New construction versus older apartment or house

Advantages and risks of new buildings

Risks:

• The sizes of the most desirable apartments are lower than those of older apartments

• Connecting the kitchen with the living room, the so-called open space space - which may not suit you

• The layout is often solved in such a way that it is not possible to ventilate the apartment well and you have to invest in air conditioning

• Frequent absence of necessary infrastructure – schools, kindergartens, medical facilities, shops and restaurants.

• Frequent placement in the outskirts of cities

• Increased residential noise, a large group of residents in each project, the necessity to purchase a parking space, otherwise problematic parking

Advantages:

• Higher value of the apartment and apartment building (a large part of the price of the apartment is the value of the common parts and equipment of the apartment building, which explains why the value of a square meter is always higher than in old apartments)

• Fast processing of the mortgage loan (if the bank knows the development project, an expert opinion is not even necessary). The bank is based on the future value of the apartment from the appraisal of the project.

• A lower rate of costs associated with the use of the apartment, mainly energy due to the use of modern technologies and a higher energy certificate of the building.

• The price for sale is higher than for older apartments (if we don't take into account historic apartments in the city center) and the rental price is also higher.

• Possibility of purchasing a parking space

Advantages and risks of older properties

Buying an older apartment should be preferred if there is not enough construction of new apartments in the given location, the location is important to you (short distances to work, school or the presence of other important factors), the location has the infrastructure you prefer, etc. An older apartment will be a good purchase even if you need a larger apartment area than new buildings offer and your budget is tight. Older apartments have the necessary space, especially in the living area. On the contrary, kitchens, bathrooms and other accessories of the apartment may not correspond to ideas about modern living. The disadvantage of locations with older buildings is the limited possibility of securing your own parking space. A big advantage of such a location is, on the contrary, the presence of greenery and good traffic services.

Is it worth buying a "paper real estate" in Slovakia?

If you are buying a new building in a development project and the building is not approved, or construction hasn't even started, we're talking about a "paper" purchase. The advantage of such a purchase is a lower price, as the price rises depending on the approaching date of approval. This way you can save quite an interesting amount. Of course, only when you choose a project from the workshop of a proven developer. It is always good if the development project is covered by one of the more important commercial banks, as thanks to this, someone else can also see "into the kitchen" of the developer. Buying "on paper" is not suitable for people who need to live in a relatively short period of time. The normal construction of an apartment building can take up to two years, and at the same time, it is an unwritten rule that construction often slips into delays.

I am buying an apartment in Slovakia - what documents do I need?

• current extract from the title deed from the cadastre

• a photocopy of the cadastral map

• a copy of the original acquisition contract (that is, the contract by which he became the owner of the property, or another document, e.g. a resolution on inheritance, the price may be "blacked out" in it)

• confirmation of the age of the apartment building - it is issued by the administrator (it will be needed for preparation

• expert opinion for a mortgage bank)

• confirmation from the apartment building administrator that there are no arrears for services and media related to the use of the apartment (max. one month old)

• the last annual statement from the manager of the apartment building

I am buying a house - what documents do I need?

• current extract from the title deed from the cadastre

• a photocopy of the cadastral map

• the original acquisition contract (i.e. the contract by which he became the owner of the property, or another document, e.g. a resolution on inheritance, the price may be "blacked out" in it)

• approval decision

• construction documentation (including inspection reports)

• latest invoices for water, electricity, gas

I am buying land - what documents do I need?

• current extract from the title deed from the cadastre (not from the Internet)

• the original acquisition contract (i.e. the contract by which he became the owner of the property, or another document, e.g. a resolution on inheritance, the price in the contract may be "blacked out")

• a photocopy of the cadastral map

• spatial planning information - it is issued by the municipality free of charge upon request

• geometric plan, which the plot was focused on

• expert opinion, if a geological survey of the subsoil (or groundwater level) was carried out

• statement of utility network managers about the possibility of connecting to them (water, sewerage, electricity, gas)

What is the difference between an flat versus an apartment in Slovakia?

Be very careful when buying what you are actually buying. The public often mistakenly perceives an apartment as a lower flat category. But the connections and differences are broader. The basic difference from the point of view of law is that an flat can be used for permanent residence, but an apartment cannot. The difference between the two properties is mainly in the field of meeting technical and hygienic requirements. This is mainly a lack of daylight (e.g. corner, north or lower floors in buildings) or exceeding the permitted noise limits. If the space does not meet the specified legal standard of an flat, it cannot be approved as an flat. According to the Building Act, an flat is defined as a room or set of rooms that are permanently intended for housing by decision of the building authority and can serve as separate housing units for this purpose.

Advantages and disadvantages of buying an apartment

There can be several differences when buying an apartment. If the purchase price is to be financed from the funds of a mortgage loan, it is necessary to carefully check whether the selected bank also provides loans for the purchase of an apartment. The problem can also arise when registering permanent residence in the apartment. The procedures of the authorities are not uniform due to ambiguous legislation. However, the advantage is that if you are a VAT payer and you are interested in using the apartment for business purposes, then you get the opportunity to deduct value added tax.

What is the most important thing to notice in an ad?

The advertisement should contain all relevant information about the condition of the property, including the most accurate dimensions, monthly payments associated with its use, layout, etc. In addition to a verbal description, it should also contain a floor plan and photo documentation, which is prepared during a physical inspection of the property. Contact information for the seller should be clearly stated in the advertisement. The professionally compiled ad also contains information about the energy certificate and the possibility of purchasing a mortgage.

How will RK help me in looking for housing and how much will it cost me?

A real estate agency can also be asked to find a suitable property for purchase, or to represent you in the entire process of purchasing a property. It is a service called "Buyer's Agent". The prices of such a service are determined by the agreement of both contracting parties in the contract on mediation of the purchase of real estate. In contrast to the sale of real estate, in the case of mediating its purchase, the individual actions of the real estate broker are often determined by a fixed amount, which is paid when the individual actions are delivered by the broker. The total price of such a service is usually comparable, or lower than in the case of real estate sales.

How to choose a location?

Location is the only property attribute that cannot be changed. A good location means:

• proximity to the city center

• plenty of job opportunities and rich civic amenities in the immediate vicinity (for example

• shopping opportunities, schools, banks, post office, hospital)

• quality environment

• safe location

• high-quality transport infrastructure and good availability of public transport

The better the location, the higher the price of the property. Clarify your expectations and priorities even before you start looking for a place for your home. You may find your dream home in a location that is more affordable for you than you originally thought.

What should I be interested in besides price and location?

Have you found an apartment at an affordable price and in a dream location? You are only at the beginning. Look at the size of the apartment, layout, orientation to the cardinal points. Doesn't the apartment overlook a busy street? Can the loggia also be used practically? What is the technical condition of the apartment and apartment building? Is the title deed "clean" or does the owner's mother-in-law have the right to live in it for life? On which floor is the apartment located? Is there an elevator? How is the parking? Take an interest in your neighbors. Does that seem like a lot? It is already clear that it will not work without compromises. Don't look for a property that will meet your expectations 100%. It is enough for her to fulfill what is really important to you.

What does holobyt / holodom mean in Slovakia?

It is a construction without tiles, facings and other equipment. It is, of course, cheaper than construction in the so-called standard of a full-fledged house or apartment. The costs of completion are usually relatively high, on the other hand, the customer can choose the materials and equipment of his choice. It is important to know exactly what the term "holobyte" or "holoconstruction" represents, as each developer can associate these terms with other content.

What should a real estate agent be able to answer during the inspection?

He should know the legal and factual status of the property, the possibilities of its purchase, including the purchase with the help of a mortgage. He should be able to inform about the costs associated with the use of the property, the possibility of clearing the property. He should also be able to respond to possible deficiencies that the property has and should propose possible solutions. Questions that he cannot answer on the spot, he should be able to answer in a qualified manner based on the information he gets from sellers and various experts.

What if I don't get all the information I should from the broker?

Ask. Before the tour, prepare a list of questions to which you would like to receive an answer. Read the specific real estate ad, but also other ads where there is more description and write down everything that is stated in other ads and not in "yours". Feel free to send these questions to the broker in writing. Also, do not hesitate to ask for additional information from the broker even after the inspection. For example by email. Have documents related to the property shown, e.g. the latest reconstruction project, audit reports, etc. It is advisable to oblige the seller to submit such documents or information, for example, in the reservation contract.

New construction vs. older apartment / house for rent, what is more worthwhile?

If you are interested in buying an investment property, we recommend clearly focusing on the location of the property, which is key in the process of renting the property. Today, nobody wants to commute 30 minutes to work in the morning, stand in kilometer queues every morning or spend half an hour driving around the block in the evening to park. New construction in a desirable location with its own parking lot is clearly the winner here. Today's equipment of new apartments is of an acceptable level for most clients. If you have a new building or an older apartment for the same price, the vast majority decide to rent a new building that provides higher living comfort.

Renting luxury real estate without compromises, where to look?

Increased demand from clients is also growing in the segment of premium housing, rental housing in luxury real estate. There is a group of clients who are happy to pay a few hundred euros more per month for rent and in return expect a premium location, private parking and high standard apartment furnishings. They also expect trouble-free living and, if necessary, an urgent repair, replacement of a malfunctioning appliance, or an express solution to a starting problem. Nowadays, on advertising portals, you can find a large number of advertisements containing the words luxury real estate, luxury apartment for rent and many other adjectives to impress the client and brandish terms that they really shouldn't. Let's start with the location, which should be the city center, max. the wider city center compensated by the larger area of ​​the apartment, not the apartment, be careful about that as well. Private parking is nowadays a matter of course in the case of new buildings. Next, focus on air conditioning, which even in modern housing projects, especially in the summer months, will ensure comfortable living, but at the price of increased monthly costs, but most clients do not deal with luxury real estate. Another important feature of a luxury property is to furnish the apartment to a high standard and to offer the client all the appliances that will ensure comfortable living and are important for everyday use. Equally important is a high-quality bed and plenty of storage space, but this should not be at the expense of the size of the rental apartment. Last but not least, in the evening after work, everyone likes to sit down in a high-quality sofa and play music or a movie on a large, high-quality TV with a selection of channels from which they can't even choose. Do today's luxury rental ads meet these minimum standards to be called luxurious? 

Where can I get more for my money if I am willing to pay a higher rent?

Košice City Center Rental Apartments offer for rent truly luxurious, new, fully furnished apartments of a high standard with their own parking spaces right in the heart of Košice in Novostavba in the center of the city. The perfect location of the building, parking after the apartments in private parking spaces, air conditioners controlled by telephones, TVs with diagonals from 65 inches and more rightly bear the name luxury. Likewise, electrically adjustable beds, 24-hour emergency service and a professional approach make Košice City Center Rental Apartments the first choice of clients looking for a premium rental without compromises in Košice. If you belong to a group of people who are lucky enough or work for a company that has a budget for its employees to rent one of the premium apartments, we definitely recommend you to try renting in Košice City Center Rental Apartments and experience premium living in the heart of Košice for yourself.

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