How to invest in properties in Ostrava?
by Tereza Klozíková – Real Estate Agent
You might have heard a milion times that you should invest in properties. You have probably tried to search for one at least once in your lifetime. Did you get overwhelmed by the amount of properties available on the market? How to choose „THE ONE“? Is great location enough? Let me talk you through these 3 tips.
Tip number 1: Your strategy!
Stop looking at what others are doing. What is YOUR goal? Do you want one property, or you would love to own 5, 14, 29, 1254 properties? Get your head clear on what it is that you want and ensure your goal meets with your finances too. You don’t want to get debt you cannot pay. If you don’t have permanent residency in CZ, you can only purchase property which is in direct ownership. This limits your search, but also makes it easier to finance. If you are only just starting, it would be great to talk to somebody like myself to discuss your strategy and have full insight into this kind of investing.
Tip number 2: Type of a property
You know your strategy, your financing and now let’s talk business! Just for example, let’s say you are looking for 2+1 in Poruba. Go on sreality.cz, insert your criteria and don’t forget to choose the right type of ownership. Now, you either want flat to reconstruct, with furniture (so you can ideally rent it straight away) or unfurnished (you might get lower rent if you leave it as is).
Tip number 3: Purchasing a property in Ostrava
This should probably be a topic of its own (spoiler?), mainly due to type of financing, also depending if the property you are purchasing also has lien which needs to get deleted etc. In addition, to get a viewing, translate your text in czech when filling in the form on sreality. Many estate agent’s don’t reply to the request for viewing as they cannot speak english. This is by the way, the most common reason clients come to me. Ensure they send you all contracts in word document so you can translate it and last tip, ask if the agent’s commission is already included in the price.
If you are searching for an investment property and don’t have time to attend viewings, want a business partner that would help you choose the right property and negotiate terms and price for you, do not hesitate to get in touch as many clients before you already have.
Good luck everyone!
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