New or «secondary» - to weigh the «pros» and «against»

17.02.2020 00:30
If you are thinking about buying an apartment, but don’t know what to choose - a "secondary" or a new building - we offer you to weigh all the pros and cons of both options by listening to the history of buying a home for two already lucky apartment owners in Kiev. Terms of choice

"Secondary": Today on the purchase of second homes could push the need for immediate settlement. In this situation, and was one of the buyers. And, unfortunately, for this choice was followed by the complexity of different nature, which might be expected. Become unpredictable timing resolution of all issues and problems. For example, our customer has spent at least six months in the selection of suitable housing (in areas Mitino and Brateevo), while the time was running out because of the sale of old property and the need for early resettlement.

Related article: As buyers of apartments not fall into the trap?

New: the possibility of relaxing in the apartment waiting for repair without finishing or completion of a new home, the obvious choice would be buying new building. Of course there are pitfalls here: unknown quality built homes, prolonged periods of completion, the possible "war" with the HOA ... Our buyer of an apartment in the building knew the exact location of the very desirable property (Tsarina and surrounding areas), and the purchase was not a pressing need , but only way to patrol.

Budget

"Secondary": when buying a second home can often form long chains of sales. In this case, or if the transaction involved more than 1-2 banks (that is, members of the chain used the services of various mortgage banks), the mortgage bank can refuse - because of the potential risks in the case of a "break" the chain. Also, the problem may be purchased by the bank and the disapproval of the housing (eg, old house, "suspicious" documents on housing, unauthorized alterations, etc.). But due to the fact that today the major transactions in the "secondary" are the exchange / sharing with additional payments, mortgages on second homes often involves large sums, which, consequently, reduces the risks of banking.

New: If you are going to take a mortgage for a new building, we note that the selection of apartments list can drastically reduce to those homes that are accredited bank itself. The other options - only in agreement with a bank that is issuing the guarantee mortgage on an apartment in another building is sharply reduced.

Buyer buildings does not have to choose. But the buyer second home "freedom" was, but that's the time to search for a suitable option, of not less than six months.
Choosing a realtor / real estate companies

Practice shows that each case is a real estate transaction is unique. It is difficult to predict for how long and what kind of result you get, making a deal on their own or with a realtor. But clearly, for his work realtor gets their commission claimed, but a spent force in self-purchase you will receive compensation only in the form of good experience (well, save on the commission that, in general, not recommended).

"Secondary": rarely, when the transaction takes place in the secondary market without a realtor due to the complexity of the process. But choose a real estate agency is difficult for several reasons: a large number of such companies, their reputation is ambiguous, complex conditions between the client and the Realtor (a contract for services), found ordinary unprofessional Realtors (both private brokers and employees in large agencies) and m . etc. It is best to choose an agent or on the recommendation of people you know or have friends / relatives in the real estate sector. The very process of working with can be quite difficult, depending on the complexity of the chain and the requirements of the buyer. In our case, the realtor paid for the services of about 400 000.

New: buy a new building can be an independent way, the practice in general, it has no special tricks. Nevertheless, real-estate services can take advantage of the relatively small commission (our realtor buyer paid 100,000 rubles). The duties of a realtor in the case of a new building will include only the preparation of all relevant documents.

Processes

"Secondary"

In the process of buying second homes includes the following main steps:

selecting a realtor / real estate agency;
formation of a request for home purchase: Requirements for apartment and precise definition of the budget;
selection and viewing options;
collect all required documents (from the buyer and the seller (the documents for real estate));
choice of bank (in the case of a mortgage) and the design of a mortgage loan;
implementation of the chain (transaction processing).

Which of these processes will be the most time consuming, difficult to say, but when buying a second home there are several pitfalls that may arise from the purchased apartments and tighten the entire process:

minor children in the apartment, but are not owners, should be written and entered into another apartment;
former spouses who are entitled to the property if it was acquired in marriage, and even if the former spouse were not registered and did not reside in the apartment;
Extract all the family members who may not be in town at the time of the transaction (for example, a family member who is in the army - and on his return from the army that person may appeal against the deal if he was discharged without his knowledge);
sale of power of attorney - pay attention to the powers of attorney and the owner of the date of issue (maximum power of attorney - 3 years);
Hereditary flat - the safest option of buying an apartment with the sole heir, otherwise within six months after the death of the owner may call applicants to its property.

New development: The process of buying an apartment in the building (from developer) may seem easier, but it is worth considering some points, especially if the house is still under construction:

selection of developer (check the previous and current activities of the company for long-standing projects or unfinished objects);
verification of documents for building: a building permit, project documentation;
decision making - at what point to buy an apartment;
information management company;
terms of putting the house.

Without the participation of the main estate agent home buying process limited to: the selection of new buildings, a selection of apartments, preparing documents for the acquired dwelling for a mortgage (if applicable) and, accordingly, the purchase.
Terms

"Secondary": as has been mentioned, the terms of purchase of second homes are significantly different from the timing of purchases new building, and to say how long it would take in a particular case, it is impossible. In our example, in the absence of a mortgage and subject to four links in the "chain", the purchase process lasted nine months of treatment to the realtor.

New: buying an apartment in the building can be virtually "instant", especially in comparison with the transaction on the secondary housing. Our buyer became the owner of the apartment for just 2 months after treatment to a realtor.
Conclusion

Clear winner in our "fight" no. But, given a short time home purchase, less time to collect documents, a small number of pitfalls and greater guarantees of mortgage credit, the purchase of new buildings can be more obvious choice for a relatively equal footing buyers.

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