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How to buy a property in Prague

Can I buy to let? That is, purchase property and rent it out?
To explain, the concept of 'buying to let' is as follows in italics:
The investor puts 15% of the purchase price down on the property in cash and finances the rest (85%) through a mortgage. The investor then rents the property to a tenant through a property management company. The tenant pays rent every month, which the investor uses to pay the mortgage on the property. Thus, the cost of maintenance is very low, while in the meantime the value of the property is always rising.
This, of course, is an effective and profitable plan in the USA, Canada, the UK, etc.
Can it also be a successful investment plan in the Czech Republic? Yes, if done properly with great care, patience, and the help of a trustworthy agency.
However, due to the popularity of this investment option in Europe and the hype that often surrounds it, all too often an investor is rushed into what may not be a prudent buy-to-let investment in the Czech Republic itself, because the business environment here is not the same as it is in Western Europe or the USA, etc.
Critical to remember, is that just because the option of buy-to-let works in other countries where you have had previous experience, or because you have heard good things about a certain development offer within the Czech Republic, this does not automatically mean that the Czech system is setup for such an arrangement and this must be taken into account when making your investment plans.
That's why we can recommend to find a person who will manage a property owned by foreign-based investors. Property management company with big experience in this city and country is the best decision.

 

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