Frequently Asked Questions

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Unlike a real estate agent who represents properties and aims to complete sales from their existing portfolio, Urban Address Prague acts as a dedicated consultant and partner for you, the client. Here’s how we stand out:

• Client-Centric Focus: We prioritize your needs and goals. We take the time to understand your vision for your Prague property, whether it’s a dream home, a sound investment, or a rental opportunity.
• Market Expertise & Hidden Gems: We go beyond standard listings, leveraging our network and market knowledge to uncover off-market properties that perfectly match your criteria.
• Bespoke Approach: We tailor our services to your unique situation. There’s no one-size-fits-all solution!
• One-Stop Shop with Full Transparency: We provide comprehensive property purchase services, from initial search to post-sale support. We’re here for you every step of the way, with clear communication and a breakdown of fees included.
• Long-Term Partnership: Our commitment extends beyond the property deed. We can transform your new space to match your vision. We develop a personalized renovation proposal, find a reputable building company, and oversee the entire renovation process on your behalf, ensuring your dream becomes a reality. We can also help you with other aspects of property ownership, such as interior design, property management, or finding a tenant.

Think of Urban Address Prague as your trusted advisor throughout your entire Prague property journey. We’re here to guide you, advocate for you, and make your Czech dreams a reality.

 All foreigners, no matter what nationality are allowed to buy property in the Czech Republic. There have been no restrictions on foreign ownership of property since the country joined the European Union in 2004. This applies to both EU citizens and citizens from non-EU countries. Foreign buyers may simply need to present a valid passport as identification during the purchase process.  

Obtaining a mortgage in the Czech Republic opens the door to owning your dream property. Here’s a breakdown of the eligibility criteria:

Generally, you need to satisfy one of the following criteria:

• Be a Czech citizen
• Be married to a Czech citizen
• Have temporary or permanent residency in the Czech Republic
• Have a demonstrably stable income source generated in the Czech Republic.
  
  

You’ll need a valid Czech address for correspondence.

Additional factors considered by lenders include:

• Debt-to-Income Ratio (DTI) and Debt Service-to-Income Ratio (DSTI): These ratios assess your affordability. Generally, DTI shouldn’t exceed 8.5 times your net income (9.5 for applicants under 36) and DSTI shouldn’t exceed 45% of your net income.
• Employment: Stable employment with a proven track record strengthens your application.
• Credit History: A good credit history, ideally without defaults or delinquencies, increases your chances of approval and secures better interest rates.

Urban Address Prague can simplify your Czech property journey, including navigating the mortgage process. We can:

• Assess your eligibility: We’ll help you understand the specific requirements and ensure you have the necessary documentation.
• Connect you with the right partners: We have a network of reputable mortgage brokers and banks to find the best fit for your needs.
• Guide you through the application process: We’ll be by your side every step of the way, overcoming any language barriers.
• Negotiate on your behalf: Our expertise can help you secure the most favourable interest rates and terms.

How Does the Process Work with Urban Address Prague?

At Urban Address Prague, we believe in a transparent and collaborative approach to guide you through your Czech property journey. Here’s a breakdown of our process:

1. Free Consultation:
Our journey begins with a free, no-obligation consultation. This is your chance to get to know us and our team, and for us to understand your needs and goals. We’ll explain how we work, the services we offer, and answer any questions you may have.

2. Building Your Perfect Property Brief:
Together, we’ll develop a detailed brief outlining your ideal property. Whether you seek a permanent residence in Prague or a holiday apartment, we tailor our services to suit your vision.

3. Presenting Your Options:
Based on your brief, we’ll present a selection of potential properties that tick all the boxes. Each property will come with a financial analysis, allowing you to understand the investment potential.

4. Property Viewings:
We’ll schedule viewings for the properties you’re most interested in. These viewings can be conducted either with you in person or virtually on your behalf.

5. Detailed Property Reports:
Following each viewing, you’ll receive a comprehensive report with photos or a video, highlighting the property’s pros and cons. We’ll also provide insights into the surrounding neighbourhood, including public transportation options. With all this information, we’ll offer our expert recommendation based on your preferences.

6. Offer and Negotiation:
Once you’ve chosen your dream property, we’ll guide you through making an offer and negotiating the asking price with the seller.

7. Securing Your Purchase:
We’ll support you through the process of signing the reservation agreement and ultimately, the purchase contract. We’ll also translate all documents into English to ensure you fully understand the terms.

8. Ownership Registration and Taxes:
We’ll help you register the property in your name at the Land Registry Office, confirm ownership, and handle your annual property tax registration.

9. Property Insurance and Utilities:
Our assistance continues beyond the sale. We’ll ensure your property is adequately insured and assist you in setting up all utility accounts. We can also help you register with the Owners Association (SVJ) and ensure you receive essential documents like the service statement outlining monthly fees.

In addition to the services listed above, our comprehensive plan provides expert support securing a mortgage:

• We’ll find two mortgage offers that align with your needs and financial situation.
• We’ll liaise with the bank on your behalf, minimizing the stress of the process.
• We’ll guide you through collecting and submitting all documents required for mortgage approval.
• We’ll translate any documents into English as needed.
• We’ll be by your side when signing all mortgage documents.
• We’ll assist you in opening a Czech bank account if necessary.

Looking to personalize your new property? We offer additional services to bring your vision to life:

• Renovation: We provide renovation recommendations, including plans and proposals for all materials. Once agreed upon, we’ll recommend reputable building companies that will provide quotes based on the plans. We’ll manage the project on your behalf, ensuring the work is completed according to your specifications.
• Interior Design: Our interior designer will create a proposal based on your preferences. Services may include mood boards, 2D/3D layout plans, a list of specific furniture and décor items with pricing, and even purchase, delivery, and assembly services.

Finding a Tenant: If you’re planning to rent out your property, we can assist you in finding a tenant. We cooperate with letting agencies, arrange viewings, screen potential tenants, and help with all contracts and documentation.

At Urban Address Prague, we pride ourselves on offering a one-stop-shop solution for all your Czech property needs. We’re here to guide you every step of the way, ensuring a smooth and successful journey!

The overall timeline for your Czech property journey can vary depending on a few factors:

• The services you choose: A basic property purchase will naturally take less time than one that includes renovations or tenant placement.
• Your responsiveness: Prompt communication throughout the process helps us move things forward efficiently.

Here’s a general timeframe to consider:

• 3-5 months: This timeframe covers finding your ideal property, signing the purchase contract, and registering you with the Cadastral Office as the official owner.
• Additional 1 month (if applicable): If you require mortgage financing, securing loan approval typically adds an extra month to the process.
• 3-6 months (optional): Renovations can take anywhere from 3 to 6 months, depending on the complexity of the project.
• 1 month (optional): If you plan to rent out your property, finding a suitable tenant generally takes up to 1 month.
• 1 to 3 months (optional): Finalizing your interior design proposal can take up to 3 months, depending on the level of detail and customization involved.

Urban Address Prague prioritizes efficiency, and we’ll keep you informed every step of the way. However, the most significant factor influencing the timeline is your chosen services and your responsiveness during the process. 

At Urban Address Prague, we understand that every client’s needs and projects are unique. As a boutique bespoke service, we don’t offer a one-size-fits-all pricing structure. Instead, we take the time to understand your specific requirements and develop a personalized remuneration proposal tailored to your project.

Our fees typically fall into two categories – Commission-based or Hourly rate-based. To ensure transparency, we’ll provide a clear breakdown of our fees within the remuneration proposal before we begin working with you. This way, you’ll have a complete understanding of the costs involved.

 In most cases, the entire property purchase process in the Czech Republic can be completed remotely through a Power of Attorney (PoA). This legal document grants our team at Urban Address Prague the authority to act on your behalf for all property-related matters, streamlining the process for you.

However, there is one exception: if you choose to finance your purchase with a mortgage, you will likely need to be present in the Czech Republic to open a bank account linked to your mortgage.

We understand that navigating a property purchase in a foreign country can be daunting, and Urban Address Prague is here to make the process as convenient and stress-free as possible. Whether you’re located nearby or abroad, we can guide you through each step and ensure a smooth transaction.

While Prague is a vibrant city with a high demand for property purchases, Urban Address Prague understands that your dream Czech property might be located elsewhere. We are happy to assist you in finding the perfect place anywhere in the Czech Republic!

We leverage our network of contacts and market expertise to uncover hidden gems and secure the ideal property for you, regardless of location. Whether you’re seeking a charming cottage in the South Moravian countryside, a ski chalet in the Krkonoše mountains, or a modern apartment in Brno, Urban Address Prague can be your trusted partner throughout your Czech property journey.