Secondary vs primary market. Where to look for a flat? Part 1

If renting a flat no longer interests us and we want to find our own place in the world at last, it is time to look for a home of our own. The dilemma remains, however, as to which market to look on. Primary or secondary? What are the pros and cons of each? In today's article I will try to explain the basic differences to dispel your doubts.

The basic differences

If the property market is completely foreign to you, we must start above all by explaining both terms. The primary market covers entirely new flats, houses and service premises. One of the parties is the investor, who may be, for example, a developer. We then decide which completion date for the project suits us best, so that we can calmly sort out the mortgage or the end of the tenancy agreement with the landlord of our previous flat. Sometimes we wait many months for the premises before we receive the occupancy permit. Afterwards – since it is usually a flat in developer's standard (stan deweloperski) – finishing work is still necessary.

The secondary market, on the other hand, means used properties that we buy from the previous owner (an individual or a legal entity). We get a finished flat, ready to live in, which we can renovate gradually so that it meets our expectations in both functional and aesthetic terms.

The primary market – advantages

This solution lets us start completely from scratch. We open an entirely new chapter in our lives, becoming the first owners of the flat. We do not inherit defects, we decide everything ourselves, with only the foundation at our disposal.

A new flat also guarantees a modern estate and a friendly neighbourhood. Developers increasingly care about the surroundings, providing coherent and functional architecture. There is no room for chance. Along with the keys we often get an underground garage, a safe playground, a private green area, a gated site (that is, security) and... prestige.

The primary market offers considerable scope to alter the layout of the flat. We can easily adapt the arrangement of rooms to our own needs. After all, a new estate means many different flats. Choosing the right one should not cause any trouble.

Living on a new estate, we can be sure that our neighbours will be people like us, with good manners, who take housing very seriously, since they have invested a considerable sum.

The primary market – disadvantages

When looking for a flat on the primary market, we have to head for the outskirts of the city or even beyond it, because that is exactly where developers build new estates. In addition, we need to be patient, because such blocks or houses can take a dozen or more months to "grow", so we have to pay the mortgage instalment and rent a flat at the same time. Not everyone can afford that.

We have to take our imagination to a completely different level. Everything around is only just being built. The infrastructure (shops, restaurants, clinics, bus stops) is springing up before our eyes. We cannot plan many things logistically. We have no idea what the standard of our child's new school will be.