It’s not easy to buy a property in your home country and of course it’s much harder in a foreign country. This is a big purchase for most people and small mistakes can cost large. If you’re going to buy a home for the first time in Warsaw, here is what you need to know.
At the beginning it’s good to meet with a good mortgage broker and find out how much you can realistically afford to borrow in Polish banks, based on your individual circumstances. You should also make sure you can afford your monthly repayments. You will also need a deposit of at least 10% of the purchase price of the property. Apart from this there are other costs associated with buying a property in Poland which you should work out (e.g. mortgage arrangement fee, civil transaction tax, valuation fee, notary fee, real estate agent’s fee etc.).
You should look at a lot of flats and houses before you find the right one. Viewing different properties will help you be specific about what it is you want. It will also give you an idea of how much a particular house or flat is worth. Besides that, it’s essential to duly check the local area and amenities (e.g. shops, schools, transport options etc.) to be sure you’re buying in the right place.
It takes roughly six weeks to purchase a property in Warsaw (from preliminary agreement to completion). This is the average time. Sometimes it takes much more time.
Treat your purchase also as an investment. You should think beyond your own needs, but also the requirements of a future tenant or buyer.
It’s good to find a trustworthy and experienced real estate agent who knows the area and the market. She or he will have inestimable knowledge about the neighborhood and local matters such as new developments, schools and other important issues. Having an expert on your side can make a huge difference to the first-time home buyer and can also lower chances of making costly mistakes.
© Copyright 2016 by MZ Mariusz Zieliński. All rights reserved.
mariusz@mzfinanse.pl
+48 661 440 714
