The 5 most common mistakes when buying a flat

Buying a flat is a serious decision. After all, it involves a large outlay of money. So before you make this decision, first familiarise yourself with the most common pitfalls that may be lying in wait for you. Mistakes made at this stage of the purchase can affect our financial situation, as well as our peace of mind. Below we list the 5 most common mistakes made when buying a property.

1. Buying "in a rush"
2. Miscalculating renovation and running costs
3. Choosing the wrong standard of flat
4. Time-limited commitments
5. Choosing the wrong developer

1. Buying "in a rush"

An old saying goes: "time is money". However, it is not always worth making decisions on impulse or in a hurry. It is worth setting aside a suitable amount of time in advance, because the formalities connected with buying a flat can take quite a while. When buying a flat, it is better to follow another proverb, namely: "the more haste, the less speed".

2. Miscalculating renovation and running costs

If you decide to buy a flat on the secondary market, remember that sometimes you need quite a lot of time to bring it up to a habitable condition. At this stage it is worth drawing up a cost estimate of the works, in which the renovation costs are assessed in detail. Unfortunately, "unexpected situations" often occur when fitting out a flat, so it is worth setting aside funds in the estimate for such eventualities. Running a flat involves many factors that depend on the location of the property. These costs will include, among others:

• the cost of maintaining the flat – i.e. the service charge (czynsz), utilities;
• cleaning costs – i.e. refuse collection, cleaning the staircase or keeping the green strips in front of the entrance tidy;
• administrative costs – the perpetual usufruct (użytkowanie wieczyste) fee, the renovation fund, the modernisation fund,
• additional costs – i.e. maintaining the lift, lighting and heating the staircases, etc.

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3. Choosing the wrong standard of flat

It is worth stating clearly what type of property we are looking for. Will it be a two-room flat or a studio? When deciding on the floor area, we should think about whether our needs may change in the future. If you plan to create your own office in your home in the future or are expecting a child, it is worth opting for a larger unit with additional free space. The quality of the flat and its location are just as important. It is worth checking out the area and assessing whether the given neighbourhood, city and transport links suit us.

ALSO READ ABOUT HOW TO CHOOSE YOUR FIRST FLAT

4. Time-limited commitments

Buying a property is an activity that takes quite a lot of time. Assembling the documentation, packing equipment and belongings or even obtaining a mortgage – all of this is time-consuming. It is therefore worth allowing enough time when planning the move. This matter is especially important when we decide to sell our current flat and buy a new one at the same time. We then have to take into account both the sale and the purchase. The key to avoiding stress in this situation can be to agree the payment dates precisely.

5. Choosing the wrong developer

If you decide to buy a flat on the primary market, remember above all to check the developer's past thoroughly before deciding to buy. Inspecting properties the developer has previously completed, or reviewing the contractor's professional track record, can save you a lot of disappointment. It is also worth checking the investor's track record on the Internet.

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