New buildings have significant advantages over the secondary housing market
Budget and payment method can be decisive in selecting offers from the secondary and primary real estate markets. Studying the pros and cons of buying housing in new residential complexes or on the secondary market will help determine the advantages and prospects.
Pros and cons of secondary real estate
Pros of buying secondary housing: the prospect of a quick move; no neighbors doing renovations; transparent utility rates.
Cons of buying secondary housing: the highest market value of the apartment without investment prospects; significant risks of encumbrances on the property; worn-out building equipment; need for repairs; diverse social environment; often the secondary housing stock lacks appropriate nearby infrastructure.
If you need to buy a 1-room apartment in Lviv, go to the dom.ria website, which has a large database of listings. Using filters, get rid of ads that are unsuitable in terms of district, price, and number of rooms. This will allow you not to read unnecessary information.
Remember that the ad on the site can be placed by both the property owner and an intermediary. In the latter case, you will have to pay for the realtor's services. If the ad does not specify who is selling the property, contact the seller by phone to understand who you are dealing with.
How to check a secondary apartment for clean documents before buying?
First, you should find out the history of the apartment chosen for purchase. This can be done by sending a request to the unified state register of rights to real estate and transactions with it. This extract indicates cases of seizure, existing restrictions on the disposal of property, etc. According to Ukrainian legislation, the general statute of limitations is three years, so you need to check whether any conflict situations related to this living space occurred during this period. A serious risk factor is that the apartment has changed owners multiple times, especially if transactions were carried out by proxy.
Second, it is necessary to find out which document confirms the seller's ownership. There are several options: a sales contract; an exchange contract; a gift contract; a certificate of inheritance; a life annuity contract; a court decision that has entered into force.
It is also necessary to carefully study the contract on the basis of which the state registration of ownership was carried out. The contract may specify conditions under which it is subject to termination. Accordingly, you need to check whether these conditions have been met.
For example, the buyer had to pay the full cost of the apartment some time after the purchase. If this condition is not met, the contract must be terminated, which means you risk being drawn into lengthy court proceedings with unpredictable results.
Advantages and disadvantages of the primary market
Pros of buying housing in a new building: legal purity of the transaction; insurance of investors' interests; in most cases, an investment-attractive price and a lower purchase budget, resulting in a higher class of housing or larger area for the same price; special mortgage programs with lower rates; in some projects, the opportunity to buy an apartment with modern renovation; homogeneous social environment; latest technological solutions and equipment; in new building projects, new infrastructure; the opportunity to take advantage of promotional offers, discounts, and loyalty programs.
Cons of buying housing in a new building: the need to wait for the completion of construction; noise from renovations carried out by neighbors in the first two years after the building is put into operation; uncertain utility costs.
Be sure to explore options in the area that suits you. Consider the availability of public transport stops and social infrastructure nearby. Remember that this affects not only your family's living conditions but also provides an opportunity to profitably sell or rent out the apartment in the future.
Summing up
There are many risks associated with buying an apartment. At every stage, you need to consider many factors, check facts, dates, and documents. To make the task easier and make buying real estate less troublesome, it is better to turn to professionals in the real estate field. This will help not only to quickly and reliably invest money in real estate but also to protect yourself from fraudsters.
On the rights of advertising.