Buying a flat on the secondary market step by step

Owning a property is an important life goal for many people. On the way to achieving it, however, a number of difficult questions arise. They multiply especially when buying a second-hand flat or house. Fortunately, to see such a transaction through, it is enough to follow a few important tips. Below we explain how buying a flat on the secondary market works, step by step.

• Buying a property on the secondary market – choosing a flat
• Buying a flat on the secondary market – what to look out for?
• Condition of the building
• Who manages the property?
• Planning your budget
• The most important step: legal formalities

Buying a property on the secondary market – choosing a flat

The first issue, which may seem trivial but is extremely important, is choosing a home that suits you. It is worth checking its layout and its location on the city map. It is important that the layout of the flat suits us and that the property is close to the facilities we need, such as shops, cinemas or medical clinics. A flat on the secondary market should also suit us in terms of its floor area and its position within the given tenement house or block of flats. If we have a car, let us check whether a parking space is also included. All the variables that matter most to us should be calmly thought through, so that we do not later regret a decision made too quickly and rashly.

Buying a flat on the secondary market – what to look out for?

When checking the details of a chosen property, e.g. a flat in Kostuchna, Katowice, we should find out who currently owns it and who lived in it before. It is also necessary to read the land and mortgage register (księga wieczysta) and the notarial deed (akt notarialny) – these documents contain a number of important facts. It is worth asking at the same time about the reason for the sale and any renovations carried out so far. It is also essential to obtain a written certificate confirming that no unauthorised person is registered as resident in the property. It is equally important to check whether the flat has any debts or is encumbered by a loan or mortgage.

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Condition of the building

Once we have found a flat that suits us in many respects, we should also take an interest in the condition of the building in which we will live. It is good to take a close look at the façade and the staircase. It is also worth asking, for example, about the condition of the roof and the heating system. This matters for the costs we will bear later – the lower they turn out to be, the better.

Who manages the property?

Few people pay attention to this aspect of a purchase, yet it is quite important. When the building is managed by a homeowners' association (wspólnota mieszkaniowa), we as residents have considerable influence over how the funds collected through the service charge (czynsz) are spent. When it is administered by a housing cooperative (spółdzielnia), some decisions are made "at the top", and an ordinary resident has a much smaller say.

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Planning your budget

When buying a flat, it pays to be realistic about what you can manage – especially in financial terms. Quite simply, we should consider whether we can afford the purchase and a sufficiently large mortgage. It may turn out that buying a flat on the secondary market significantly exceeds our financial means. In such a situation it is not worth taking any risk. It is wise to be prudent and think through what expense we can definitely afford. Let us add that different banks require different down payments for the flat being purchased. It is usually 20% of the value of the flat. If we buy it for 200 thousand PLN, we need to have 40 thousand PLN in cash. The expense we take on must therefore be commensurate with our earnings.

The most important step: legal formalities

To make the transaction secure, we must sign a preliminary agreement (umowa przedwstępna) with the seller. Drawn up in the form of a notarial deed (akt notarialny), it protects both parties to the transaction. It is also worth including a handover protocol listing what we receive together with the flat (a garage, a parking space, etc.). The document should also, obviously, state the price of the flat agreed with the seller. It is also worth reading all the documents carefully before signing them.

FLATS IN KATOWICE LIGOTA – CHECK THE LISTINGS!

There are many matters to remember when deciding to buy a flat on the secondary market. It is worth asking specialists about all the details of this transaction. The people working for the Katowice estate agency REMAX Gold will help you untangle all the complexities.