Questions you must answer before buying a flat… part 1

Buying a flat is one of the biggest decisions in life for many people. To choose the ideal home that meets our needs, it is worth thinking carefully about a few basic issues. Which ones? Here are the most important questions worth asking yourself before deciding to buy a property.

Buying a flat – how will you pay for it?

This is probably the fundamental dilemma facing people who want to buy a flat. Of course, the ideal situation would be to buy a flat with cash. However, given today's prices and the average earnings of Polish society, few people can achieve this. That is why most of us decide to buy a flat with a mortgage.

Of course, this solution involves higher costs. When repaying a mortgage, we know we will pay the bank back more than we borrowed, but this solution means that buying a flat becomes a real possibility for us right away. When deciding to take out a mortgage, we must remember that we will be required to provide a down payment, which is usually around 20% of the price of the flat. In addition, let us take into account all the extra expenses, such as the services of an estate agent and a notary, as well as the cost of any renovation. It is also a good idea to have a financial safety net, so that we can keep repaying the mortgage comfortably if life takes an unexpected turn.

Buying a flat – from a developer or on the secondary market?

Another matter worth considering is the choice between a flat on the primary market and one on the secondary market. Each of these solutions has its pros and cons. A flat from a developer allows you to arrange the space as you wish. Another asset is that new buildings offer attractive floor areas and room layouts. Today new flats almost always come with access to a parking space. When choosing a property from a developer, we also do not have to go through the complicated civil-law process that is necessary when buying a property on the secondary market.

The drawback of this solution, however, is the longer wait for the flat and the need to sit out the finishing works. It is also usually the case that new flats are located far from the city centre, and buildings on new estates stand close to one another, which can mean neighbours peering into each other's windows.

The advantage of buying a flat on the secondary market, in turn, is the wide choice of building types. It may be a block of flats, a tenement house or an apartment building. Older estates are also generally better located in relation to the city centre and are often close to green areas. With this option we can also see straight away what condition the building and the flat are in. The last advantage is that you can move into a secondary-market property straight away.

So what are the drawbacks of this solution? Above all, both the flat itself and the building it is in may be heavily worn, which will require various renovations, sometimes thorough ones. Properties on the secondary market do not guarantee a parking space either, and those in attractive locations will come with high prices.

Bearing in mind all the pros and cons of each option, it will certainly be easier to decide between a flat on the primary and one on the secondary market.

These are not all the aspects worth taking into account when choosing a flat. You will find more tips in the next part of the article.