Buying a new apartment is a very important decision in life. Especially if it is our first apartment. After all, it will be a place where we become emotionally attached, where we will experience important moments of our lives, take a break from work and simply function every day.
A good idea for your own four corners will be to buy a new development apartment . This is a good solution because it allows us a lot of freedom. At our request, the developer will modify the wall layout accordingly. In an apartment of this type, we have the greatest opportunity to determine what it will look like.
An important advantage of development apartments is that we are sure about their technical condition. Used flats have their advantages, but we are never sure about the condition of the electrics or possible construction defects.
It is also worth noting that the price of a new development apartment , contrary to appearances, does not have to be higher than that of a secondary market apartment, especially if you obtain funding from the state-run "Mieszkanie dla Młodych" program.
Of course - in order to make a good decision, you need the right amount of knowledge. That is why we have prepared a set of the most important tips on how to buy an apartment from a developer step by step.
# 1. First, define your needs
Identifying your needs is extremely important. If you know what you want, what you expect, you know what to expect from a given place. However, no matter what we like or not, there are some universal points that you must keep in mind.
In most cases, a flat is bought for many years. Therefore, you should take into account how many people are to live in the apartment, how much space you need, in addition, it is worth considering how you intend to furnish the apartment, because it will largely determine what apartment should be chosen.
In addition, the location is a very important factor. There are two things to consider here. First of all, your preferences as to whether you want to live more in the center or on the outskirts of the city. In addition, trends in a given district regarding changes in real estate prices in a given district are very important. It will be very important in the future if we plan to sell a given property.
# 2. Specify your budget
Determining how much money we have at our disposal is extremely important. You should define your own contribution, initially determine your creditworthiness, it is best to compare the offers of various banks.
The moment we know how much money we have at our disposal and what we want to buy, it is the best to start looking for a flat . Remember that when we decide to buy an apartment from the developer - we will receive it in the so-called under development, so they will have to be finished. When planning a budget - this should be taken into account.
# 3. Verify the developer
If we liked a flat and met our expectations, the developer still needs to be verified. It is very important to check the developer's financial situation, it is worth checking the method of financing the investment by the Developer, most developers use mortgage loans taken out for the property they are building, and some build with their own funds / cash. In addition, it is worth checking the experience of a given developer and how long a given company has been operating on the market. It's good to read various opinions about it on the internet.
If the company had problems with completing investments, deadlines and many negative opinions about it - it is better to be cautious and think about buying another apartment.
During the conversation with the developer's representative, we will receive an information prospectus, it contains all the most important information about the property we are interested in. It is very important to pay attention to the legal status of the plot on which the building is to be erected, the deadlines for completing the entire investment and individual stages, dates for the transfer of ownership and the dates of individual payments. It is also important to know the conditions for a possible withdrawal from the contract.
# 4. Make a reservation
When we are practically sure that we want to buy an apartment, we will check the developer - it should be booked. Most developers can book a given flat completely free of charge for a period of 2 to 7 days. During this time, we will be able to make the final decision.
In the event that we need more time, the so-called booking fee. The cost of this type of contract is usually a few percent of the value of the property. Of course, it is included in the total price of the apartment, so if we buy it, the booking fee is not an additional cost.
# 5. Sign a preliminary or developer contract
The next step is signing a preliminary or notarial development contract.
It is an obligation to sign the final contract, you can withdraw from it, but it involves costs that are specified in the preliminary or development contract itself and are regulated in the developer act.
A preliminary or development contract is necessary to be able to receive a loan. Only after signing the preliminary or development agreement will we know whether the bank will be able to make the appropriate decision, and not only inform us about our creditworthiness.
The content of the preliminary contract should contain information on the data of the parties concluding the contract, the standard of the apartment, the subject of the contract, the work schedule, the payment schedule and the date of receipt and transfer of ownership of the apartment.
Complementing all documents is on the developer's side. Please note that in case of any doubts regarding the provisions of the contract, you can always ask the notary who is responsible for the contract. Of course, do not forget to read the contract carefully.
# 6. Take a loan
Once we have signed the preliminary contract, the next step will be to take out a loan. It is very important to remember that one of the conditions for receiving a loan is a down payment of 10% of the property value.
At this stage, online loan comparison websites may be useful in order to select the best current offer.
The amount of individual payments will depend on the stage of the developer's investment. If it is the beginning of construction, it will amount to about 10% of the total value of the flat, in the case of subsequent stages the amount of the first tranche will increase.
An important detail - interest for a particular loan tranche is charged only from its launch. This means that at the beginning we do not pay interest on the entire loan, but only on individual parts, only when the entire loan is released, we pay interest on the full amount.
# 7. Pick up the apartment
After the investor finishes the investment, it's time to collect the apartment. During collection, we will be able to verify that the terms of the contract regarding the standard of the apartment have been met . If everything is correct - the handover protocol is signed, during which the keys to the apartment are handed over.
From the moment the keys are handed over, the rent and all other charges will be charged.
# 8. Sign the final contract
The final agreement is signed at the notary public in the form of a notarial deed. Before we sign the contract, the notary will read all the provisions of the contract to us. From the moment of signing the notarial deed, we will become the full owner of the apartment.
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