How to Choose a Home That Exists Only on Paper Today
Builder and real estate developer YIT Estonia's recent survey reveals that nearly every third person is willing to buy a home on paper, or acquire real estate in a planned-stage apartment building. What are the peculiarities of such a transaction and what should you pay special attention to when choosing your home project?
If you plan to buy your dream home in a new development, it's worth making visits to real estate developer websites part of your weekly routine. According to YIT representative Kadi Aljas, the current market situation leaves the hesitant empty-handed: a large portion of apartments find new owners even before the building walls start to rise.
"The survey revealed that nearly every third person would be willing to buy a home in a planned-stage building. This trend has been on an upward trajectory for several years, as more and more people are learning to appreciate the advantages of buying planned-stage apartments – great selection options, flexibility in personalizing solutions, extra time, and easy communication," she said. According to Aljas, buying an apartment during construction is nothing to be afraid of, as the developer's sales specialists are typically always available for buyers. "Essentially, you gain what is like a support person for the home completion process, who is always there with advice and help and ensures that the buyer is satisfied and happy," Aljas explained, and noted that one should certainly take into account that buying a planned-stage apartment comes with its own peculiarities. What are her five recommendations to ensure that buying your dream home goes as smoothly as possible?
Map out your needs. How large a home do you need and how many rooms would be optimal? Are you looking more for openness or functionality? How important is the presence of a balcony or terrace? How much storage space or basement storage do you need? Do you need a parking space? Also think about the fact that even if you don't have a car now, a parking space may be necessary for guests or you could even rent it out to neighbors. Later, when renting out or selling the apartment, a parking space gives the apartment significant added value and substantially increases the number of interested buyers.
Clarify your possibilities. Calculate how much you can spend on an apartment each month. You should also consider that although apartments in new developments are more expensive than in older buildings, utility bills and fixed costs are usually lower, as the apartments are energy-efficient and typically don't yet have a renovation fund being collected.
Location, location, location. For an active person, proximity to parks, sports tracks, beaches and shops is certainly of interest. Families with children, however, pay greater attention to the safety of the area, good public transportation, schools and kindergartens near the home, and playgrounds.
Be able to see into the future. Buying a home is a major decision that should certainly not be based on current emotions – it would be good to also take into account needs that may arise one, two, or ten years from now. At the moment you and your partner might be looking for a two-bedroom apartment, but in the coming years you may need a guest room, home office, or children's room. An additional room may not be significantly more expensive, which is why it may be a more practical choice with an eye to the future.
Give the developer notice of your interest in good time. Also inquire about various promotional offers – for example, it's possible to find offers where the apartment price already includes a kitchen, wardrobe, and parking space, which means a significant price savings overall. Most projects also have fully furnished show apartments, which is an excellent solution for those who need to move in quickly. In addition to convenience, buying a furnished apartment also allows you to save costs, as development companies typically get apartments furnished considerably cheaper through their partners.
