At the stage of planning the acquisition of a new apartment, it is necessary to study the available offers carefully. In this case, the very first step will be the choice between buying a home in the primary market, that is, in a new building, or the second one.
Apartment In a New Building
We will tell you about the advantages and disadvantages of apartments in residential buildings and complexes under construction, which will help you weigh all the personal pros and cons and make the right decision.
Advantages of an apartment in a new building
Cost per square meter
The cost of housing in new buildings rises depending on the stage of completion, that is, at the initial stage of development, you can buy an apartment at a price lower than the same apartment would cost in an almost finished building. This dependence is gradually becoming less pronounced in connection with the transition of the industry to project financing. However, in general, the rule is still relevant and in some cases, allows you to save.
The cost of the mortgage
The rates on mortgage loans for the purchase of apartments in residential buildings under construction are lower than the rates on housing loans for the secondary. The difference in some banks can vary from 0.5 to 2% per annum. Moreover, most of the government-subsidized preferential mortgage programs only cover the primary market.
Technology and comfort
An apartment purchased in a new building will be modern and comfortable, as the house is designed based on current trends and customer needs. Developers use quality building materials and advanced technologies. All communications in the new residential building are designed for a modern lifestyle: you don’t have to worry about the number of household appliances, use all kinds of electrical appliances, you will know that the elevators in the house are safe.
Housing in new buildings is thoughtful and carefully designed layouts, comfortable public spaces and a safe area.
Buying an apartment in a new house, you do not overpay for someone else’s repairs. Layout, decoration – everything can be done from the very beginning to suit your needs and taste. Many developers offer the possibility of developing unique designs for buyers who purchased an apartment at an early stage of construction. Also, on the market, you can find lucrative offers with repairs from the developer.
Most construction companies offer their clients a variety of payment options. For example, in transactions on the secondary market, there is no such method of settlement as an installment plan. When purchasing an apartment in a new building, it is possible to split the payment, which may be convenient in some cases. Don’t forget about promotions and special programs.
The great advantage of new buildings is considered to be the legal “cleanliness” of the living space.
Cons of buying an apartment in a new building
Despite a significant list of advantages, housing in a new house still has some disadvantages:
Not all developers meet the originally announced delivery dates. Although equity holders’ funds are protected, lagging behind the announced implementation progress may come as an unpleasant surprise.
Acat in a poke
Many consider a significant disadvantage of apartments in new buildings to be unable to visit them, examine them, etc. physically. In this matter, everything depends on the responsibility of the developer; most developers value their reputation and try to implement projects following the declared characteristics. Also, demo apartments or whole demo floors are opened at almost all construction sites, where future housing and even furnishing options are demonstrated.
Oddly enough, but this item refers to both the pluses and minuses of apartments in new buildings. The thing is that someone may not be suitable for the option when it is necessary to spend additional funds and time for arrangement. Also, the neighbours will make repairs in the new building, so the level of associated noise at first may be significant.
Many new buildings appear in young or new areas of the city. At the initial stage of development, neighbourhoods may lack the necessary social or public infrastructure. This inconvenience is resolved over time.
In general, the number of advantages of new residential complexes is significant. If you have made your choice in favour of primary housing, then all that remains is to decide on the most suitable apartment in the new building.
If you want more residential related articles visit this blog.