Primary or secondary market: where is better to buy housing?

Law Services - Primary or secondary market: where is better to buy housing?

🏗The primary market is new buildings, real estate that has not yet been owned. The buyer is buying a brand new apartment/house/townhouse, recently built.
🏠Secondary – housing that was already in use, that is, that had an owner.

🤔What is better to choose

⬇️ Advantages and disadvantages of the primary market⬇️

• No need to pay intermediaries to close the deal.
• Repair, planning, furniture, decoration – everything is at your discretion and preference.
• Infrastructure. The new residential complex has everything you need on the territory: shops, pharmacies, children’s playgrounds, walking paths, a garage or a parking space.
• The building is serviced by a management company, not unknown utility services, from which it is impossible to achieve anything.
• Apartments from reliable developers have their own security and access control systems.
• The surrounding area, the entrance, elevators, platforms – everything is perfectly clean, new, works flawlessly.
• New communications.
• The price of real estate will only increase.

• The construction process may take some time, you may not be able to move in immediately.
• If there is an unscrupulous developer, the house may never be put into operation.
• It is necessary to carefully check the information about the developer: documents for the land parcel allocated for development, design and permit documentation for construction.
• Significant costs will be incurred for repairs.

⬇️Advantages and disadvantages of the secondary market⬇️

• Complete repair.
• The opportunity to purchase housing in any corner of the selected district – there are significantly fewer new buildings.
• Market stability.
• In the future, if you wish to resell the apartment, the prices will not change significantly.

• Old communications
• The condition of the territory, staircase, elevators and the appearance of the building is significantly worse than in the new residential complex.
• Low security system, mostly just an intercom.
• Problem with parking spaces.

❕ Objectively: the risks when buying a second home are many and different, and comfort is minimal. There is only one risk when buying housing in a new building: giving money to an unscrupulous developer.

So, there are advantages and disadvantages both in the first option and in the second, so it is up to you to choose which is more suitable.