I want to buy an apartment . What should I pay attention to? We will answer this question in great detail in the following!
The pandemic and the border conflict have affected all sectors of the economy, but in a different way. Some sectors have been greatly diminished, others have had to adapt in a short time. In real estate, the number of homes sold in the first quarter of 2022 in Bucharest and Ilfov increased by 16% compared to the same period in 2021, according to the National Agency for Cadastre and Real Estate Advertising, and buyers came with new needs and requirements.
There is an increase in demand for larger spaces, with terraces or common leisure spaces as varied as possible. These signals from the market determine the developers in the residential sector to adapt and to offer housing solutions adapted to the demand of the buyers in this new context.
What to pay attention to when buying an apartment
This investment must be made with attention to all the details of the project ! Purchasing an apartment involves a long process of analyzing and comparing several options to align with an available budget. Adrian Rus, RE / MAX ACTION real estate expert and Aqua City residential and marketing director, points out: “This investment must be made with attention to all project details - location, facilities , technical documentation, final price, construction stages, materials used by the developer. The stage of market prospecting and analysis of offers can take several months or even a year, depending on the needs of each client. "
In addition to the fact that the purchase must have a well-documented process behind it, a negotiation meeting with the developers is essential, where the buyers must pay attention to the following criteria:
1. Accessibility & facilities
The long transit time between work and home can make even the most comfortable home a burden. The location of the residential project becomes an important criterion to consider, especially in Bucharest.
Is the area where the building is easily accessible or in the vicinity of public transport? How is the universe of interests of the buyer positioned in relation to his potential new home?
One solution is the orientation towards residential complexes that gather on a limited area a wide range of facilities, especially in a pandemic period. Green spaces, possibly co - working facilities, SPA centers, playgrounds for children, kindergartens are winning arguments in the decision process. They come with additional costs, but also with great long-term benefits.
Lawyer Oana Molea and Adrian Rus discuss facilities versus facilities
2. The current stage and the term of completion of the residential project
The first questions to be asked about a residential complex under construction are: what is the construction stage? What is the deadline for the completion of the residential project?
The advantage of residential projects under construction is that they have prices that often benefit from significant discounts compared to already completed buildings.
Carefully analyze the materials that are made available to the potential buyer by the developer: apartment files, floor plans, interior and exterior renderings - all this brings valuable information about how the project is designed.
3. Real estate developer history
Another aspect that should weigh heavily in the decision to buy a new apartment is the history of the developer who puts the real estate project on the market. What is its reputation? What are the previous projects? What kind of experience does he have in the field? What is the quality of the projects delivered over time?
4. Residential project documentation
An omnibus survey conducted by iSense Solutions in October at the request of Aqua City showed that the documentation ranks 1st on the list of details that Romanians pay attention to when purchasing an apartment.
Buyers are encouraged to discuss the project documentation with the developer and ensure that all documents required for the transaction are in order. These documents are: urbanism certificate, building permit, reception report, land book extract. Also, to check if the legal norms have been observed from a technical point of view, you can call on an experienced technical consultant (designer or engineer). After checking these documents, it is recommended to conclude a pre-contract.
Lawyer Oana Molea in discussion with Adrian Rus, about the stages of purchase and the necessary documents
5. Construction materials used and subsequent administrative issues
The construction materials used represent the following important aspect, along with the type of resistance structure, thermal insulation exterior masonry or the existence of a class A energy certificate. Real estate developers often provide customers with finishing lines to choose from.
In addition, buyers should be interested in connecting to municipal networks (electricity, water, sewerage) and what are the estimated costs for the maintenance of common areas.
6. Orientation of the apartment
A north-facing apartment is darker and colder than a south-facing one, a west-facing one brings shade in the afternoon (an important benefit in summer days), an east-facing one brings a lot of light until 12.00. The apartments on the ground floor have the lowest amount of light, the apartments on the highest level have the highest amount of light.
7. Sale price versus list price versus offer
In the case of new residential projects, developers can offer promotions to future customers: the parking space or kitchen furniture can be included, along with the apartment, in a generous offer.
VAT also influences the final price of an apartment. The good news is that from January 1, 2021, buildings up to 140,000 euros will benefit from a value added tax of 5% instead of 19%.
Adrian Rus talks about the minimum advance for a new apartment
8. Necessary steps for buying an apartment
When to buy an apartment? Basically, when the time comes for you! We can't tell you when this will be, but we can advise you on the steps to buy an apartment. Here's what you need to do:
Decide what type of apartment you are looking for
Start by deciding on the number of rooms, the type of block, the location and even the floor. The more accurate your filters are, the faster you will find what you are looking for and you will not waste your time with apartments that would not have met your needs anyway.
Analyze your budget
During this stage it will be necessary to find out if your expectations correspond to the budget you have. What is the maximum price you are determined to spend on what will become your new home? You may not have all the money at the moment, so you can make your way to the bank.
Learn more about lending conditions, such as the first installment, the interest rate, the lending time, the amount of the monthly installment and the documents required to obtain the loan.
Search offers
You can go to the profile sites to do an online search first. But beware, many of the ads found there are not entirely true. To make sure you avoid wasting your time, you could turn to a real estate company. On their site you will find only real ads from which you can choose.
Go to views
You will do some field work to find your dream apartment, but we think it's worth it! Select some offers that are to your taste and budget and go to inspect the property. Pay attention to the technical details but also to the way you feel in that space.
Determine the relevant issues
If you like the apartment, it's time to establish some essential details with the seller. Find out who the owner is, when the transaction can take place, what documents must be prepared, the final price of the property, the price that will be included in the sale-purchase contract and what are the goods left by the seller in the apartment when he releases it.
Achita arvuna
Arvuna will be prepared in writing and must contain the following information:
- Seller and buyer data;
- Property data;
- The amount paid for the arvuna;
- What is the final sale price of the apartment;
- Transaction date;
- The date when the arvuna is drawn up;
- Signatures of the seller and the buyer.
Another relevant aspect: if the buyer of the property decides to cancel the transaction, the arvuna will not be refunded. If the seller decides to cancel the transaction, the deposit will be paid twice the value of the buyer.
Prepare documents
The seller will prepare the bulletins of the persons who have the status of owner, but also the extract and the evaluation of the building, documents from the Cadastre (Public Services Agency). The buyer will prepare the identity card and the money.
Concluding the contract with a notary
The seller and the buyer will present themselves to the notary to authenticate the contract, and the buyer is obliged to pay the state tax, but also the notary's fee. The seller undertakes to pay after the transaction the income tax due from the capital increase, if any.
Register the contract
The contract will be registered in the Cadastre by the new owner, in the area of activity in which the real estate is located. From this moment you can start redecorating and other mini-projects for your apartment !
Aqua City Ensemble
In Bucharest, the price of a new apartment varies and is adapted to potential buyers. Depending on the location and the type of project, there are apartments on the market where the built sqm has a value of 4000 €.
The Aqua City complex, located in the NW area of Bucharest, in sector 6, near Lake Morii, offers apartments with prices starting from 1800 € / sqm built. To benefit from this offer, fill in the data in the form here .
The above clips are part of a Q&A session on the Aqua City Facebook page on February 3 - "Everything That Matters to You - Ep. 4". Full registration can be followed by accessing this link .