What to Consider When Buying an Apartment from a Developer?

21 - 10 - 2023

Buying a house is a lifelong transaction, which is often emphasized by investors encouraging us to make the purchase. However, to be certain about the validity of a transaction with a developer, let’s pay attention to several essential aspects to avoid common mistakes.

Let’s check the spatial development plan

If we’re interested in buying an apartment from a developer, we should pay attention to formulations that include sentences like ‘quiet neighborhood’ or ‘panoramic city view.’ While these may be attractive from our perspective, we don’t have a guarantee that a few years from now, the area won’t turn into a construction site that disrupts the current serenity.

Let’s also review the spatial development plan, which will allow us to check whether new developments are planned in our vicinity. This document contains detailed information on how the surrounding area will evolve in the coming years. All the data can be found directly on the websites of city and municipal authorities, so we can verify whether any unpleasant surprises await us at any time.

Let’s verify the documents and permits

The next step is to review the informational prospectus, which is provided to everyone interested in buying an apartment. This will allow us to thoroughly examine the legal status of the investment and significantly reduce the risk of making a dubious transaction. The prospectus contains all the information about:

  • the company’s history,
  • completed projects,
  • enforcement proceedings,
  • the company’s financial troubles.

Let’s also check whether the developer has, among other things, a construction permit and the right to use the land. Additionally, a fundamental step is to analyze the developer’s agreement template, especially the provisions related to finances.

Those who ask don’t make mistakes

We can also ask friends or even take a walk around the neighborhood where the property we’re interested in is located and seek advice from its residents. And if we’re buying an apartment from a developer in Warsaw, we recommend using the services of the real estate intermediary Villa Mia, as well-organized cooperation will provide tangible benefits to both parties.

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