Buying real estate is an important step that requires careful preparation. Mistakes when choosing a home can lead to additional costs, legal problems, or even the inability to complete the transaction. Let’s analyze the 6 most common mistakes when purchasing an apartment and how to avoid them.

Mistakes When Choosing a Home on the Secondary Market

1. Overpaying for an Apartment

One of the most common issues is an overpriced property. Sellers often rely on subjective valuation rather than the actual market price. A buyer who has not researched the market may end up paying significantly more than necessary. How to avoid:

1. Research real estate market prices.
2. Use online resources to monitor prices.
3. Consult a real estate agent for an objective property evaluation.

2. Incorrect Assessment of Final Costs

In addition to the purchase price, buyers must consider notary fees, taxes, and other transaction-related expenses. Miscalculations can lead to unexpected costs. How to avoid:

1. Learn about all possible expenses in advance.
2. Consult a specialist for an accurate cost estimate.

3. Checking Registered Residents

Some apartments may still have registered residents who retain the right to live there even after the sale. How to avoid:

1. Request an extract from the population register.
2. Ensure that all registered residents have been removed before signing the documents.

4. Checking for Property Encumbrances

An apartment may be mortgaged, under arrest, or have other legal restrictions. How to avoid:

1. Request an extract from the cadastral registry.
2. Check for outstanding utility debts.

Mistakes When Buying an Apartment in a New Building

5. Developer Reliability

Not all developers are reliable: delays, failure to meet building regulations, or even company bankruptcy are possible risks. How to avoid:

1. Research the developer’s reputation.
2. Read reviews and analyze completed projects.
3. Ensure that the company has all necessary permits.

6. Careful Review of the Contract

Some developers include terms in contracts that are unfavorable to the buyer, such as hidden fees or the inability to recover money if the contract is terminated. How to avoid:

1. Carefully read the contract.
2. If necessary, consult a lawyer for review.

A Few Tips from Mirax Experts

Mirax specialists recommend:

1. Do not rush the purchase and carefully check all documents.
2. Work only with reliable developers and real estate agencies.
3. Consult a lawyer before signing the contract.

Choosing a home is a complex process, but the right approach can help you avoid problems and buy real estate on favorable terms. Learn more about available offers on our website.