Life hack: how to choose an apartment in a new building

The lawyers of the «Independent Human Rights Protection Center» will help you make sense of some of the nuances when acquiring an apartment in a new development.

Author: PO «Independent Human Rights Protection Center»

Right now a noticeable decline in prices for residential square meters in new developments is observed on the real estate market. In specialists’ opinion, this is connected with various economic and social factors related to the COVID-19 coronavirus pandemic.

Whether the price drop will be short-term or protracted, time will, of course, tell.

And in the meantime, the lawyers of the public organization «Independent Human Rights Protection Center» decided to help make sense of some nuances, and even possible pitfalls, when acquiring an apartment in a new development.

No. 1 Google to your aid

Buying any real estate is always associated with monetary expenses and risks. Across all of Tajikistan, construction of new residential properties is now underway.

In the opinion of a number of specialists, prices for housing have declined over the past few months, and there are many reasons for this. Among them, experts note the rise in the exchange rate of the American currency against the Tajik somoni, a decline in demand and an increase in offers on the real estate market, and much more, and all of this is in one way or another connected with the COVID-19 coronavirus pandemic.

If you have decided to acquire housing, then the real estate market is full of offers. According to the Committee for Architecture and Construction of the RT, 2,113 construction companies are officially registered, eighty of them - foreign. Most of them have their own internet resources on which the maximum of information is posted not only about the company itself, but also about the properties being erected and successful projects.

The search should be started precisely with web resources. Accordingly, everyone has certain financial possibilities, preferences regarding the district of the apartment’s location, the number of floors and the type. Surely you will start your search taking your possibilities into account. If you have not found all the exhaustive information, then the company’s website has the contacts of a consultant to whom you can ask the questions that interest you.

Important: First of all, you need to pay attention to the commissioning deadline of the property being erected. The deadlines depend, of course, on many factors, but the most important is the type and technology of construction. Having familiarized yourself with this information, you will understand whether this new development suits you. Do not forget to inquire about the future infrastructure and the location of the social-cultural-amenity facilities included in the development plan.

On average, panel buildings are built within a year and a half, frame ones - a little more than two years, while a «long-build» - is brick buildings; their construction takes more than three years, and practically this type is almost not used in housing construction in Tajikistan.

 

No. 2 Reconnaissance in force

If all the information obtained suits you, and you already have an idea of the assumed social conditions, then you can confidently go and see the location of the future new development with your own eyes. Walk around the district, talk to the residents of nearby buildings in the district…

And already based on the results of what you have seen, you can compare all this with the information obtained on the website or from the words of the company’s consultant. It is quite possible that after what you have seen on site, you will change your mind and continue your search.

 

No. 3 Will there be a choice?

If your desire matches your possibilities, then among the developer’s offers an option suitable for you may indeed be found. But there is another side of the coin – will the developer offer you a choice?

Often developers offer apartments without interior partitions. In the future this will allow you to display your design abilities. And it is not unimportant to clarify this point too…

Important: When choosing the layout, it is important to pay attention to the location of the kitchen and bathroom, and whether the apartment will have a loggia or an open balcony. Clarify what the area of the hallway will be…

 

No. 4 Developers – who is who?

At the start we said that more than 2 thousand construction companies operate in Tajikistan, and the positive reputations of the developer and contractor play a not-unimportant role for your peace of mind. After all, you will have to deal with them throughout the entire period of construction.

If you have settled on a specific choice, go to the developer company’s website once more and scrupulously study all the information about the building being erected, the developer and its documentation.

According to the legislation regulating the construction of residential buildings, including high-rises, the developer company must necessarily have the following documents:

- the charter;

- a certificate of entrepreneurial activity;

- an extract from the Single Window register;

- a license for construction activity, etc.

Of course, not all developers post all these documents on their websites, but the project itself and the construction permit are made publicly available by most.

According to the provisions of Art. 85 of the Urban Planning Code of the RT, the contractor is obliged to post an announcement about the property under construction, indicating information about the property’s client or contractor, the start and end of construction, and other necessary information, in a visible and accessible place.

Along with this, in accordance with the provisions of this article of the UPC of the RT, the authorized state body in the field of urban planning and the local executive body of state power are obliged to report to the public via the mass media on urban-planning activity, the public review of urban-planning projects, the organization of a system of showings, exhibitions and the holding of other events.

 

No. 5 The developer company’s website

Pay attention to the information posted on the company’s website. If you have not found the necessary information on the website, contact the consultant by phone. You can confidently ask them to send you the data of interest to your Email.

Important: Pay attention to how long ago the information on the website was updated. Now many developers practice posting photo and video reports from the construction site. If the last update was not so long ago, then this indicates that the developer is fulfilling its obligations to the client.

 

No. 6 The company’s success story and reputation

You have thoroughly studied everything inside out on the construction company’s website, and now you need to familiarize yourself with the history of the developer company and its reputation. And again, for a start use the internet, and you will find all or almost all of it - from the date of the company’s founding to the reviews of apartment buyers.

Important: Pay attention to whether previous properties were delivered on time, and better yet, do not be lazy and go to the site, assess the quality of construction and inquire about the impressions of the apartment owners.

Visit forums and look at reviews about the developer. But you should not believe all the comments, whether negative or, on the contrary, laudatory and enthusiastic. Compare the comments with the reviews of real residents whom you managed to talk to. 

 

No. 7 Financing of construction and the payment scheme

To construct residential buildings, construction companies may use various sources of financing. These may be the company’s credit funds or citizens’ funds - on the basis of «shared participation» in construction or the purchase of an apartment in installments.

 

No. 8 The «shared-participation» agreement

If you have settled on the option of shared participation in construction, then you need to come to the developer’s office and, first of all, discuss the terms of purchase, and this matter must be approached seriously. Concluding a legally sound contract - is the guarantee of receiving the expected residential square meters.

Be sure to obtain a copy of the shared-participation agreement before signing, take it home and study it in detail in a calm setting. If you have any doubts, or are not sure, then you can turn for a consultation to lawyers, including at the PO «Independent Human Rights Protection Center», where they will help you make sense of all the details.

Important: Pay attention to the following points of the contract: the deadline for fulfilling the obligations, the cost of the apartment, the amount and procedure for making the payment, the procedure for the acceptance-transfer of the apartment, the procedure for the early repayment of funds, the grounds for terminating the contract, the procedure for the return of money in the event of non-fulfillment of the parties’ obligations or early termination of the contract, etc.

 

No. 9 Awaiting the keys to the apartment

You have concluded the contract, and now the time has come for waiting and weekly walks to your future home. For some time, in order to comply with safety procedures, you may not be allowed beyond the «green fence» of the construction site.

In the final stages of construction you will nonetheless be given access, and the foreman, whom you will by then have managed to get acquainted with, will allow you to see your entrance and your new apartment. During these walks you will be able to get acquainted with your future neighbors, with whom you will surely band together in a group on messengers in order to resolve certain matters collectively.

And also, the construction waiting time - is the time for working out the apartment’s design and selecting building materials.

Source: Asia-Plus