New projects

New construction projects from contractors are building projects where construction companies develop new residential areas. They typically involve several buildings with a variety of apartments, with each apartment being offered for sale to the public even before the project is fully completed.

To check the reliability of the project and the contractor behind it, it is important to take several steps:

- Check the contractor’s license – Ensure that the contractor is registered with the contractors' registry and that there are no complaints or orders against them.
- Read reviews – Search online for reviews from previous customers who bought an apartment from the contractor.
- Visit completed projects – Visiting projects the contractor has already completed can give you a more realistic feel for the quality of work and the standards they maintain.

Purchasing an apartment in a new contractor project offers several significant advantages:

- A new apartment: You are the first to live in the apartment, everything is new and unused.
- Customization options: Sometimes you can choose finishes and additions during construction.
- Updated building regulations: New projects comply with the latest building codes and often include technological innovations.
- Price: Often, there is an opportunity to purchase at a discounted price during the early stages of the project.

Despite the advantages, there are also risks when purchasing an apartment in a new project, such as:

- Delays in delivery: There may be delays in the construction process and the delivery of the apartment.
- Additional costs: There may be additional costs during construction not included in the original contract.
- Non-compliance with standards: In some cases, the apartments may not always meet the promised standards or finishing levels.

To avoid these risks, it is recommended to:

- Thoroughly review the contract: Make sure all details and obligations are clear and explicitly stated.
- Consult experts: Consult a real estate attorney and an inspector who will review the contract and check the project.
- Regular inspection of the construction site: Monitor the progress of the work and ensure that everything is being done properly.

Financing the purchase of an apartment in a new project can be done in several ways, with the most common being through a mortgage. It is important to consult a certified mortgage advisor to get the best terms according to your financial situation. You can also combine personal savings or family support. Additionally, there are government programs that help first-time buyers with reduced purchase tax or assistance with initial financing.

Delivery security is an insurance policy or bank guarantee designed to ensure the completion of the project according to the agreed plans and specifications. It serves as a guarantee for buyers that they will receive the property they paid for, even if there are issues or if the contractor financially fails. Usually, this is required by law and includes coverage for at least 70% of the apartment's value.

Choosing the right project requires research and consultation:

- Location: Is the project located in an area you want to live in? Check proximity to workplaces, schools, shopping centers, and public transportation.
- Developer and contractor: Are they considered reliable, and do they have experience in completing similar projects?
- Quality of construction: Check the materials used, construction specifications, and finishing standards.
- Payment plan: Does the payment plan seem fair and match your financial ability?

Buying from a contractor allows the buyer to be the first occupant of the property and often offers flexibility in choosing finishes and additions. In contrast, purchasing a second-hand apartment may offer immediate possession and possibly a lower price in certain cases. Second-hand apartments may have issues or require renovation, while new contractor apartments are usually in excellent condition.

Before signing a purchase contract for an apartment in one of the new projects, it is important to go through several essential steps:

- Review the contract: Have a real estate attorney review the contract to ensure all terms are clear and not harmful to you.
- Financial review: Ensure you have the financial ability to meet the required payments, especially if using a mortgage.
- Visit the project: If possible, visit the construction site to see the progress of the work and get a better sense of the project.
- Talk to residents from previous projects: Try to speak with owners who purchased from the same contractor to hear about their experiences and satisfaction.

As a buyer in one of the new projects, you have certain rights in the event of problems or delays:

- Delay compensation: If the contractor does not deliver the apartment on time, you may be entitled to financial compensation according to the applicable regulations.
- Canceling the deal: In some cases, if the issues are particularly severe, you may be able to cancel the deal and receive your money back.
- Defect correction: If construction defects are found, the contractor is obligated to fix them within the warranty period they provide.

Changes in construction plans can be frustrating, but you can handle them as follows:

- Communication with the contractor: Stay in regular contact with the contractor to stay updated on any changes.
- Written updates: Ask the contractor to provide you with written and official updates on any changes to the plans.
- Legal consultation: In the case of significant changes, you may need to consult with a lawyer regarding their implications and your options for response.