Benefits
Why buy new residence
As far as buying new construction goes, there is couple of main positives you may want to consider.
The best deals are headed to pre-construction (before ground-breaking). What you trade in quick move-in, is made up for in savings and personalization. Builders regularly discount prices at the beginning of a project, which means you’re building equity in your home before you even move in. Many builders go even further by offering exciting promotions early on in a project.
Warranty
Developers of New builds use reputable builders and Modern Building Regulations are to a High Standard. Structural warranty of 2 years is often provided as well as 2 years guarantee on all appliances and materials.
Your own choice
Buyers can select their own fixtures, fittings and some tiles, flooring from good range of standard styles provided by the developer, to tailor their property to their own taste, desire and needs. New Build can be as bespoke as you need. Anything above the Standard provided by developer is “Above Standard” at competitive rates.
More environmentally friendly
Fitted showers, dual flush toilet cisterns can minimize use of water. Efficient heating and insulation mean the New Build have smaller carbon footprint.
Security
Windows and the door locks meet the current European Standards. Some of new buildings are equipped even with security cameras in common spaces of the building and have 24 hour reception.
Lower Maintenance Cost / Heating Bills
When you move in everything will be brand new and in working order, therefore no need to budget for any repairs/renovations. Damp prevention, double glazing, draft proofing, cavity wall insulations are just few of the latest construction’s techniques preventing heat from escaping. Reliable central heating generates and sustains the heat effectively. New Builds are cheaper and faster to heat.
100% Property Ownership
In our opinion this piece of information is absolutely AMAZING. In our opinion. When purchasing New Build flat the buyer becomes 100% owner of not just the flat but also of the land it is built on. No Leasehold only 100% Freehold.
Property Financing Options
Have some savings? The best choice to invest them is purchasing a New Build. Most developers require 20% from the property value at the beginning (example: if the property value is 100.000 Eur, than you need to put down 20.000 EUR). Remaining 80% is payed by the buyer upon the completion.
Whether you have some savings and the rest of purchase price of property you want to finance through a bank or another financial institution, you certainly can. Big developers work together with one or more banks where they can guarantee/favor better conditions for buyers.
One important factor to note is, the interest rates in Slovakia are the lowest amongst any EU and European countries. Year 2021 shows interest rates at 0.5-1.2% p.a.
Free of Solicitor’s Fees
Buying property in Slovakia you don’t have to pay these solicitor fees, which is significant saving. These fees are not negligible. In England and some other EU countries you have to count with 2 – 7% fee from buying price of building or flat, that comes directly to solicitor and tax office.
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