Use of cost management in real estate market in the Czech Republic

Anotace: This work deals with the application of cost management processes in the selection of real estate intended for housing. The paper focuses specifically on apartments in the Czech Republic, Prague. The selection of real estate is considered as a project, since this activity has all possible aspects of project management. A frequent mistake in choosing is to assess only the bid price in relation to the conditions and the location. Here the costs of real estate operation are solved, without the liquidation phase. However, future costs associated with the operation of the property always differ. This paper presents all possible costs associated with the use of a housing unit. Cost management procedures are planning, cost estimation, budgeting and cost control. By adapting the cost management rules to buy an apartment, the risk of inappropriate trade is reduced for most consumer units. It is possible to avoid unreasonable purchases and distortions of the real estate market not only in the Czech Republic but also in other locations. The aim of the work is to present costs that the buyer must calculate when choosing a suitable property and how to subsequently manage or control it.