Trust, but verify: how to check a property’s condition and avoid being misled by brokers
Have you finally decided to stop paying rent into someone else’s pocket and invest in your own home? The journey from making that decision to moving into your dream home is a long one, especially if you choose not to rush and instead proceed carefully, aware of all the potential pitfalls. Gain an information advantage and access exceptional investment opportunities on the market through a property expert with their own property sources. An experienced professional guarantees a risk-free property purchase.
What are the risks of buying a flat or house?
When buying a property, an inexperienced buyer risks a range of complications and substantial financial loss. A great deal is at stake – often a lifetime’s savings. “Based on our experience, we can say that there are two main risks. The first major risk is a broker’s conflict of interest. A broker at a standard real estate agency is motivated by the commission from a completed transaction. It is not in their interest to highlight the negative aspects of the property being sold. Real estate agencies simply protect sellers’ interests. Buyers then often face unfavourable or even dangerous terms containing hidden legal or technical defects,” explains David Novotný, owner and managing director of Bohemian Estates real estate agency.
The second significant risk is the lack of access to the best offers. “In today’s market, demand exceeds supply. It is therefore absolutely crucial to access the best offers in time. Our monitoring system continuously scans the market and sends selected offers as soon as they are published,” explains Novotný.
How working with a professional works
Hiring a professional who knows the market well and has many years of experience can therefore be invaluable. Similar services are now standard among reputable real estate companies.
“We always begin with an initial consultation with the client, during which we agree the parameters of the property sought. We then start searching for suitable offers and send them to the client for assessment. Speed can be decisive in securing a favourable property purchase. We gain access to new market offers virtually as soon as they are published. We also monitor auctions, privatisations and tenders, where prices can be up to 30% lower than the property’s market value. We inspect and verify properties on behalf of, or together with, the client, and prepare any necessary documentation. We can guide prospective buyers through the entire process of purchasing a flat or house, from finding an offer to handing over the purchased property. We also arrange the safekeeping of funds and communication with the Land Registry (katastr nemovitostí),” explains David Novotný of Bohemian Estates.
For comprehensive assistance with purchasing a property, you pay an advance of CZK 5,000. If they do not find a suitable property, they will refund the advance in full. For completing the purchase of a flat or house, they charge 1.5% of the purchase price and 10% of the negotiated discount.