If you are looking for a flat, you can choose to buy a new property or a flat that has already been inhabited.
For many people, a secondary market apartment is the only chance for their own accommodation. There is no denying, however, that with this type of investment it is worth being vigilant. We suggest what to pay attention to if you decide to buy a flat from the secondary market.
On your own or with a real estate agent?
This is a decision that must be made by every person deciding to buy a flat from the secondary market. There are two solutions – the first one is independent searching of advertisements and visiting sellers. The second is to use the services of an intermediary who, based on our needs and expectations, will find flats for us that could turn out to be perfect. The second solution saves time and is a support in dealing with formalities. Nevertheless, these are additional costs.
First of all – check the land and mortgage register of the apartment
When buying an apartment from the secondary market you should start with a thorough analysis of the land and mortgage register of the property. It is a document that will tell us a lot about a given apartment. It will tell you who owns the property, what legal status it has and check if the apartment is not indebted and does not have a mortgage. We can check the Land and Mortgage Register both at the district court with jurisdiction over the address of residence and via the website. So it is not as troublesome as it used to be until recently.
Life imprisonment agreement and unwanted tenants
A life contract doesn’t have to be entered in the Land and Mortgage Register. However, it is binding and means that until death, the person concerned has the full right to live in the property, even if they change ownership. There may also be a problem with registered tenants who cannot be thrown out of the apartment overnight. Therefore, require the seller to certify that the property you want to buy is free of these risks.
See also: Apartment prices
Technical audit – why should we decide on it?
While in the case of flats purchased from a developer, the technical audit of the flat has already become common and the buyer knows that it is necessary to take care of their interests in this way, in the case of flats from the secondary market, it still happens that the “inspection” of the flat is carried out only by the buyer or his family members and friends. This is a mistake. It is worth realizing that it is the apartment, which is already old, that may hide more irregularities.
Therefore, it is worth deciding to use the assistance of an experienced specialist who will conduct a thorough technical audit and assess the condition of the building and the installation in the apartment. In addition, it will perform a proper measurement of the size of the apartment. It often happens that the sellers give a bad size. This may result from both bad will and lack of knowledge.
The cost of the technical audit is not high (especially if we compare it with the cost of buying a flat) and thanks to such a step we can avoid many risks associated with e.g. hidden defects.
Default in fees – check if there are no debts
If you decide to buy an apartment from the secondary market it is necessary to check if the apartment you are interested in is not indebted. The landlord should prove to you that you are not in arrears with your rent. The landlord should prove this with a certificate from the housing association or housing association. Also check that utilities, gas, electricity and water were also regulated on an ongoing basis. It may happen that the arrears are passed on to you when you buy and that means extra costs.
To sum up, buying an apartment from the secondary market is associated with many risks, which can effectively spoil all the joy of buying your own apartment. For this reason, it is worth carefully checking all the issues related to the ownership and condition of the apartment. Also a thorough inspection, preferably together with a professional is a reasonable move, so that we will be fully satisfied with the purchase.
Source: Purchase of an apartment from the secondary market.

Categories: House