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02.10.2022
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Author: Sea Inside

Risks when buying an apartment and how to avoid them

Dynamic market development and liberal legislation have made Georgia a leader in the Caucasus. The influx of tourists has increased the demand for profitable apartments. We will tell you what risks there are when buying real estate.

Many of our clients, who are generally ready to buy, wait for the right moment and ask: “Should I buy a property now?”. Experts answer - definitely buy, as houses in resorts are constantly becoming more expensive. The earlier you buy, the better your investment will be. Real estate transactions in Georgia are as transparent and simplified as possible, the risks are minimized, but before buying, you should pay attention to some nuances.

Unscrupulous developer

Such a risk exists if you deal with unverified companies. This risk can be avoided by purchasing property through us, the Georgian Developers Association. Sea Inside cooperates only with reliable proven developers who have experience, reputation in the market and completed projects in their history. By choosing us, you will be sure that the object you are buying has all the official documentation in order (building permits, licenses, etc.), and that the apartments, villas or apartments are attractive from an investment point of view.


Buying an apartment at auction: risks

Usually, apartments that were mortgaged in a bank or credit organization are put up for auction. If the lender has not repaid the loan, then they are put up for an electronic auction. Such objects are attracted by the price - it is below the market price. However, keep in mind that this is the initial cost, and it increases during the auction. First of all, you need to carefully study the documents for the apartment (for example, check if there are any unformed redevelopments) and the conditions for participating in the auction. Often, former owners and members of their families are registered in such apartments. Sometimes they refuse to be discharged (especially difficult when it comes to minors). In this case, the new owner will have to settle the case through the courts.


Poor construction

Such risks when buying an apartment were significant ten years ago. With the development of the sector and the growth of competition, it is coming to naught. Developers are trying to meet the demands of the buyer, who has become much more choosy. This contributes to higher quality standards. Today, more and more residential complexes in Georgia are being built according to international standards.


Risks with the contract and documents

You can check the legal documentation and the status of any object yourself. To do this, you need to apply to the House of Justice. This can be done in two ways - either electronically (via the platform https://napr.gov.ge), or by contacting the House of Justice directly. When buying an apartment in a trusted real estate agency, you can not waste time on this - large real estate companies care about their image, therefore, only with trusted developers and objects.


Unfinished housing

This risk exists when the property is purchased at the excavation stage. In this case, the experience of the developer, his reputation in the market, previous projects, customer reviews can serve as a guarantee.
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