Buying an apartment from a developer in a completed building can be an excellent option for those who want to avoid a long wait for completion of construction and immediately receive ready-made housing. In this article, we will look at the main steps and aspects that should be taken into account when buying an apartment from a developer in a rented building.
Advantages of buying an apartment from a developer in a rented house
- Ready-made housing: You don’t have to wait for construction to be completed; you can move into your new apartment right away.
- Accurate understanding of the quality of construction: You can personally inspect the apartment and make sure of the quality of finishing and construction.
- Minimal risks: Since the house has already been delivered, the risk of delays or unfinished construction is minimal.
- Infrastructure: Often in already completed houses the infrastructure is already developed, which makes living comfortable from the first days.
- No temporary inconvenience: In new residential complexes, construction work on landscaping may continue, which creates temporary inconvenience. In completed houses, such work is usually already completed.
Steps to buying an apartment from a developer in a rented house
1. Market research
- Study the offers on the market, compare prices and conditions from different developers.
- Pay attention to the reputation of the developer, his previous projects and customer reviews.
- Compare housing characteristics such as location, area, layout, infrastructure and level of finishing.
2.Choosing an apartment
- Decide on the budget and requirements for the apartment (area, layout, floor, view from the window, etc.).
- Visit several properties to personally inspect the apartments and choose the most suitable option.
- Pay attention to factors such as noise level, view from the window, sunny side and proximity to infrastructure.
3.Verification of documents
- Make sure that the developer has all the necessary documents for the house and for the sale of apartments.
- Check the title documents for the land, the building permit and the act of putting the house into operation.
- Make sure that all communications are connected and functioning (electricity, water supply, heating, sewerage).
4.Conclusion of an agreement
- Conclude a share participation or purchase and sale agreement. Carefully study all the terms of the contract, including the payment procedure, terms of transfer of the apartment and guarantees.
- If necessary, use the services of a lawyer to review the contract.
- Please note that the developer has a warranty for the work performed and the materials used.
5. Payment
- Payment can be made in several ways: a one-time payment, installments or using a mortgage loan.
- In the case of a mortgage, find out the conditions from the bank in advance and get approval for the loan.
- Consider seeking government support or subsidies if available.
6. Acceptance of the apartment
- After paying and signing all the necessary documents, you will be given the keys to the apartment.
- Carefully inspect the apartment, draw up a transfer and acceptance certificate, in which you indicate all the identified deficiencies.
- Check the apartment’s compliance with the project documentation and the terms of the contract (area, layout, level of finishing).
7. Registration of ownership
- After signing the transfer and acceptance certificate, it is necessary to register ownership with the relevant authorities.
- This step completes the purchase process, after which you become the full owner of the apartment.
- Find out about the taxes and fees associated with registering your property.
Additional tips when buying an apartment from a developer in a rented house
Studying the developer’s reputation
- Check information about the developer on the Internet, on forums and specialized websites.
- Read reviews from previous buyers and participants in shared construction.
- Visit properties already commissioned by the developer and evaluate their quality and condition.
Thorough inspection of the apartment
- Inspect all rooms, including balconies, storage rooms, bathrooms and technical rooms.
- Check the functionality of engineering systems (plumbing, electrical wiring, heating, ventilation).
- Pay attention to the quality of finishing and materials used (tiles, wallpaper, windows, doors).
Discussion with a lawyer
- Consulting with a lawyer will help you avoid legal problems and misunderstandings when purchasing.
- A lawyer will check all documents, terms of the contract and help in case of controversial situations.
Checking neighbors and surroundings
- Find out who your neighbors will be, this can affect the comfort of your stay.
- Assess the surrounding infrastructure: the presence of shops, schools, kindergartens, parks, transport accessibility.
- Find out about the area’s development plans, possible construction projects and infrastructure changes.
Possibility of redevelopment
- Check with the developer about the possibility of making changes to the layout of the apartment.
- Check out the requirements and rules for remodeling if you plan to make changes after purchase.
Buying an apartment from a developer in a rented building is a responsible decision that requires a careful approach. By following all the steps and recommendations, you will be able to make a successful purchase and enjoy your new home without unnecessary hassle.
