The cooperative form of ownership is also widespread. A cooperative is a group of individuals or legal entities that have contributed a share to a common fund created for the functioning of the organization. Members of the cooperative participate in its life as shareholders. The cooperative is managed on democratic principles.
Each such association has its own charter. Different cooperatives may have completely different charters, which may contain opposing provisions. Therefore, those who intend to purchase an apartment in cooperative ownership should carefully study the main document of the cooperative.
Among the positive aspects of this type of ownership for the buyer, the following should be noted:
1. Foreign citizens can easily join a cooperative without registering a company in the Czech Republic.
2. The entire process of transferring membership rights to the buyer will not take much time, especially since there is no need to wait for records in the cadastre.
3. An apartment under cooperative ownership is not subject to tax (neither property tax nor tax on subsequent sale).
4. Such real estate in the Czech Republic is significantly cheaper (for example, compared to private ownership).
5. If a cooperative building has non-residential premises, the income from their rent will be distributed among all members of the cooperative.
6. Finally, cooperative property can be converted into private ownership.
As for the types of Czech real estate, the most common are family houses. These are kind of two- or three-story cottages (although the word 'cottage' is not used in the Czech Republic), in which several families live, at least two. A larger (and more expensive) type of property is a villa. Its area ranges from 300 to 1,000 square meters. It necessarily has several bathrooms, a spacious garage, and a winter garden.
Among properties sold at an average price, the so-called 'garsonières' are common. These are small studio apartments. They are located in prestigious areas of the capital, in old renovated buildings. A distinctive feature of such apartments is a kitchen combined with a living room.
And finally, apartment buildings. As a rule, these are panel buildings. Apartments in such buildings are inexpensive and affordable for many families. In addition, mortgages in the Czech Republic are issued at a reasonable interest rate of 4.8% to 6%.
Based on materials from Gartal.ru