Selling a flat under construction

More and more often, on classified ad portals we find listings for properties that are not yet finished and come from the primary market. Is it worth paying attention to such listings? Are they financially worthwhile? Find out what selling a flat under construction involves and whether you will incur additional costs by choosing this solution.

Is selling a flat under construction popular?

Developers often decide to put flats up for sale before construction of the building is complete. Such deals are often found at housing fairs. Buying flats on the primary market before they are finished has become very popular. In this case payment for the property is often spread out, usually into two parts. Part of the purchase price is paid when the agreement is signed, and the next part only just before handover. The most favourable arrangement for the client arises when the payment on signing the preliminary agreement (umowa przedwstępna) is only 10% of the amount due. When looking for a flat, it is therefore worth paying attention to the payment system the developer offers. Unfortunately, not every developer agrees to such an arrangement.

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Information from the developer

A buyer who decides to buy premises under construction is protected. The main safeguard is the act on the protection of the rights of the purchaser of a residential unit or single-family house, also called the Developer Act. The client should also receive from the developer comprehensive information about the development. The elements that should be included in the description are above all:

• a detailed plan of the development
• information about the flat
• the legal status of the plot
• financial matters.

SEE FLATS FOR SALE IN CHORZÓW

Is such a purchase worthwhile?

Developers often introduce additional charges when we choose to pay under the 10/90 system. When buying a flat under construction we must be aware of the risk. The financial leverage effect plays a large role here.

If you are not sure how to carry out a transaction on the primary property market correctly, ask the qualified agents of REMAX Gold for help.