How to get the best apartment in a new housing project before anyone else?

In today’s real estate market, you can choose between an apartment that is under design or construction and an apartment that is ready to move in. Grigorijs Baratašvili, Head of the Sales Department at Merks mājas, explains the differences and advantages of each of these options. 

 

Design phase: the best time to buy

The best time to buy an apartment is when the building is still at the design stage. This is when the widest choice of apartments is available at the lowest prices. At this stage, the pre-reservation fee is reduced in new housing projects. In our projects, for example, it is only €3,000 as part of the down payment of the reservation agreement. Buyers then have time to save the full down payment, while the apartment is already reserved and the price will remain unchanged.

Also, apartment pre-reservation at the design stage is the new trend for all new projects. It is an advantage for the developer to see people’s interest in the project and a great tool for banks to check the liquidity of the project. For example, during the pre-reservation phase of the first building at the Lucavsala apartment complex, around 40% of the apartments were reserved. In the case of Arena Garden Towers, a third of all available apartments were pre-reserved in just two months.

Construction phase: a chance to have a say in the interior design and select the best apartments

The second best time to buy an apartment is when it is under construction. Compared to the building design stage, the construction stage offers a reduced availability of apartments. The same goes for the price – depending on the project, construction deadlines and other factors, the price of the remaining apartments may increase due to changes in construction costs between these periods. Although the number of apartments under construction continues to decrease, demo apartments are often created at this stage so that people can see the quality of the finishes and materials of the project.

The construction phase can be divided into two sub-periods. In the first one, customers still have the opportunity to choose their preferred collection of finishes. For example, wall paint, tiles, bathroom collections, the right type of bath: acrylic or stone, and flooring material. It is also possible to choose the basic apartment collection, with the possibility of customising it to suit your personal preferences. In the second sub-period, each apartment is already allocated a specific collection of finishes, but if additional services or higher quality finishes are chosen, these costs will be added to the total price of the apartment.

Finished apartment: available for moving in and additional bonuses

The main advantages of finished apartments are immediate availability and visible end result. This allows the new owner to settle into their new home immediately and enjoy all the comforts it has to offer, however, costs can rise during construction and this can often make the price of these apartments higher. Finished apartments are also often limited in number, as often the exact apartment in terms of size, number of rooms, view or desired floor height is bought during the design or construction stage of the building. At the same time, buying a finished apartment also has a significant advantage – often at this stage, developers offer some additional benefits, such as a built-in kitchen as a gift, discounts on parking spaces or a separate storage space.

 

What to consider before buying an apartment?

The choice between buying an apartment under design, under construction or when it is finished depends on your individual preferences and financial capacity, but the most important thing is to be informed and prepared to make the best decision on your new home. One-on-one consultations with sales specialists can give you a detailed insight into the housing project and help you choose the most suitable option, as well as give you access to exclusive offers.

Before deciding whether to reserve or buy an apartment, it is important to check the developer’s reputation by looking at previous projects and customer feedback to ascertain the construction quality and reliability. You should also assess the financing options and terms to make sure they fit your budget and capabilities. It is also advisable to consider the location of your future home, its proximity to work, public transport and other important places that can have a significant impact on your daily comfort and quality of life.

The energy efficiency of the building is also important, as it reduces monthly costs and promotes sustainability, so it is worth investigating what solutions are used for thermal insulation, heating and ventilation. It is also a good idea to check whether and how landscaping works will be provided, and whether common areas are planned in the project – not only they provide a pleasant living environment, but also have a positive impact on the future value of the apartment.