As elsewhere, the buyer must decide whether he is ready to pay a significant amount for a property located in the city center? In historical quarters, apartment prices have almost equaled those in Prague. The most expensive streets are Sadovaya, built up with hotels and sanatoriums, and Peter the Great Street, where the Russian Consulate is located, and next door is the Orthodox church of Saints Peter and Paul. Here the cost of 1 sq. m exceeds 7,400 euros. 1 km from the center, housing prices are much lower – from 2000 euros per 1 sq. m. In panel houses on the outskirts – and even less: from 1000 euros.
The presence of an elevator in the house is also an important point, especially in Karlovy Vary, where buildings often do not provide a lift. Parking is quite difficult in the resort part of the city. Therefore, when buying apartments (and especially when planning to rent them out), it is necessary to pay attention to the availability of space for a car.
There are important details of buying real estate and owning a house in the Czech Republic. When buying a home, an investor first needs to specify the type of property. In addition to private and cooperative apartments, there is shared ownership: thus, for example, many municipal houses were privatized. In this case, the buyer acquires a share in the house, which then has no right to sell without the unanimous consent of all residents. Also, a mortgage loan is not issued for such a purchase. Certain restrictions are imposed on the ownership of apartments in the cooperative, so it is better to familiarize yourself with its charter in advance.
Another important point is utility bills. It should be noted that they consist of a part calculated depending on the amount of services rendered, and a fixed amount that the owner is obliged to pay, even if he does not visit the house. Reconstruction of the house, replacement of windows and elevators, and other work are paid for by residents. Therefore, even if the buyer is going to come only a couple of times a year, an impressive amount will be spent on utilities, and it is better to find out which one in advance.
"It is important to understand the difference between new buildings in Karlovy Vary and secondary housing," says Galina Reznikova, Chairman of the Management Board of Rynsky Dvor JSC. Secondary housing is a luxurious old buildings of beautiful architecture, in which buyers are impressed by both the architectural style and their location in the city center. New buildings are new floors and communications, the use of the latest construction technologies. However, among the new projects in the center, only the Rynsky Dvor complex can be noted, which is located near the colonnade with mineral springs and fits into the architecture of the old city. At the same time, the ceiling height starts from 3.9 m, and this is the only residential complex with its own parking."
Buy and earn
In order for the owner to receive income from renting, the apartments must meet certain requirements. An important role is played by the location (on the first or second line from the Tepla River), the condition of the house, the presence of an elevator and parking, the view from the windows. High-quality repairs, modern equipment, and interior design are important.
Renting out requires additional costs and efforts to find customers and maintain housing. But, for example, in comparison with Prague, landlords in Karlovy Vary have an advantage: they come here for 2-3 weeks, whereas in the Czech capital – only for a few days. Commercial real estate can bring more serious income – hotels, restaurants, shops, office space. Experts consider the purchase of a mini-hotel or boarding house to be a very profitable investment of money.
"Income from renting non-residential premises is several times higher than income from housing. In our city, everything depends on the location of the building, the room in which is rented, – says Galina Reznikova. – Its cost for non-residential premises ranges from 3,000 CZK per 1 sq. m. m per month, whereas the rental of residential premises costs from 6000 CZK per month, but already for an apartment. Real estate companies provide apartment rental services."
Russian money
Today's brilliance was returned to the Karlovy Vary mainly by Russian money. The Czechs themselves do not deny this. Russians' money has been invested in the restoration of a resort that has deteriorated over the years of socialism, the construction of modern buildings, and the tourism business. However, the Czechs also express some dissatisfaction. Radio Prague quotes Jiri Kotek, a deputy of the Karlovy Vary municipality: "Almost the entire center of the resort belongs to immigrants from the former USSR. In the early 90s, investors from Western European countries showed great interest in the Vars, but when they saw what funds the Russians had, they simply did not dare to enter our market."
Indeed, all experts note the "special" value of the Karlovy Vary real estate. Russian Russians can be regarded as a payment for the brand of a famous resort or for the fact that Russians live here very comfortably: Russian is understood in the city, there are Russian societies and organizations... To feel at home in Europe – isn't it worth paying for it?