Acquisition of three apartments in a new building in Prague for 7.950.000 CZK and WITHOUT a mortgage loan? Yes it is realistic!

We are currently offering three units on the same floor of a cooperatively owned apartment building in the completely sold out Cascades Barrandov project by FINEP. The price of one unit is CZK 2,360,922 with the price after furnishing to be approximately CZK 2,650,000. The remaining part of the price of the apartment (approx. CZK 3,000,000) will be paid in the form of an annuity (loan to the cooperative) with a monthly payment of CZK 12,853.

Unit price: 3 x CZK 2,650,000 = CZK 7,950,000
Real monthly rent: CZK 15,000 x 3 = CZK 45,000

Specific link to the offer: https://mahoon.cz/nabidka/prodej-byt-1-kk-224

Who can benefit from cooperative ownership and why:

INVESTORS
I have the available funds, but I don't have the money to buy the whole apartment yet. Therefore, I would be interested in the possibility to deposit only a part of the purchase price of the apartment. I would rent out this apartment, and pay the remaining part of the price from the rents I receive from the tenants. This avoids complicated negotiations with banks, and if I have additional financial resources in the future, I can simply repeat the process without the need for complicated income verification.

REALTORS
I am a sole trader. I have a stable income but unfortunately I cannot get a mortgage loan from a bank. Banks do not take into account the fact that my trade is very lucrative and I have work contracts arranged six months in advance. The banks consider me a risky client. Fortunately, the cooperative is offering me the opportunity to put down a quarter of the purchase price and still move into my own apartment. I consider that a fair solution.

SENIORS
We are retired and are thinking of moving to a smaller apartment than the one we live in now. We will have sufficient funds from the sale of our current apartment but would like to keep some as a reserve. For us, the ideal option is that we can put down only part of the purchase price at the beginning and pay the rest as rent. This rent could be covered both by our pension and by the funds left over after the sale of our current apartment.

SINGLES
I'm single and I'm not interested in a mortgage that I might not even get. I don't really like the idea of spending money on rent that will disappear once and for all. What I am very comfortable with, on the other hand, is the fact that the value of my share in the housing association goes up with each monthly payment. And when I decide to hit the road, I can easily sell my share and go on an adventure. This simplicity is simply amazing.

YOUNG FAMILIES
In our family, my wife is currently on maternity leave, which prevents us from qualifying for a mortgage loan. Plus, we don't want to get too tied down in one place. For us, it is convenient that we can easily sell our share in the housing association at any time without being restricted by the housing association's mortgage loan.

The three biggest advantages of co-operative ownership:

1. You don't have to prove income,
2. You can buy a property in the name of an individual of any age,
3. You can transfer the home to your personal ownership (you just have to pay the annuity to the co-op).