close is it to the metro or other public transport? What about the availability of amenities, like schools, or restaurants?
On top of this, the price is influenced by the size of the property in Prague, its orientation (north-facing windows tend to be somewhat less desirable than south-facing ones), whether it is under personal ownership or part of a cooperative, whether it is on the ground floor or the top floor of a building, whether it is in a panelák (a type of Soviet-era apartment block) or a historical building, or if it’s a new construction or an older property … In short, there are many variables that property appraisers in Prague must take into account.
Where to turn then?
If you don’t need the services of a court-appointed expert or a bank appraiser, the easiest route is to contact a real estate agency or real estate agent in Prague who specializes in property valuations.
The experts at KOTULA Prague Realtor are experienced property appraisers in Prague with a wealth of experience and knowledge about the specifics of the real estate market in the capital city. If you decide to use their services, such as when selling your property, you’ll receive a completely free property valuation.
Our real estate agency is ready to advise and assist you with everything you need for a successful property sale or purchase in Prague. Contact us today!
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