Is it worth buying a cheap flat?

The answer to this question seems very simple and clear-cut. However, before buying a cheap flat we must ask ourselves a question. Why is a given property cheaper than others available on the market? Only once we have answered it should we decide whether buying a cheap property will really be an opportunity for us, or a source of many problems.

Check the legal status of the property

The first and most fundamental criterion when deciding to acquire a property is its legal status. Before making a decision and signing the notarial deed (akt notarialny), we should study all the entries in the land and mortgage register (księga wieczysta) carefully. Every land and mortgage register is divided into sections. In Section II we can check the owners of the property and verify whether the person we want to buy the property from is its actual owner. In Section III we will check whether anyone holds a lifetime right of residence in the property and whether a right of pre-emption or a right of repurchase has been established. Here we will also check whether the property is subject to any encumbrances other than a mortgage. Probably the most important part of the land and mortgage register is Section IV, which records the mortgages encumbering the property. Importantly, a mortgage encumbers the property regardless of whose property it currently is. The creditor can pursue their rights regardless of whether the current owner is the person who took on the obligation. Where a mortgage is entered, the notarial deed must state that the owner is obliged to repay the mortgage.

The technical condition of the flat

If the legal status of the property raises no doubts, let us definitely look into the technical condition of the cheap flat we want to buy. If anything arouses our suspicion, or we know nothing about construction matters, it is worth taking a building surveyor along to assess the condition of the unit. We will then also know whether the flat needs new wiring or plumbing, and whether walls could be altered or demolished. It is also a good idea to check the unit with the relevant County Building Inspectorate (Powiatowy Inspektorat Nadzoru Budowlanego). This will tell us whether the unit we want to acquire has been excluded from use, or whether any administrative decisions have been imposed on its owner requiring construction work to be carried out.

Check the area and talk to the neighbours

A reduced price for a flat always has a reason, so let us check whether the price is being driven down by troublesome surroundings or neighbours. Before deciding to buy, let us walk around the area at different times of day. Let us also try to talk to the neighbours and find out whether any residents of the same stairwell habitually disturb the peace at night. Such neighbours often lead the owners of a unit to lower the price just to get rid of the property.

A cheap flat offers many possibilities

If we have already checked all the potential risks and are certain that no unpleasant surprises await us in connection with the purchase, then a cheap flat is a very good choice for people who want a property tailored to them. A lower price usually goes hand in hand with a poor technical condition of the unit. This allows us to remodel and finish the flat entirely to our own taste and preferences. Thanks to the lower purchase price, we have more funds to finish the unit to a high standard and to use top-quality finishes, such as made-to-measure fitted furniture or stretch ceilings. A cheap flat is definitely a good choice for everyone with a vision and the desire to finish a flat to suit themselves.