Homes Abroad - Property Details

Property Details

A selections of excellent investment apartments in Beroun, Prague<br />Blue Gardens<br />*<br />Only 10% DEPOSITS<br />*<br />FINANCE AVAILABLE SUBJECT TO STATUS<br />* TOWN CENTRE LOCATION<br />------------<br />Prices From: £62,259<br />Property Details<br />Details of the Development:<br />Blue Gardens shall be built in one phase comprising 84 apartments in total. There is the option of studio, one bedroom or two bedroom apartments with fully fitted kitchens, bathrooms, laminate flooring and a private garage space. All apartments are freehold and all contracts are assignable. Purchase prices include VAT but do not include furniture. Furniture packages are available but are not compulsory. We advise that furniture is not purchased as many tenants do not even request a washing machine to be fitted. They will often bring their own equipment.<br />Property size:<br />Available units<br />Studio<br />28m2 - 31m2 from £62,259 to £71,371<br />One Bedroom<br />43m2 - 56m2 from £78,765 to £101,027<br />Two Bedroom<br />56m2 - 56m2 from £106,649 to £134,426<br />Local Vicinity<br />Beroun is located 20km south west of Prague city centre. The drive from Prague to Beroun is only 20-25 minutes along the D5 highway which continues to Pilzen and Germany. There is also a train that runs from Beroun to Prague and takes approximately 35-40 minutes.<br />Beroun is one of the fastest growing regions in the Czech Republic with property prices already growing at an alarming rate. There has been a lot of foreign direct investment into Prague and Beroun also, with companies such as Lidl, Hypernova, Skoda, Kia Motors, Best Western Hotels, Kaufland, Delvita, Billa, Ceskomoravsky Cement, Kostal, Tipsport, Linde Frigera, Hornschuh, with a presence in Beroun and also Ikea which is close by but not in the city. The development itself is located in the centre of the town walking distance from shops, bars, cafes, restaurants, the river Berounka and the main town square where a market is held. Other local amenities include schools, swimming pool/leisure centre, cinema and walking opportunities as well as tourist attractions such as the karlstejn castle and golf course.<br />Financing Availability:<br />Finance is available subject to status on completion. Three months bank statements and/or payslips are required and an indicative offer for your finance can be achieved within a week. A term of 25 years is available (or up to 70 years of age) and interest rates are between 5% and 6% depending on the loan amount. In house, English speaking mortgage brokers are available to talk to and/or assist you with mortgages in the UK and the CzechRepublic.<br />Payment Structure and Timings<br />A £2,500 acquisition fee is payable to secure the property in your name immediately. This is not deducted from the purchase price of your apartment. Within 6 weeks time a 10% deposit will be due. There are no further deposits to be paid towards the purchase price of your property until completion when the balance is due via cash or mortgage.<br />Running Costs, Completion Costs & Fees:<br />Legal fees are £2,244.95 including VAT payable in 2 instalments (714.00 to exchange and £1,249.95 to complete) plus the setting up of your Czech Residency at the cost of £476.00. Please email or call for a full breakdown of these costs. The mortgage arrangement fee is £695 and must be paid prior to getting a mortgage agreement.<br />Rental Yields and Market<br />Rental yields in the area average at 7% and the market is very strong. The majority of local Czech residents rent properties instead of purchasing them and only a very small percentage of Czech nationals actually have a mortgage. Most properties rent within 4 weeks for at least 6 months to a year.<br />Expected Growth<br />Capital growth in the areas is expected to be up to 25% per annum with some parts of Prague and the surrounding areas achieving growth rates of up to 30% per annum. The demand for new build property is pushing prices higher and higher and therefore growth rates are soaring. As the younger generation earn higher salaries and more and more people are purchasing property the prices are rising, and investors getting in on developments in the earlier stages are taking advantage of the high growth rates.<br />Exit Strategy:<br />As we currently have an office in London as well as Prague we will be able to sell your property for you on the local market to and end user or to a new investor. If you are looking for a quick return on your money a development like Blue Gardens is perfect with a long completion date there is plenty of time to assign the contract to a new investor before you complete with no property transfer tax, income tax or capital gains tax to pay in the Czech Republic. However, there is also a good reason to hold on to the property for slightly longer. After 5 years of ownership, there is no capital gains tax to pay in the CzechRepublic. Whatever way you want to make your money and manage your investment property we will be happy to help.<br />Tax Information<br />If you purchase a property in the Czech Republic you are obliged to file a tax return to the Czech tax office when your rental income exceeds 15,000CZK but you can off set all your expenses for example the interest on your mortgage, this will make any tax you have to pay very minimal. If and when you choose to sell your property if you have had had it for five or more years you are exempt from being taxed in the Czech Republic on any profit which you make.<br />How to get to the Czech Republic and inspection trips<br />There are flights from all major UK airports and this is not a long flight from an hour and a half to two hours at the most. Everywhere is very accessible once you arrive, with a very good public transport system and taxis. Our partners also arrange inspection trips, included in this is a return flight to any UK airport and one nights stay in a five star hotel. When you are there one of our dedicated team will take you round to see all the developments which are of interest to you and will be able to answer any questions which you may have.<br />Disclaimer<br />The tax laws are subject to change and this is just a brief outline of the current tax laws. In depth information which can be viewed upon request. If you wish to go on an inspection trip there will be a charge of £200 per person which is redeemable against your reservation fee should you wish to purchase. All prices are subject to change due to price increases and the exchange rates.<br /><br />To request further details please use the Contact Us link below.<br />To view more properties from Knight Knox International click the 'More Properties' link below.