Buying an apartment in a building under construction can be a profitable investment, since at the construction stage prices are usually lower than for finished properties. However, this process requires care and knowledge to avoid possible risks. In this article we will look at the main steps and tips for successfully purchasing an apartment in a new building.
1. Selection of developer and object
Checking the developer’s reputation
Before you start choosing an apartment, it is important to do research about the developer:
- Check out his previous projects.
- Look at reviews and ratings on the Internet.
- Check for necessary licenses and permits.
- Project Study
Please pay attention to the following aspects of the project:
- Location and infrastructure of the area.
- Layout of apartments and common areas.
- Project delivery dates and construction stages.
2. Financial planning
Cost estimate
At this stage it is important to estimate the full cost of the purchase, including:
- The cost of the apartment itself.
- Documentation costs.
- Possible additional costs for repairs and equipment.
Financing options
Consider different financing options:
- Own funds.
- Mortgage.
- Installment plan from the developer.
3. Conclusion of an agreement
Types of contracts
There are different types of contracts that can be used when purchasing an apartment in a building under construction:
- Equity Participation Agreement (EPA).
- Preliminary purchase and sale agreement.
- Investment agreement.
- Careful study of the conditions
Before signing the contract, carefully study its terms:
- Please pay attention to the delivery deadlines and possible fines for violating them.
- Make sure payment terms are transparent.
- Check out the developer’s warranty obligations.
4. Paperwork
Required documents
To complete the purchase you will need the following documents:
- Passport.
- Taxpayer Identification Number (TIN).
- Documents confirming income (if you are taking out a mortgage).
Registration of ownership
After completion of construction and signing of the apartment acceptance certificate, it is necessary to register ownership.
5. Monitoring the progress of construction
Site visits
Visit the construction site regularly to ensure compliance with deadlines and quality of work.
Communication with the developer
Keep in touch with the developer’s representatives and promptly resolve any issues that arise.
6. Acceptance of the apartment
Quality checking
When accepting an apartment, carefully check:
- Condition of walls, floors and ceilings.
- Work of utilities (electricity, water supply, heating).
- Quality installation of windows and doors.
Transfer and Acceptance Certificate
After checking, sign the apartment acceptance certificate, which confirms its compliance with the terms of the contract.
Useful tips
Legal consultation
Contact a lawyer to review the contract and other documents. This will help you avoid legal mistakes and protect your interests.
Insurance
Consider insuring the property in case of unforeseen circumstances, such as delays in construction or financial problems with the developer.
Communication with neighbors
Get to know your future neighbors in advance. This will help create a favorable atmosphere and resolve general issues related to the home.
State support
Find out about possible government support programs, such as subsidies or tax breaks, that can reduce the cost of buying an apartment.
Thorough check
Do not rush to accept an apartment without a thorough inspection. If necessary, involve independent experts to assess the quality of construction.
Conclusion
Buying an apartment in a building under construction can be an excellent option for those who want to save money and get modern housing. However, for this purchase to be successful, it is important to carefully select the developer, carefully study the terms of the contract and monitor the progress of construction. By following our advice, you can minimize risks and successfully become the owner of a new apartment.
