What to Look Out for When Buying an Apartment from a Developer?

However, caution is advisable when making such a transaction. Check what to look out for when buying an apartment from a developer.

Does the development company really exist?

Before signing the development agreement, enter the company’s details into the search engine on the website of the National Court Register. This will give you certainty that the developer exists and… will not disappear with the personal contribution paid toward the construction of the property.

Does the developer have a building permit?

Although construction cannot begin without a permit, some developers break this rule and start work without valid documents. This is their way of completing the work faster, but such conduct is risky and may lead to legal complications when the development is commissioned for use.

If a company refuses to let you inspect the building permit, this is a sign that it may be operating illegally. Treat it as a warning and consider whether it is worth entrusting the construction of your home to such a company.

What is the deadline for commissioning the building for use?

Are you interested in new apartments? Wrocław is a city where developers are keen to build modern properties. The deadline for commissioning them for use varies depending on the company. Most of them offer completed apartments after just 2 years. However, this is not always the case. It is worth checking this issue carefully so as not to be unpleasantly surprised.

What consequences does the developer face for delays?

Construction delays are a major inconvenience for many residents. Many of them have to, for example, extend their rental agreements to have somewhere to live. This generates additional expenses. Therefore, before buying an apartment from a developer, it is worth checking whether the developer faces any consequences for delays. This may make it possible to claim compensation and cover the costs incurred.

What are the conditions for withdrawing from the agreement?

During the development process, your life situation may change significantly. As a result, you may want to withdraw from the purchase. To avoid problems in such a situation, it is worth checking the conditions for withdrawing from the development agreement before signing it. This way, you will know whether doing so is financially worthwhile.

Remember the rules above, and buying a property from a developer will be beneficial for you!