How to buy an apartment on the secondary market?

When it becomes possible to purchase an apartment, people invariably face the choice of the primary or secondary market.

Often, buyers are guided solely by the price, so apartments on the secondary market are of greater interest. In addition to the lower cost of square meters, the secondary real estate market also has a number of other advantages over the "primary". This is, first of all:

• a wide choice: unlike new buildings, there are proposals in all districts. In addition, the secondary apartment market in Kiev is represented by housing in houses of a wide variety of series: pre-revolutionary, "Stalin's", "Khrushchevs", departmental housing, improved series, etc.
• the ability to move in right away - in the secondary market, renovated apartments are offered, and apartments in new buildings are most often rented out without finishing;
• low cost of utilities - in new buildings, utility bills are simply off scale, and tariffs for utilities and the maintenance of secondary housing are often lower;
• shorter transaction processing time - the transaction processing time in the secondary market takes on average 30–45 days;
• developed infrastructure - a secondary apartment can be bought in mature districts with an established reputation and developed infrastructure, where everything you need is already available: schools, kindergartens, hospitals, shops, restaurants and bars.

The choice of a new building or a secondary market is very individual. There are advantages and disadvantages in both cases. In the article we will talk about the features of buying an apartment, give recommendations on how to buy an apartment safely in the secondary market and determine the main selection criteria. We will also understand why there are risks when buying an apartment on the "secondary".

What is the difference between apartments on the "primary" and "secondary housing"?

Apartments in the secondary and primary markets are bought about the same - 51 and 49%. But the factors to consider when choosing are significantly different. First, let's understand what the terms "primary" and "secondary" apartment mean:

1. "Primary" apartment - real estate that was not registered in anyone's property, but exists only on design and construction documents, even when the construction of the house has already begun.
2. "Secondary" apartment - property that is owned by someone.

The secondary market offers a wide selection of apartments of various categories and characteristics. Real estate professionals distinguish several types, classified by physical characteristics and level of value:

1. Low-quality housing - these are apartments located in the oldest and often low-rise buildings.
2. Standard housing - apartments in typical buildings with a height of 5-16 floors.
3. Comfortable housing - luxury apartments located in modern and standard buildings.
4. Elite housing - expensive apartments located in elite new buildings in the city center. As a rule, such options also have a refined adjoining territory, parking, concierge and security.

As you can see, in the secondary market there is a difference between an apartment and an apartment. Therefore, "secondary" is not always a synonym for bad, since you have the opportunity to buy housing in a new house with excellent repair, and not just apartments in an old Soviet building.

What are the disadvantages of "used" housing and how to buy an apartment on the secondary market correctly?

The home buyer in the secondary market relies on the following criteria:

• price and location of the apartment;
• apartment size;
• number of rooms;
• location;
• convenience of transport interchange;
• saturation of infrastructure.

Many people choose the secondary market precisely in order to save money. But with the ratio "price / quality" in the secondary market, everything is not so simple. Inexpensive secondary housing can only be in old buildings, in which electrical networks, pipes and other communications have not changed for decades. Therefore, there is no talk of any excesses and increased comfort. Do not expect to buy a comfortable second home at an affordable price. Better think about buying an apartment on the primary market. Although the cost of this option will be higher, but at the same time you get housing of a higher quality and other advantages: landscaped courtyards, clean entrances, modern elevators and utilities, pleasant neighbors, etc.

If you are determined to buy an apartment in the secondary market, be prepared for additional costs, because in this matter you cannot do without the help of a real estate agent. This does not mean that it is almost impossible to buy secondary housing without intermediaries. But the apartment owners themselves prefer to work with agents rather than directly. And buyers have to pay for the work of the agent.

How to safely buy an apartment on the secondary market?

Buying secondary objects is less risky, and the cost of such real estate is lower. Nevertheless, everything is not so hopeless. When buying a "used" apartment, future owners can expect "pitfalls". And if you do not get around them, you risk losing both money and an apartment. Experts strongly recommend that you study important information about the secondary object before buying. You must know who is registered in the apartment, as well as who is the owner at the moment and before.

During the sale and purchase transaction, ask the seller for a package of necessary documents regarding the apartment and its owners. This is the only way you can protect yourself when buying an apartment on the secondary market. Subscribe to our updates real estate blog and get the latest publications from the real estate agency THE Capital.