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6 reasons why it’s better to purchase newly constructed apartments

  • 4 months ago
  • 1

Purchasing an apartment is a major decision in anyone’s life, influenced by many factors. Starting with the location, finances, square footage, the proximity of schools, shops, and kindergartens, selecting the ideal apartment for us and our family is always a time-consuming affair that requires a lot of consideration. You must make the best decision, balancing what we need with what we have at our disposal.

One of the major dilemmas of any apartment buyer is whether they should purchase a newly-constructed apartment or choose to buy an apartment in an older building. Aside from personal taste, there will always be reasons pro and con to why someone opts for one or the other. This time, we have decided to give you 6 reasons why it’s better to purchase newly constructed apartments.

1. Purchase without investment

Newly constructed residential buildings are made using new materials and modern construction methods. In addition to this making them energy efficient, newer buildings also feature modern solutions in terms of heating and cooling your space, which automatically reduces energy costs. New investments, other than furnishing your apartment and maintaining the building, aren’t required for years to come. It’s often the practice for the investors to issue a warranty on the building and form a contractual obligation to maintain it for a certain period of time.

2. VAT returns

One of the major advantages of purchasing a newly-constructed apartment is the right to VAT returns that you will have if the newly-constructed apartment is the first real-estate you ever purchased – or, in other words, if you don’t already own any real-estate in your name. The amount of VAT returns (10%) is several times higher from the amount you get if you are tax-exempt when transferring full rights (2,5%), which you can do if the first apartment you’ve ever purchased classifies as older construction. This is especially important to anyone buying an apartment because they can then use that money to furnish their apartment or as part of their deposit in agreement with the investor.

3. Good infrastructure and parking

New apartments are built to accommodate all the challenges of modern living, with emphasis on comfort and function. Every square of apartment space is fully utilized, which usually means that larger apartments have more than one washroom, and the balconies are usually spacious. A newly-constructed building always comes with a garage or parking lot for the residents, which solves a common issue for many modern urban areas.

4. Save money if you buy at the right time

The price of new construction is formed with regard to the location and the commodities of the building itself. Construction investors have it in their best interest to sell the new building, so they are more than ready to negotiate the prices which will go up as the construction moves along. They are also willing to make exemptions and fulfill “special requests” of their buyers regarding various functionalities of the future apartment.

5. Affordable housing loans

If you plan to take out a housing loan in order to buy your apartment, it’s good to know that housing loans are currently very affordable and feature low interest rates. The banks are competing with one another in providing the best possible conditions, which has a positive impact on all who participate in the real estate market. Another popular feature is project financing, which guarantees security for the buyers and makes it easier to get an even more affordable housing loan.

6. New construction as an investment

There are many who purchase new construction as an investment in the quality of life for their families or something that can bring them profits in the future. Investing in real estate is always a good idea, especially if the real estate is situated in a good location and has high construction quality.

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