ᐅ Condominium Purchase: Important Information, Risks, and Considerations

Hello, the financing is secured and things will get serious soon.
I tend to be a cautious person and therefore want to do many things correctly and be well informed.

What should one pay attention to when buying a condominium (new build)? Should additional insurance policies be taken out? The apartment will still be under construction for another 2 years.
Would you keep a record of the construction progress? I am very grateful for your advice.

Rosemon schrieb:

What should you consider when buying a condominium (new construction)?

Scope of work description and special requests.

Rosemon schrieb:

Should additional insurance policies be taken out?

No, because you are buying through a developer. You are not managing the construction yourself.

Rosemon schrieb:

Would you document the construction progress?

Officially, you are only allowed access after handover of the unit. Talk to the developer.

Have the final inspection done by a paid professional – in two years.

nordanney schrieb:

Description of construction services and special requests.

No, because you are purchasing through a developer. You are not building it yourself.
Officially, you are only allowed to enter upon handover of the apartment. Talk to the developer.

Have the handover done with a paid professional – in two years.

Oh, okay, so that means if, for example, the underfloor heating is being installed, I am actually not allowed to enter to take photos?

Rosemon schrieb:

Oh okay, does that mean that when the underfloor heating is being installed, I’m actually not allowed to go in to take photos?

With the typical property developer, you buy a part of an apartment (usually under real estate agent and developer regulations, as is common with condominiums), similar to buying a car from a manufacturer like VW. There, you’re also not allowed to enter the factory or take photos of how the components are installed.
As a rule, however, the developer usually allows you to enter the building if you ask politely.

nordanney schrieb:

With a traditional property developer, you buy a portion of an apartment (usually under real estate agent and developer regulations, as is almost always the case with condominiums), similar to buying a piece of a car from VW. Even there, you are not allowed to enter the factory or take photos of how the instrument panel is installed.
As a rule, however, the developer usually lets you visit the house (asking politely usually helps).

Thanks for the information. Yes, I will definitely ask. I would like to take photos of all the wiring... Thanks.