Existing premises or under construction?
In the primary market, it is common for a construction investment to be implemented or only planned. There are plenty of adverts on the internet about newly built apartments in the area. A person interested in purchasing an apartment that is under construction should carefully check the investor. There are dishonest developers on the market who, after completing some investments, abandon construction and disappear with clients’ money, leaving people without a flat and with debts. The prospectus that every Warsaw developer must present to its clients is helpful in getting to know the details of the investment . It is worth choosing a developer who has already completed several investments and has experience in housing construction.
When choosing a premises under construction, you need to be sure that the investor has the funds to complete the construction and is carrying out the investments as planned – construction works are actually being carried out on the construction site. A new, already existing apartment building means greater investment certainty – the apartment exists, it is enough to complete all the formalities related to the purchase of an apartment. In the case of a new building with apartments for sale, there is no risk of failure to implement the investment. Even the most beautifully realized visualizations of the future housing estate are not a built building, but only a vision and a plan that will be implemented. Customer.
When choosing a developer, one should pay attention to the expected investment completion time, investor’s experience, decisions made, financial situation, investment prospectus, and the necessary permits. The guarantee that the developer Warszawa is trustworthy is the membership in the Polish Developers Association, an organization associating developers who adhere to the Code of Good Practice in relation to the future owner of the apartment and the rules set out in the development contract. The ranks of this organization include companies that offer the highest quality of their services and exemplary customer service. Very important in the context of the developer’s credibility is the issue of an escrow account – that is, a separate account to which advances from buyers are made. A closed account is the safest, as there is no risk that the seller will reach for the advance money to finance the construction.
Development contract – guarantee of customer rights
Building an apartment or house is a big cost. Therefore, it is worth protecting the interests of both parties by writing a development contract, which must be concluded by a notary. Before signing a development agreement, the client should request an investment prospectus. Pay attention when looking at the prospectuson such elements as: information on the construction underway, developer data, information on the financial condition of the company implementing the construction and examples of completed investments. The prospectus must contain information about planned municipal investments in the vicinity of the area where the construction project is being implemented, e.g. whether there will be a new road there or a facility that may affect the quality of life of local residents. Before deciding to buy a new apartment, it is good to check the zoning plan personally.
The development contract should specify the terms of withdrawal from the contract, the rules for the acceptance of the apartment and the transfer of ownership to the buyer. If the developer does not want to sign the contract in front of a notary public or proposes illegal provisions, it is not worth cooperating with him. The contract may not provide for the lack of the possibility of making a complaint or transferring delays to weather conditions. The development contract should contain the date of completion of construction as well as the consequences and penalties in the event of failure to comply with the terms of the contract. The parties must share the costs of the notarial deed in half.
developersthey try to sell their merchandise and misuse the term apartment. There is no such thing as a “29 m2 apartment”. The apartment has a large usable area, min. 90 m2, with a high standard of finish, with above-average interior fittings. The designation of small apartments as an “apartment” is an abuse and an important warning signal that the investor may unjustifiably increase the value of the apartment. The term “one-room apartment” is an oxymoron – an internal contradiction that should increase the vigilance of the buyer.