Should you buy a second-hand apartment?
The first decision that people have to make when purchasing real estate is whether they want to buy a new property or one on the secondary market. Both options have their own pros and cons. It’s important to carefully weigh each option to determine which best suits your needs. Everyone has different requirements when it comes time to choose their future home.
The advantages of buying a second-hand property
Let’s look at the main benefits of buying a second-hand property. Do these advantages only apply to the secondary market, or can new developments offer similar perks?
Resale property enthusiasts often point out the following benefits:
Immediate move-in after purchase
It may seem that you can move in to a resale home immediately after purchasing it, but this is not always the case. The sellers usually live in the home, so they need some time to move out and buy a new one. It’s not uncommon for contracts to include some time for the current owner to leave the apartment.
There are some cases where sellers rush to sell and allow buyers to receive the keys as soon as they sign the contract. Waiting a few months is much better than waiting years for a brand new building to be finished. This is a major advantage to buying a resale.
Establishment of a neighborhood and development of infrastructure
If you buy an apartment in a brand new development, it’s possible that construction will continue in other phases after your block has been completed. Noise and construction debris are some of the challenges that come with living near a construction site. Many new developments are also located in areas that have underdeveloped infrastructure.
You can choose an apartment in a completed residential complex, where the surrounding area is already established. This way, you will not have to deal with the inconvenience of construction. It’s important to remember that apartments in completed developments are usually more expensive than those from earlier phases. It’s a matter of choosing between saving money and enjoying a more comfortable home right away.
When buying resale real estate, you should also consider that you will not be able purchase additional parking spaces. It’s important to consider this before buying.
Competitive Prices
If you are looking for an affordable option, there is a greater variety of options on the secondary market. In cities such as Tbilisi or Batumi, there are thousands of real estate listings. It’s important to keep in mind that lower prices often come with certain compromises and are often justified. For example:
The apartment could be in bad condition, which means you’ll have to invest in renovations. The money you save on the purchase is likely to be spent on repairs.
* There could be maintenance issues such as problems with heating or water supply.
* Difficult neighbours could be a reason why an owner is eager to lower the price.
Also, it’s worth considering the market demand. One-bedroom apartments, especially those with a smaller size, are in high demand, and their prices can sometimes be higher compared to similar new-build options. Two-bedroom units can be affected by the same.
Resale properties: their advantages and disadvantages
Let’s now take a closer and more detailed look at the negative aspects of resale property to see how important they are.
Hidden issues
These issues are often centered around repairs and neighbors. We’ve already discussed neighbors, but let’s look at repairs.
Before putting up their property for sale, it’s not uncommon for owners to make some cosmetic repairs. These repairs are not always of the highest standard.
This is not a big deal for buyers who plan to renovate their home. Even pricier apartments that have been recently renovated but are only superficially done will not appeal to those who plan major remodeling.
If you want to move in and live comfortably immediately, then well-done repair work is essential. After a few months, problems can start to appear, even if everything looks neat at first. Wallpaper might peel off, revealing the mold underneath.
Any property can have unpleasant surprises, but top-floor apartment deserve special attention. These apartments are often sold at a reduced price. These units are also prone to roof leaks, along with other issues such as wiring and plumbing. It may not be obvious in summer, but the autumn rains will reveal any flaws.
Resale property issues
It’s important to check the history of a resale home to make sure there aren’t any hidden issues.
Here are some things to look for when buying a resale property:
* Liens and mortgages: Check to make sure that the property does not have any mortgages or legal restrictions. You can purchase a mortgaged home, but the seller has to disclose this and follow proper sales procedures. Avoid dealing with a seller who tries to hide the fact that they are mortgaged.
Check for unpaid utility bills. In such cases, you can agree to accept any debts. However, it is fair for the seller if they reduce the price.
* Registered residents: Make sure that no one is registered in the apartment as a resident who is protected from eviction by law. If the residents refuse to leave, you could be in for a long legal battle if you don‘t check.
It is important to check the legal status before buying a resale home.
Limited Options
You may often find:
Small apartments
* Unstable layouts that are difficult to fix
* Older heating systems that cannot be replaced by modern alternatives
* Conditions that are deteriorating or even hazardous.
It’s important to remember that resale property doesn’t always mean older buildings. You can also find apartments in newer complexes. Remember that many of these apartments were purchased for resale and the prices are higher than those offered by the developer.
Mortgage challenges
Mortgages for resale properties can be more difficult to obtain. Yes, banks offer mortgage programs on the secondary market. However, when you buy a new apartment, you will often find better terms because of partnerships between the developer’s bank and the lender.
Which is better, new or resale?
You can see that there are both pros and cons to buying resale property. Your preferences will ultimately determine your choice. Consider the pros and cons and the risks involved, and then decide what suits your needs. You can also browse through suitable listings on korter.ge. Take your time to make the right decision. It can ensure your future comfort.
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