How to choose an apartment in a new building: the main points

If you are attracted to housing in a new building, the first thing to remember is the lack of emotionality when choosing a suitable residential complex. It should not be a spontaneous and quick purchase, but a measured and analytical selection.

Therefore, before choosing an apartment in a new building, THECapital's experienced experts recommend not to stop at just one option, but to study as much as possible of the housing complex, paying attention to price dynamics and the state of the primary residential real estate market as a whole. Let's try to organize all the information that is important for the buyer of a new home, figuring out how to buy comfortable apartments, profitably investing your money.

The price of an apartment in a new building

It will be easier to choose an apartment in a new building if you first understand what factors affect the pricing of such real estate. Only after that, you can proceed to the selection of the district and the exact location of the new building.

• Location is considered the main factor in pricing. For example, if we are talking about Kyiv, then the closer the residential complex will be to the center and transport interchanges, the higher the price per 1 sq.m.
• Construction technology. Using modern materials, builders build energy-efficient houses with a long service life. Such options will be more expensive than budget panel high-rise buildings.
• Condition of the finished apartment. Each buyer has his own preferences, when deciding which new building to choose, it is worth thinking about the presence of interior decoration and the quality of repairs in general. Most construction companies offer options with rough finishing and the ability to organize repairs of various levels for an additional fee.

Also, the price of an apartment in a new building will depend on:

• Stages of construction — the earlier you buy, the cheaper the square meter.
• Class - economy class new buildings are much cheaper than comfort, business and premium options, among which there can also be significant differences in price.
• Availability of infrastructure — it is convenient when large boutiques and shopping malls, kindergartens and schools, fitness centers and other infrastructure facilities are located near the house, but such housing will also be more expensive.

How to check the reputation of the developer

How to correctly choose an apartment in a new building and not regret the purchase in the future? After understanding the pricing principles, it is important to make sure you are dealing with a reliable builder. Experienced investors, knowing how to profitably invest in residential real estate at the construction stage, first of all seek to understand what a builder is. Indeed, unscrupulous companies can delay the construction process or even stop it, as a result of which the buyer will not be able to receive either the invested money or housing. Therefore, if you are choosing a new building, study the main points regarding the developer.

Cost

It should be remembered that apartments in new buildings cannot be too cheap. Therefore, if the company issues ultra-low prices, this should alert a potential buyer, since no developer will be able to offer a price below the market average. By the way, if you are thinking about buying real estate, we recommend that you contact us professional luxury real estate agency THE Capital.

Availability of an office

The company must have a representative office or an office operating in the city where you choose an apartment. For example, if you are thinking about how to choose an apartment in a new building in Kyiv, be sure to visit the developer's representatives. Here you should not be prevented from studying permit documents and licenses that give the right to conduct specialized activities. A good sign will be the presence of a website, which should contain information about the history of the company's development, contacts, photos and reports on construction work.

History of the company

Thinking about how to choose the right new building, in the era of modern technologies it is not difficult to conduct your own investigation and find out some information about the developer. This can be helped by publications in the mass media, thematic forums where reviews of real buyers are published. You can also be interested in the progress of the construction of the object in which you plan to buy housing for several weeks. You need to be sure that you will move in within the specified period and the construction will not drag on for many years.

Documents

When considering how to choose a new building, consider that checking the company's documents should be one of the main activities for a potential buyer. The developer is obliged to provide:

• The decision of local authorities regarding the permission to carry out the construction of a residential building on this plot of land.
• Land lease agreement. Here it is important to pay attention to the validity period of the document. Ideally, they should exceed the period of completion of construction.
• The project of the house and documents confirming the passing of the examination.
• A license that gives the right to carry out construction activities.
• Permission to organize construction works.

You can also use the Unified State Register of Court Decisions and make sure that the construction company does not participate in any court proceedings. Otherwise, you should not even consider new buildings from this company.

See also: How to rent a non-residential premises?

We conclude a contract with the developer

All points related to construction must be written down in the sales contract, namely:

• Floor, apartment number, area and fixed price per square meter.
• Technical documentation describing the layout and layout of the apartment.
• Exact dates for completion of works and commissioning of the building.
• A clear and detailed description of the developer's responsibility, even if he does not complete the work on time in case of unforeseen circumstances.
• The undertaking of the construction company that he has no right to sell the real estate object under consideration to third parties.
• Payment procedure and details, including if the apartment is purchased in installments.
• Term of the contract.
• Full details of the buyer.
• A list of all permit documentation from the developer, which is an appendix to the contract.

It is also necessary to clarify in advance with the developer through which organization the funds will be invested. Reliable options are the Construction Financing Fund or the method of buying targeted bonds. There are also a number of documents that our lawyers recommend paying more attention to signing:

• Preliminary contract.
• Assignment contract

If the selection of an apartment in a new building is completed, and the contract is legally "clean" and signed, you can proceed to payment.

Payment terms

A developer with a "clean" reputation will complete all transactions by cashless settlement. Check that the details show real company accounts and not some private person's personal bank details.

See also: Renting an apartment: how to write an ad correctly?

How to properly accept an apartment

So, you have already been able to choose a new building, you know which apartment you will live in, and you have waited for the completion of construction and the commissioning of the building. Now you need to accept ready-made housing, check the following:

• Serviceability of communications — heating, electricity and gas supply.
• The condition of the elevator - it must work!
• The quality of the windows and slopes must be in integrity, the windows should fully open and close.
• Check the evenness of the walls, the quality of the repair.
• Make sure that the apartment is free of mold, fungus, insects and other defects and pests.

If any defects were found, the developer is obliged to eliminate them and provide a certificate of the completed works upon individual application. If the buyer is satisfied with the correction, he signs the document and fully moves into the premises.

Deciding how to choose an apartment in a new building? Follow all instructions for analysis, selection and checkout. This way you will protect yourself and be sure that the home you buy will please you for many years. When buying a new property, you will be sure that all the communications are in new condition and you will furnish the apartment to your own taste. Subscribe to our real estate blog updates and get the latest posts from THE Capital real estate agency.