Location might be the most important determiner for a property’s value. If the property is near points of interest such as monuments, historic buildings, parks, metro stations, shopping centers or educational institutes, the value is likely to increase.
Building condition can also determine the property’s value. For example, an old building with or without capital renovation, whether the building was reconstructed, the building’s construction materials, i.e. concrete panels, bricks etc., The year when the building was originally built or renovated, the condition of electricity lines, pipes etc. as well as the conditions of the attic and the cellar are among the factors that derive the property’s value.
The entrance to the property also plays a role when evaluating the property. Stairwell condition, a clean, well maintained entrance from the street side or from a clean private courtyard are preferred.
Any views from the apartments might significantly increase their value. Views with lakes, rivers, historical monuments, architectural buildings and main squares are highly rated and most certainly cost more than an average apartment.
Apartment layout and additional facilities will also be taken into account when purchasing property. Window location and the direction they face, bathroom type (whether toilet and shower are combined or separated, the price should be lower if there is no bathtub), ceiling height, floor (ground and top floors are usually cheaper unless the ground floor is being used for commercial purposes, then it might be more expensive).
Purchasing Checklist
- Check whether the property characteristics match the details stated in the legal documents of the apartment.
- Check the rights of the property owners, owners history and apartment history in terms of residence and renovations.
- Inspect whether there are children registered at the property. Due to Russia’s social laws, there are cases in which moving children out of the property might be a very complex issue. It is strongly advised to check this matter in advance.
- Check the propiska, the local registration rights of the tenants to the apartments.
- Check the specific documents that relate to the actual approval of the sale.
In many cases you will find that there are more documents and bureaucracy involved when purchasing property.
The checklist might vary from one property to another, as well as for the different real estate agencies. The list above provides the most common categories to check when dealing with real estate in Russia.