How to buy an apartment in Krakow and make the right money

Krakow is the third city in Poland in terms of housing prices. It is more expensive only in Warsaw and Sopot. However, this does not mean that you cannot find an apartment here at an affordable price. Today, El Estate Krakow will tell you about the basic rules to remember when buying an apartment in Krakow.

We buy an apartment with cash or a mortgage

You can buy housing in Poland in two ways: in cash or with a mortgage. In the first case, the entire amount must be paid immediately. You should also remember that after the transaction is completed, the tax inspectorate can check your sources of income. The second option, namely a mortgage, is a common solution in our time. To obtain a loan, you should prepare all the necessary documents, contact a financial advisor and check your creditworthiness.

A mortgage loan in Krakow is an ideal solution for anyone who dreams of owning a home in this city, but does not have their own financial means to buy it. Employees of the El Estate agency in Krakow provide assistance in obtaining a mortgage.

Check out the future of the area where you want to buy a home

Remember that buying a home in Krakow is first and foremost a good investment. Therefore, before making a deal, we recommend that you check what will happen to your area in the future. If you are buying an apartment on the primary market, take a look at the visualization of the residential complex. It is possible that investments in infrastructure, new highways or overpasses are planned nearby. It's important to understand what's going to be near your home in 5 or 10 years.

Primary or secondary market

When considering which apartment to buy — on the primary or secondary market, consider the following needs:

• budget,
• waiting time for the move,
• the functionality of the apartment,
• location of the object.

An important criterion is the age of the house where you buy the apartment and its final price. Only at first glance it seems that housing on the secondary market is much cheaper. This is a popular belief that is based on how much you will pay for the apartment itself.

However, when buying a home on the secondary market, you will face additional costs such as property tax (2%) and notary fees. But other analysts say that, for example, by buying a 50 m2 apartment in Krakow on the secondary market, you can save up to 70 thousand zlotys. Everything is very individual and depends on the situation. El Estate Agency will advise you and help you figure out which apartment and in which district of Krakow to choose.

Take care of all the formalities — be careful

Buying an apartment involves collecting and processing a number of documents. This is due to:

• your creditworthiness if you're applying for a mortgage,
• the legal status of the property you are buying,
• an agreement concluded with the developer (primary market),
• a notarized certificate of a civil law act (secondary market).

The whole procedure can be confusing and complicated, especially if you haven't dealt with the real estate market before. However, this is not a reason to refuse to buy a home in Krakow. Just remember that when buying an apartment, you should consider many factors: location, district safety, technical condition of the property, and various legal aspects. Contact our agency's realtors, because El Estate Krakow's mission is to find the perfect place to live for you and make you feel comfortable.

‍