Buying an apartment on the primary market – what to pay attention to?
Purchasing an apartment on the primary market and the proper layout of the rooms
Purchase of an apartment in a developer standard and the construction stage
Many of us, when buying an apartment or a house, take into account only the primary market. In other words, in the so-called developer. Currently, there is a lot of competition on the market when it comes to companies that build blocks of flats, terraced houses and other such properties. Flats and houses in the developer’s standard are usually addressed to a more affluent client who appreciates comfort, modernity, neatness, freshness and aesthetics. Most of us want to keep up with the latest trends in construction, and identify novelty with a sense of security. Despite this feeling, buying an apartment on the primary market involves a certain risk. Therefore, we should pay attention to a few issues that are important to us, and we will avoid trouble and disappointment. Let’s list the basic criteria that we will follow when choosing an apartment in a developer standard. Purchasing an apartment on the primary market is not a trivial matter. So they are:
- credibility and honesty of the developer;
- the presence of parking spaces;
- insolation in the apartment;
- widely understood infrastructure;
- the type of building materials our potential property is built of;
- the adequacy of the price of the apartment in relation to its quality.
If we decide to buy an apartment on the primary market, one of the most important issues that we must take into account is the choice of the developer. In the previous fragment, we emphasized this criterion in bold. Undoubtedly, we live in an era of considerable competition, also in the field of real estate construction, which is why we must show considerable prudence. If we want to choose a good developer, we should start our search with a developer whose company is registered in the same town as the investment project. Why? Because a great convenience for us in this case is the possibility of meeting at the headquarters. We can then discuss the details immediately after viewing the apartment. Then – what is important – it is easy to verify whether the development company has a building permit and full freedom in managing the land on which the building will be erected.
Verification activities are undoubtedly facilitated if both the developer and his construction site are located in one district. We have facilitated access not only to the relevant documents, but also to the so-called communal news, according to the saying “vox populi – vox Dei”. We should also enforce the land and mortgage register number from the developer. Then we will be able to independently check (in court or on the Internet, in electronic land and mortgage registers) who is the current owner of the property (including land) and whether he is indebted.
Undoubtedly, the location is one of the factors determining the purchase of our apartment. Speaking of location, we mean taking into account such issues as: the presence of green areas, safety of the immediate vicinity, infrastructure. We are talking, of course, about the presence of a railway or bus line and variety in terms of the number of shops and places of work and entertainment. The advantage is also close proximity to offices, schools and health care facilities. Buying an apartment on the primary market, which would not necessarily serve us, but we would buy it strictly for rent, the fulfillment of the above elements would certainly make the apartment attractive.
When we choose an apartment, it is important to properly lay out the rooms and windows in terms of cardinal directions. The floor on which the property is located should also be of great importance to us. Of course, the above features of the apartment are an individual matter. In the multitude of matters that accumulate during the sometimes long-term purchase process, they may fall out of our mind or we may consider them temporarily less important. When it comes to the arrangement of rooms and the exposure of windows, these are related issues. If we care about natural insulation of the apartment and a large amount of sunlight entering our house for most of the day, then we should definitely choose an apartment with windows located on the west and south sides. Windows facing east are a good idea for bedrooms, given the fact that people are naturally stimulated by the morning sun. The room that is most suitable for locating on the north side is the bathroom, because we do not need to have windows in it.
It is quite difficult to meet the above requirements and these are not necessary conditions, but let’s keep these tips in store. When it comes to the storey, let us bear in mind that apartments on the ground floor or on the first floor are more vulnerable to burglary or flooding in the case of close access to water and a low location of the property. Elderly people, on the other hand, find it difficult to live on very high floors without an efficient elevator.
It is important to know the date of completion of all construction works and the date of handing over the keys. This is important because of the organization of our expenses for broadly understood finishing works and interior design. Purchasing an apartment on the primary market is the safest process when we buy a property that already exists physically and can be simply seen. It happens that the developer will dissolve the company before handing over the premises. Then we can try to get our funds back for a long time and have a lot of stress. It happens, however, that if we take the risk of buying an apartment before it is built, we can count on significant discounts.
When concluding a contract with a developer, we usually sign the so-called a reservation agreement, and in the next stage of the transaction a development agreement. In this contract, the developer should include issues regarding the technical features, standard and size of our apartment. When buying an apartment on the primary market, we should not have a record regarding penalties in the event of any delays in paying tranches. We also have the full right to cancel the purchase and thereby terminate the purchase contract. After applying the above tips, buying an apartment on the primary market does not have to be so scary.