More than 70% of construction workers resumed their work after a temporary standstill in 2022, so the time has come with new strength invest in promising projects on the real estate market native country Before raising the economy in such a pleasant way, it is worth making sure that your purchase does not turn into a personal disaster, locked in concrete walls. We will definitely return to the conversation about the quality of these walls at one of the next meetings on the pages of our blog, but for now we will talk about what it all starts with - the developer.
The all-powerful Internet or how to check the builder yourself
With the help of the World Wide Web, you can search not only videos with kittens and the release date of the new season of your favorite series, but also much more useful information. No matter how hard the developer tries, he will not be able to hide his obvious shortcomings from the eyes of those who study his reputation carefully enough. In order to get to the truth, it will be enough for you to enter the name of the company in the search bar. First of all, for such a somewhat superficial, but quite informative search, you and I are interested in:
- the developer's website - how presentable does it look? A self-respecting company with many years of experience tries to present itself to potential customers in a dignified way, so it will not allow itself to limit itself to a single page with banal phrases. Pay attention to the date of establishment, successful cases, company history, already implemented projects and reports on the construction of current ones. They are proud of their success, so the official website of the developer should definitely have information confirming his professionalism, if any
- read reviews - your predecessors, who have the opportunity to cooperate with the developer, could share their experience. What was he like? Of course, you can always run into bias. But you may also find quite valid reviews that talk about pitfalls and dishonesty of the company. No one can more clearly describe the problems with the connection of communications or with delays in construction terms than a person who has encountered them personally
- study the finished projects - how successful were they and are they still so today? Even if at first the residential complex caused sincere admiration among its investors, over the years of regular operation it could turn into dissatisfaction and problems. It can be both low-quality materials used during construction and organizational issues related to the ZHEK or condominiums
- and professionals have misfires – even proven developers have unforeseen situations. Do not be lazy to search for information about the residential complex that you liked to make sure that there will be no problems with the selected object
It can be a useful resource for checking the company Association for Helping Injured Investors. On its website you will find a complete list of construction companies in various regions of Ukraine. Here, all the problems that arise during the construction of the residential complex are carefully recorded.
💡 Many recommend contacting the sales department directly as well. Here you will indeed be provided with information about construction participants, the availability of permits and the possibility of connecting communications, but ... No company will dig its own grave, so even obvious problems can be modestly kept silent. Remember the main rule of a successful investor: "Trust, but verify."
It is useful to consider other people's money: the financial reliability of the developer
It is clear that no developer will provide you with accurate statements of accounts. But you don't need it. To make sure of its decency and financial stability, it will be enough for you to study a few open resources:
🔎 Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations (EDRPOU). With its help, you will find out the names of the owners and founders, the date of establishment, types of activities, authorized capital, the presence of debts and court cases
🔎 Unified state register of court decisions (USSR). Here you will be able to make sure that the developer is not involved in legal proceedings and that the apartment complex you have chosen or the land on which it is located are not under arrest
🔎 State Tax Service of Ukraine (DPSU). This source provides information on the existence of debts. Please note that data can change instantly, so you should periodically monitor it for your peace of mind
Your future is in your hands - checking the information will save you from unpleasant surprises. Your foresight and talent for looking today into tomorrow have never been so useful.
How to understand the documents, if you are already up to your ears in them?
The basic requirement that you can present to the developer is a building permit. Without it, the residential complex will forever remain an illegal self-construction. In addition, there are other "land nuances" that should be observed before buying an apartment in a new building:
- The state register of rights to real estate will not tell you about finances and debts, but it will provide no less useful information. You can get an extract from it directly on the portal "Action". With its help, you will learn about the purpose of the plot allocated for a residential complex, and make sure that the developer has the right to build this object on it
- Public cadastral map will allow you to look at the plot, find out whether its purpose corresponds to the object being built on its territory. You will also be able to check ownership and other details
Speaking of documents, of course, we could not fail to mention the purchase agreement itself. When signing it, you should enlist the help of professionals to make sure that the document is drawn up correctly. During your independent study, pay special attention to the points related to payment, its terms and amounts, as well as possible fines.
