New developments — buying an apartment can be both profitable and simple

When buying an apartment in a new development, you should be aware of several important market features that can significantly affect your choice. You can buy an apartment in a new development with a substantial advantage and in a very short time — the main thing is to know the best way to do it.

First of all, pay attention to the range offered by the modern market: it includes unfinished construction (incomplete projects) as well as a wide variety of apartments in buildings commissioned this year and last year. The situation is such that both private individuals and large construction companies are quite ready not only to offer various options by level, but also to give significant discounts or meet you on many terms.

Buying from a developer usually means that you have the opportunity to choose the conditions yourself: the floor, the view from the windows and much more, selecting the optimal unit in the building. If you are choosing an apartment for yourself, rather than considering it as an investment opportunity, these possibilities will be very relevant for you.

So, at the first stage you need to decide which exact apartment you are going to buy: this choice should be made carefully and thoughtfully, but quickly — because the market is constantly changing and your best option may be taken by someone else tomorrow.

Secondly, decide at what stage you want to buy an apartment in a new building: before its final completion, before handing it over to the first residents, or perhaps on the secondary market from private individuals or companies wishing to resell it.

In new developments, buying an apartment that is almost finished often turns out to be much more expensive than getting involved in the project before the building is handed over. On the other hand, concerns that the building may never be completed are quite high — and therefore not everyone is in a hurry to take options at a significantly reduced price. Note that since 2005 any buyer is reliably legally protected — and buying an apartment in a new development today is much safer than it was a few years ago.

If you purchase an apartment on the secondary market, bear in mind that previous owners have the opportunity to bargain, whereas a construction company cannot drop below a certain threshold. On the other hand, buying an apartment that, although new, has already been used is a chance to discover some defect after a few months. However, there are also plenty of very good options with unique designs.

Third, evaluate payment options and the terms of the contract. You should clearly know that all risks are minimized, and that a payment scheme which seems advantageous to you will not become extremely inconvenient in a few years. Essentially, you have two ways to pay for an apartment: use some form of installment plan (in which case, if the apartment's value increases over time you benefit, but you are obliged to strictly fulfill your loan commitments) or pay everything at once, which requires a rather large sum.

Whatever you choose, first and foremost pay attention to the seller's business reputation: if it is a reputable developer with market experience, the deal will most likely be successful.