Three things to watch for when buying a property

Planning to invest in property for later letting or resale at a better price? Find out what to pay attention to when buying, to avoid problems later.

Debts and formal and legal defects

The first and most important matter, which is often talked about but just as often underestimated. The land and mortgage register (księga wieczysta) should be checked thoroughly. What is more, regardless of the initial analysis when discussing the terms of purchase, it is worth checking it again just before the notarial deed is signed. It is admittedly not common, but it can happen that new entries appear on the last day before the transaction, and it is too serious a matter to ignore such a possibility.

When examining the register, you should check that the person with whom you are concluding the agreement is definitely the rightful owner of the property. If not, this may have serious consequences later.

The second important thing the register will "tell" us is whether the property is encumbered with debt. Naturally, this can seriously affect the profitability of the investment.

If you are unsure what to check and how, it is best to ask for help from an agent representing the estate agency you work with. Provided, of course, that the agency itself has a good reputation.

The condition of the property

A factor that is theoretically key but in practice often neglected. Many people assess the condition of a flat very superficially. Yet it is worth taking a look at elements that may potentially need replacing. What is the condition of the taps and fittings? Do the windows need resealing? There are really many questions of this kind to ask. It is also worth checking whether the furniture happens to be hiding more damaged parts of the walls and floor.

That is not all, however. The assessment of the flat is one thing, but its value can also be affected by the condition of the building as a whole. So it is worth paying attention to the condition of the staircase and finding out how often the building is renovated. Knowing this can be important in price negotiations. If you have trouble getting the information, ask the estate agency you work with for help.

READ ALSO – SELLING A PROPERTY ENCUMBERED WITH A PERSONAL EASEMENT

The neighbourhood matters too

When you are admiring the excellent condition of the property and the great price, it is easy to forget about the flat's surroundings. Yet for many people interested in later letting, this factor can be extremely important.

So when buying a property, check whether the location is well connected with other parts of the city. Make sure there are no problems finding parking spaces nearby. Finally, check whether there are shops, service outlets or... nurseries and schools nearby. The aim is for the location to be attractive to as large a group of potential tenants as possible – which in turn will allow a higher rental profit in future.