Analyst Semenyuk: before buying an old apartment you need to check the floors
When buying an apartment in an old building, you should not rely only on prices. First of all, you need to find out the year the house was built and check the ceilings. How to profitably invest in old but “killed” real estate, publication “Petersburg. Expert” said market analyst, investor, real estate specialist Alena Semenyuk.
You should choose an apartment with reinforced concrete floors – wooden or mixed floors can entail significant costs. Also, when buying a property in an old building, you should find out when major repairs are planned for the house.
Also, before the transaction, it would not hurt to study the documents on the property with a lawyer. Such lots usually have a long history of changing owners. If the apartment is communal, then the transaction will require the consent of all owners of the living space. In this situation, the best scenario is if the apartment you are purchasing is the last one left. “If an apartment is purchased for the purpose of flipping, it is necessary to conduct a full analysis of the competitive environment. Calculate your expenses for purchasing and renovating an apartment, and the net profit upon sale. Don’t forget about paying tax when selling,” the expert shared. All these factors seriously affect the profitability of the property upon resale, the expert points out.
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Depending on the target audience, the infrastructure of the area in which the lot is exhibited also changes. For a student, it is important that there are colleges, universities and a metro station nearby. For families, the accessibility of kindergartens, schools, clinics and parks will play a decisive role.
Semenyuk does not recommend taking housing on the ground floor of the building. “The first floor in the old building is an illiquid story. It is better to refuse such an acquisition even at the lowest price. The sale period for such an apartment could take a year, or even more,” the analyst explained. The layout of the apartment should be comfortable and functional – the buyer will prefer to have a kitchen-living room and a master bedroom with a private bathroom. There should be as few load-bearing walls as possible, and as many wet points as possible. The interior should be adapted to modern design. The apartment must be fully equipped. “Today’s buyers are willing to overpay for this, but they are not willing to spend their time on repairs. Often the front door in such a house is in a decaying state – and it would be right to repair it at your own expense. This will significantly increase the number of people willing to purchase your apartment,” the specialist advises.
Earlier, Russians were told how to choose a “one-room apartment”. The most popular among families in this segment are now objects with an area of 45-50 square meters: a large square footage remains convenient even when the child grows up.
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