When planning to rent an apartment in Prague, it’s essential to budget for more than just the monthly rental price. Various associated costs can add up quickly, and being prepared for these expenses will help you manage your finances more effectively. Here’s a comprehensive guide to understanding the additional costs you might encounter when renting an apartment in Prague.
Initial Payments and Deposits
- First Month’s Rent: Upon signing the lease, landlords in Prague typically expect the first month’s rent to be paid in advance. This upfront payment secures your new home and is a standard practice in the rental process.
- Security Deposit: In addition to the first month’s rent, you may be required to pay a security deposit. This deposit can range, depending on the quality and condition of the apartment. The deposit is held as security against any potential damages or unpaid rent during your tenancy. The standard amount is equivalent to one or two monthly rents.
Real Estate Agent Fees
- Real Estate Agent Fee: If you choose to rent an apartment offered by a real estate agent, be prepared to pay their fee. This fee is typically equivalent to one month’s rent. While this adds to the initial cost, using an agent can simplify the search process and provide access to a wider range of properties.
One additional thing to mention here, Czech real estate agents work for the landlord, not for you. This means that if you contact a real estate agent, they will not help you find a place to live, they will only offer what they have in their database.
If you want someone to help you search among all the available flats (not just one real estate agent’s database), consider hiring our Flat Search service. We work for you, filtering all the offers on the market trying to find a flat that fits your needs completely!
Additional Fees
- Sublease Fee: Some management companies charge a sublease fee for allowing you to lease the apartment. This fee varies by company and should be clarified before signing any agreements.
- Move-In Fee: In some cases, private real estate agents might charge a “move-in fee.” While not as common, it’s essential to inquire about any potential additional charges upfront to avoid surprises.
Insurance and Utilities
- Household Insurance: Household insurance is getting quite popular in the Czech Republic and many landlords/lease agreements require you to get this insurance when moving into the apartment. The cost of this insurance depends on the size and value of the apartment. It provides coverage for personal belongings and liability protection, offering peace of mind during your tenancy.
You can get the tenant insurance through Move To Prague – we work with many insurance companies and can get you the best possible options, simply fill in any of the contact forms here and get in touch.
Also, do not really worry about the cost, basic insurance starts at a few hundred CZK a year, if you live in a big/luxurious apartment or you want to include some add-ons (i.e. personal liability insurance), the cost will be at most a few thousand CZK a year.
- Internet and Utilities Setup: When moving into a new apartment, you’ll need to set up utilities such as internet, electricity and/or gas consumption. These setup fees can vary, so it’s important to factor them into your budget. Some apartments may include utility costs in the rent, while others require tenants to manage and pay for utilities separately.
Temporary Accommodation Costs
- Temporary Accommodation: If you are moving to Prague from abroad, you might need temporary accommodation until you can move into your new apartment. Be prepared to possibly pay double rent for a short period or cover hotel fees during this transition.
Summary
Renting an apartment in Prague involves several costs beyond the monthly rent. Here’s a quick recap of the additional expenses to consider:
- First month’s rent in advance
- Security deposit (one to two months’ rent)
- Real estate agent fee (one month’s rent)
- Possible sublease and move-in fees
- Tenant insurance costs
- Setup fees for internet, utilities
- Temporary accommodation expenses
Being aware of these additional costs will help you budget more effectively and ensure a smooth transition into your new home in Prague. If you have any questions or need assistance with your move, the team at Move To Prague is here to help. Contact us for expert advice and support throughout your relocation process.
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