Is it worth buying a home on the secondary market, is it really worth saving, and what problems can you face? We answer these questions in our blog. But first, let's introduce you to the concept of primary and secondary housing.
Primary residences are apartments that are put up for sale for the first time. Construction companies or the state act as sellers in the primary housing market.
Secondary housing can be the property of a private person on the basis of a relevant document or state property (under a lease agreement). In addition, there are apartments in new buildings from the developer on the secondary market. After the apartment is put up for sale, the developer issues the right of ownership first for himself, and then sells the housing on the secondary market.
Read also: How to draw up a contract for renting an apartment: the main nuances.
Let's understand the main advantages
You will have plenty to choose from, because "Tuesdays" always have a larger selection of apartments than in new buildings. It can be a small old one-room apartment or a brand new three-room apartment in the center, recently put on sale.
You will be able to save. Since the demand for apartments in the secondary market has decreased significantly due to the pandemic, the owners are ready to make concessions and discounts. The price stated in the sale ad is almost always a caveat.
You can go right away. Housing will be yours immediately after purchase, you will not have to wait for the developer to finish construction. And there is no risk of encountering a long-term building, as much as it is possible with the purchase of an apartment in a new building. Buying an apartment on the secondary housing market is perfect for those who want to immediately move into an apartment after purchasing and completing the necessary documentation.
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The reverse side of the medal
If the apartment you liked is in an old building, be prepared that you will encounter wear and tear of connected communications, outdated repairs and old entrances. Of course, you can improve your home and bring it to a good condition, but the whole house will be more difficult. Old houses lack modern landscaping - unkempt grounds, lack of necessary infrastructure, yards "clogged" with cars.
Having decided on the choice of an apartment, be sure to check the documents. And to protect yourself from fraudsters, consult an experienced real estate lawyer or seek help from specialists the best luxury real estate agency THE Capital. By contacting our agency, they will explain in detail how to buy an apartment on the secondary market. They will help to quickly check all the necessary information and correctly issue housing documents. Was the publication interesting and useful? Subscribe to our updatesreal estate blog and receive the latest publications from the real estate agency THE Capital.
