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Considerations when Buying Property in Central and Eastern Europe

Considerations when Buying Property in Central and Eastern Europe

Considering a property purchase in Central and Eastern Europe? It's important to review and understand the implications of your investment in this region. With many expats arriving and new businesses relocating, buying property in the Czech Republic, Hungary, Poland, Russia or Slovakia can be a sound purchase both as a home for your own family and as a source of future income.

Considering a property purchase in Central and Eastern Europe? It's important to review and understand the implications of your investment in this region. With many expats arriving and new businesses relocating, buying property in the Czech Republic, Hungary, Poland, Russia or Slovakia can be a sound purchase both as a home for your own family and as a source of future income.

Is the owner motivated to sell?

Dávid Ábrahám from At Home Budapest real estate agency explains that sometimes, owners in Central and Eastern Europe are resilient to market conditions and willing to hold on to their property. This situation can be a tough one to negotiate price in, however sometimes additional renovations may be offered in lieu of a reduction in price.

What's the Market like?

If you want to rent this property to others, consider the future demand from locals, foreign expats, businesses and tourists. Central and Eastern European markets show promise in terms of business expansion. In an emerging market like Central Europe you can look forward to continued demand due to businesses expansion to the region.

What are exchange rate and currency expectations?

Exchange rate variations will rate have a bearing on how much you can afford in different areas of the world. Slovakia operates in Euro, while other Central European countries like the Czech Republic and Hungary remain on their own currencies. Educate yourself or ask your real estate agent about the expectations in your country of interest.

How is the Neighborhood?

Schools, residential complexes and businesses are rapidly developing in countries like Hungary, Poland, Czech Republic, Slovakia and Russia to meet the demands of expatriates relocating. The international schools are farther from the city center but property around them always remains desirable. Fortunately, many international schools in the region run custom bus-services based on the needs of the student body. Consider access to both public transportation and parking. 

How much time and money are you willing to put into the property?

Consider the costs of repairing an older home vs. buying a new, modern property. Investing in renovations and luxury furnishings is a great way to ensure demand from short-term renters, if you are willing to also invest the time in maintaining the property. Compare the maintenance and upkeep costs, along with heating and cooling costs.

About the Author: Lindsay Grant writes for At Home, a real estate agency with offices in Bratislava, Budapest, Moscow, Prague and Warsaw. More resources and information regarding property and expat life in Central and Eastern Europe can be found on their blog: www.athomenetwork.blogspot.com

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