How to choose an apartment in a new building: highlights

If you are attracted to housing in a new house, 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 dwell on just one option, but to study as many residential complexes as possible, paying attention to price dynamics and the state of the primary residential real estate market as a whole. Let's try to streamline all the information that is important for the buyer of a new home, having figured out how to purchase comfortable apartments by investing your money profitably.

The cost of an apartment in a new building

It will be easier to find 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 choice of the area and the exact location of the new building. 

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

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

• Construction stages - the earlier you buy, the cheaper sq.m.
• Class - new economy class buildings are much cheaper than comfort, business and premium options, among which there may also be significant differences in price.
• The availability of infrastructure is convenient when large boutiques and shopping centers, kindergartens and schools, fitness centers and other infrastructure facilities are located next to the house, but such housing will also cost more.

How to check a developer's reputation

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

Price

It should be remembered that apartments in new buildings cannot be too cheap. Therefore, if a company issues ultra-low prices, this should alert a potential buyer, since not a single 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 our professional luxury real estate agency THE Capital. 

Office availability

The company must have a representative office or a fully functioning office 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 representatives of the developer. Here you should not be prevented from studying permits and licenses that give you the right to conduct core activities. A good sign would be the presence of a website where information about the history of the company's development, contacts, photos and reports on construction work should be located.

history of the company

Pondering 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 media, thematic forums, where reviews from real buyers are published. You can also take an interest 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 check in at exactly the specified time and the construction will not be delayed for many years.

Documents

Understanding how to choose a new building, keep in mind 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 on permission to carry out the construction of a residential building on this land plot.
• Plot lease agreement. Here it is important to pay attention to the validity period of the document. Ideally, they should be longer than the completion period.
• House project and documents confirming the passage of the examination.
• A license giving the right to carry out construction activities.
• Permission to organize construction work.

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

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We conclude an agreement with the developer

All points that relate to the construction must be spelled out in the purchase and sale agreement, namely:

• Floor, apartment number, area and fixed cost per square meter.
• Technical documentation describing the layout and layout of the apartment.
• Exact deadline for completion of work and commissioning of the house.
• A clear and detailed description of the developer's responsibility, even if he does not complete the work on time in the event of unforeseen circumstances.
• The obligation of the construction company that it has no right to sell the property in question to third parties.
• The procedure and details of payment, including if the apartment is bought in installments.
• Contract time.
• Full details of the buyer.
• A list of all permits from the developer, which is an annex to the contract.

You also need to first check with the developer through which organization the funds will be invested. Reliable options are a Construction Financing Fund or a targeted bond repurchase method. There is also a number of documents, the signing of which our lawyers recommend to treat more carefully:

• Preliminary agreement.
• Assignment agreement

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

Pay

A developer with a "clean" reputation will arrange all transactions by bank transfer. Make sure that the details contain the company's real accounts, and not the personal bank details of any individual.

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How to properly accept an apartment

So, you have already been able to pick up a new building, you know which apartment you will live in and have waited for the completion of construction, putting the house into operation. Now you need to accept the finished housing, check the following:

• Serviceability of communications - heating, electricity and gas supply.
• The condition of the elevator - it should work!
• The quality of windows and slopes - must be intact, windows can be fully opened and closed.
• Check the evenness of the walls, the quality of the repair.
• Make sure the apartment is free of mold, mildew, insects and other imperfections and pests.

If any shortcomings have been identified, the developer, upon an individual application, is obliged to eliminate them and provide an act of completed work. If the buyer is satisfied with the corrected, he signs the document and fully drives into the premises.

Deciding how to choose an apartment in a new building? Follow all instructions regarding analysis, selection and purchase. So you protect yourself and be sure that the purchased housing will delight you for many years. When buying a new property, you will be sure that all the communications carried out are in a new condition and equip the apartment to your taste. Subscribe to our updates real estate blog and get the latest publications from the real estate agency THE Capital.