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How to take into account all the risks and buy real estate safely

14 January

How to take into account all the risks and buy real estate safely

Everyone wants to invest their own funds with minimal risks. 

When buying an apartment in a new building, there is almost always a risk. Each investor should be aware that with a certain degree of probability, construction can stop, and you will lose your invested money or ownership of the transaction object.

Let’s figure out what risks are when buying an apartment in a new building. 

    • Unfinished. The main advantage is the possibility of acquiring a larger area at a significantly lower cost than ready-made housing. The risk of unfinished construction is that the property right can be assigned to the buyer only after the project is commissioning. If the project stops and the developer disappears, the investor risks losing his monetary investment.
    • Long-term construction. One of the most common risks. Projects that are being built very slowly, with a delay of the claimed period of more than a year (usually 2-3). In this case, the developer remains the same. 
    • Fraud. Most of the apartment frauds are carried out using forged documents. For example, the buyer is shown one apartment, and the documents are drawn up for another. Or the discrepancy between the implemented project and the declared one. 
    • Dishonest advertising. Inconsistency of the implemented project with the declared one.

 

  • Hiding problems and shortcomings.

 

How to avoid risks?

The best solution is to contact a real estate company. Since we represent the entire segment of the primary and secondary real estate market in Northern Cyprus and not a specific construction company. 

Our real estate agents study the developer, his reputation, check the documentation, and project financing. We will help you minimize all the risks associated with real estate investments.