Residential real estate in 2024: what to buy if you have money — a new building or a resale property
CrimeaPRESS reports:
New building or “resale” — where is the housewarming party?
Experts note that a survey about choosing between a new building and secondary housing depends on your specific preferences, needs and goals. Both options have their advantages and disadvantages, and the choice may depend on various factors. Here are some general considerations:
New building
- new buildings usually comply with modern building codes and technologies.
- developers often provide guarantees for their properties and offer maintenance services for a certain period.
- In new buildings, new engineering systems and communications are installed.
- usually, a choice of layouts and finishes is available depending on the stage of construction.
- a new building is a good “investment wallet”. Can generate income in the form of rising property values over time.
Secondary housing
- Unlike new buildings, secondary housing is already ready to move in, and you can move in quickly.
- you can evaluate the infrastructure, the area and the neighbors, since they already exist.
- Secondary market prices may be more flexible and there is room for bargaining with the seller.
- you see what the housing itself looks like, its condition and possible problems.
- there is no need to wait for the completion of construction, and the risks associated with possible changes in the developer’s plans may be less.
Ultimately, of course, the decision depends on your priorities, time frame, financial capabilities and personal preferences. It is recommended that you conduct thorough market research and, if possible, seek advice from a real estate professional before making a decision.
New construction and secondary construction — selection criteria
New building
How to choose an apartment in a new building? What to look for? Aspects that you should definitely pay attention to when choosing an apartment in the “new fund”:
Location and infrastructure
- Evaluate the proximity of the apartment to public transport, shops, schools, hospitals and other necessary infrastructure.
- Explore the prospects for future development of the area.
Construction company and developer
- Check the developer’s reputation by studying reviews and ratings.
- Find out about the developer’s experience and past projects.
Construction quality
- View samples of the developer’s completed projects.
- Pay attention to the quality of the building materials and finishing materials used.
Layout and area of the apartment
- Decide how much space you need and evaluate whether the proposed apartment meets your requirements.
- Check the functionality and ergonomics of the layout.
Floor and view from windows
- Find out what floor the apartment is located on and take into account your preferences on this issue.
- Look at the views from the windows.
Safety and comfort
- Learn about home security systems.
- Check the sound insulation and thermal insulation of the apartment.
Legal status
- Check the legal status of the property, check the availability of all necessary permits and documents.
- Make sure that the purchase and sale agreement is properly registered.
House infrastructure:
- Evaluate the general infrastructure of the house: elevators, parking, garbage disposal, playground and other amenities.
Cost and financial aspects
- Analyze general expenses such as utilities and home maintenance.
- Check the possibility of installment or mortgage lending.
Future development of the area
- Research prospects for infrastructure development and real estate prices in the area.
Secondary market
What criteria should you pay attention to when choosing an apartment on the secondary market? This type of residential property also requires studying various aspects. Here are some criteria to pay attention to:
- Assess the overall technical condition of the apartment, including walls, floors, ceilings and heating systems.
- Check the condition of plumbing systems and electrical wiring. Find out when the update work was last carried out.
- Pay attention to the condition of the windows and doors. Leaks, cracks or other defects may incur additional costs.
- Find out about neighbors and social order in the house. Also evaluate the condition of the common space, stairs and elevators.
- check the accessibility of infrastructure: shops, public transport, schools and hospitals.
- make sure that the seller has full and clear rights to the apartment. Request copies of all necessary documents.
- Find out the amount of utility bills and other expenses for maintaining the apartment.
- study crime statistics in the area where the apartment is located.
- Compare the cost of the apartment with market prices in the area. Please keep in mind that the secondary market price may be negotiable.
- evaluate the improvement of the surrounding areas, the presence of parks, recreation areas and playgrounds.
- study plans for the development and improvement of the area in the future, such plans may affect the cost and quality of living.
Well, no matter what apartment you choose, remember that the decision to choose housing should correspond to your needs and plans for the future. Additionally, it is always a good idea to consult with real estate professionals and lawyers before entering into a transaction.
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