How to buy an apartment on the secondary market?

When there is an opportunity to buy an apartment, people invariably face the choice of the primary or secondary market.

Often, buyers focus solely on price, so apartments on the secondary market attract more 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 primarily:

• a large selection: unlike new buildings - offers are available in all districts. In addition, the secondary market of apartments in Kyiv is represented by housing in houses of various series: pre-revolutionary, Stalinist, Khrushchev, departmental housing, improved series, etc.
• the opportunity to move in immediately — renovated apartments are offered on the secondary market, while apartments in new buildings are often rented without decoration;
• low cost of utility services — in new buildings, utility bills are simply outrageous, and tariffs for utility services and maintenance of secondary housing are often lower;
• shorter term of execution of the agreement - the term of execution of the agreement on the secondary market takes an average of 30-45 days.;
• developed infrastructure - you can buy a secondary apartment in established areas with an established reputation and developed infrastructure, where everything you need is already there: schools, kindergartens, hospitals, shops, restaurants and bars.

Choosing a new building or 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 safely buy an apartment on the secondary market, and define the main selection criteria. We will also understand why there are risks when buying an apartment on the second floor.

Apartments on the secondary and primary market are bought approximately equally - 51 and 49%. But the factors that are taken into account during the election are quite different. First, let's understand what the terms "primary" and "secondary" apartment mean:

1. The "primary" apartment is a real estate that has not been registered in someone's ownership, but exists only on design and construction documents, even during the construction of the house, which has already begun.
2. A "secondary" apartment is real estate 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 cost level:

1. Low-quality housing is apartments located in the oldest and most often low-rise buildings.
2. Standard housing - apartments in typical buildings with a height of 5-16 floors.
3. Comfortable housing - apartments of increased comfort, located in modern and typical houses.
4. Elite housing - expensive apartments located in elite new buildings in the city center. As a rule, such options also have a refined yard, parking, concierge and security.

As you can see, in the secondary market, the apartment is different from apartment to apartment. Therefore, "secondary" is not always synonymous with bad, since you have the opportunity to buy housing in a new building with excellent repair, and not only apartments in an old Soviet building.

See also: Power of attorney for the sale of an apartment.

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

A home buyer on the secondary market relies on the following criteria:

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

Many people choose the secondary market precisely to save money. But with the "price/quality" ratio in the secondary market, everything is not so clear. Inexpensive secondary housing can be found only in buildings of old construction, in which electrical networks, pipes and other communications have not changed for decades. Therefore, we are not talking about any excesses and increased comfort. Do not expect to buy a secondary comfort-class home at an affordable price. It is best to think about buying an apartment in the primary market. Although the cost of this option will be higher, at the same time you get higher quality housing and other advantages: tidy yards, clean entrances, modern elevators and engineering communications, pleasant neighbors, etc.

See also: Taxes when buying an apartment.

If you intend to buy an apartment on the secondary market, be prepared for additional costs, because in this case you cannot do without the help of a real estate agent. This does not mean that it is practically 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 agent's work.

How to safely buy an apartment on the secondary market?

Buying secondary properties is less risky, and the cost of such real estate is lower. But everything is not so hopeless. When buying a "used" apartment, future owners may face "pitfalls". And if you do not bypass them, you risk losing both money and the apartment. Experts recommend studying important information about the secondary object before buying. You must know who is registered in the apartment, as well as who is the current and previous owner.

During the purchase and sale transaction, ask the seller for a package of necessary documents related to 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 real estate blog updates and get the latest posts from THE Capital real estate agency.