Buying real estate is a responsible step that requires careful study of all the nuances: from choosing an apartment to completing the purchase and sale transaction. We will tell you what to pay attention to when choosing housing on the secondary market and how to apply for a mortgage.
Secondary market – what is it?
The secondary housing market is fully finished real estate for which property rights have been issued and registered in Rosreestr, in other words – which already has an owner. During the sale, the apartment goes into “second hands”, and therefore is called “secondary”.
The secondary real estate market is not limited to old buildings, these can be recently erected complexes where the owner has already registered the property rights. The primary owner can be either an individual or a legal entity, or the developer himself.
Where to start choosing an apartment
The buyer does not always know exactly where to start looking for the right apartment. To begin, formulate the main selection criteria:
Determine the purpose of buying an apartment: for living or investing?
This may determine the type of property (commercial or residential), its location, size and other characteristics.
Take the time to choose a layout that is comfortable for you, and pay attention to the price range for apartments with the number of rooms you need. This will help you form realistic expectations for your upcoming purchase.
The most common types of layouts:
Studio
A one-room apartment in which there are no partitions between the living room and the kitchen, only the bathroom is separated by walls.
Isolated
Each of the rooms has its own exit to the corridor or hallway.
Adjacent
Typical for two-room apartments: the entrance to one of the rooms is through another room.
Open layout
Assumes that the walls inside the apartment are not load-bearing, the layout can be changed at the request of the owner. However, approval for redevelopment and / or reconstruction must be obtained, read more about this in the article.
Set a budget that you are willing to spend on buying a home, based on your capabilities and market prices for real estate.
Most often, the buyer does not have the full amount to buy an apartment, so he uses borrowed funds – a mortgage. A comfortable monthly payment is 25-30% of the total budget, so that there is enough money to maintain an acceptable standard of living.
If the budget is set, and you already have a rough image of the desired apartment in your head, move on to the next step – choosing a district.
