QUESTION: New buildings: what expenses arise when accepting an apartment?
Accepting an apartment in a new building is a joyful yet responsible moment that requires attentiveness and sober calculation from the buyer. Many new settlers overlook the fact that the process of commissioning housing entails additional financial costs beyond the price of the square meter itself. To successfully pass this stage, it is useful to: calculate a baseline financial scenario and a stress scenario, allocate a mandatory financial cushion of 10–20 percent of the renovation cost, and decide in advance which expenses or additional contributions you can cut first in case of a shortage of funds.
The first major expense item after purchasing an apartment is paying for apartment acceptance services, especially if you engage a professional independent expert with a thermal imager, laser distance meter, and level meters. The cost of specialists' work depends on the apartment's area, but these costs pay off manifold, since the developer is obliged to rectify construction defects identified by a professional at their own expense. Trying to save on apartment acceptance often leads to new settlers having to seal gaps in windows and level walls with their own money after finishing work is completed.
The second unforeseen expenses are related to paying an additional fee for the actual area of the apartment based on the measurements of the Bureau of Technical Inventory (BTI). The design area often differs from the real one up or down due to the specifics of erecting monolithic or brick walls. If the actual area turns out to be larger than the design area, the shared construction agreement usually stipulates the equity holder's obligation to pay extra for every additional centimeter, which can amount to a substantial sum.
The third category of costs arises at the stage of registering the property of ownership and connecting utilities. This includes expenses for paying the state duty for registering property rights, the cost of drawing up a notarized power of attorney for a lawyer or the developer's representative, as well as advance utility payments that management companies often require to be paid several months in advance upon key handover.
The fourth item consists of primary expenses for preparing the apartment for living, even if the housing is delivered with a fine finish. You will need to purchase a basic set of plumbing fixtures, temporary or permanent lighting fixtures, door locks, and pay for the delivery and hoisting of building materials or furniture to the floor if the developer has restricted the operation of freight elevators.
To control your budget at the apartment acceptance stage, draw up a financial plan according to the following instructions.