Preliminary research is required in order to determine the property’s value and whether it is actually worth its price.
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).
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.