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Technical condition of houses: a framework for the Czech market

Author

Listed:
  • Tereza Jandásková
  • Tomas Hrdlicka
  • Martin Cupal
  • Petr Kleparnik
  • Milada Komosná
  • Marek Kervitcer

Abstract

Purpose - This study aims to provide a framework for assessing the technical condition of a house to determine its market value, including the identification of other price-setting factors and their statistical significance. Time on market (TOM) in relation to the technical condition of a house is also addressed. Design/methodology/approach - The primary database contains 631 houses, and the initial asking price and selling price are examined. All the houses are located in the Brno–venkov district in the Czech Republic. Regression analysis was used to test the influence of price-setting factors. The standard ordinary least squares estimator and the maximum likelihood estimator were used in the frame of generalized linear models. Findings - Using envelope components of houses separately, such as the façade condition, windows, roof, condition of interior and year of construction, brings better results than using a single factor for the technical condition. TOM was found to be 67 days lower for houses intended for demolition – as compared to new houses – and 18 days lower for houses to refurbishment. Originality/value - To the best of the authors’ knowledge, this paper is original in the substitution of specific price-setting factors for factors relating to the technical condition of houses as well as in proposing the framework for professionals in the Czech Republic.

Suggested Citation

  • Tereza Jandásková & Tomas Hrdlicka & Martin Cupal & Petr Kleparnik & Milada Komosná & Marek Kervitcer, 2022. "Technical condition of houses: a framework for the Czech market," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 16(7), pages 58-79, September.
    • Handle: RePEc:eme:ijhmap:ijhma-07-2022-0106
    DOI: 10.1108/IJHMA-07-2022-0106
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