The development market in Krakow has been developing very dynamically recently. More and more new developers are investing in this beautiful city.
Residential, office and industrial construction are developing, so at every corner, you can see that investments appear in every corner of the city. Some investments are already completed, but much more is under construction and huge hello is still planned.
Along with housing investments
The demand for real estate loans increases. Some customers buy apartments for cash, but not everyone can afford such an expense and then you need a loan. Apartments in Krakow can be bought at different prices and the price mainly depends on the location and distance from the center. The closer to the center these properties are more expensive and reach, say, USD 10-20 thousand per m2.
This is very big money and not everyone can afford such an apartment because at say 50m2 the amount of over USD 500,000 is being made, plus additional renovation and fees. The most popular flats in Krakow are in the price of USD 300-400 thousand were depending on the district we can get between 50m2 and 70m2 where these are 2-3-room flats.
Of course, there will be those who bought an apartment below and above this amount, however, there are definitely fewer such applications. There are a lot of apartments and we can freely choose between a new one from the developer and one from the secondary market.
The loan offer does not differ in this case
However, it must be taken into account that a new apartment that is under construction usually pays off in tranches corresponding to the stage of construction. If the tranche is many and we do not have sufficient funds, then when we start part of the loan we will only have to pay interest on the amount paid.
The longer the construction and the more tranches, the more interest and in this case it is worth preparing a larger own contribution. The primary market is also characterized by the fact that the apartment will be needed to renovate and refurbish the apartment cost about 1000 USD / m2.
Of course, there will be those who have an uncle who will do it for free, but in my opinion the amount will approach the one mentioned before because labor is only part of the cost and building materials are very expensive. There should be no such problems in the secondary market because we buy a ready-to-live flat unless you need to do a general renovation or refreshment.
Finding our desired apartment for a certain price
We must assess whether we can afford it. It is also important to calculate how much we can get our own contribution. Banks currently require that the own contribution be at least 10% (we usually insure an additional 10%). Some banks will ask for a higher own contribution, but 10% should be enough.
Having calculations and a flat, it is best to visit a financial expert and here I will recommend my person who has been working on loans for over 7 years. Hundreds of topics paid and matters dealt with. For my part, I can provide professionalism and guide you through the entire mortgage application process.
My services are free and I am rewarded by banks for the effect of running a loan. You can also entrust me with negotiations because I always try to get the best conditions that are available. If you have any questions, I will contact you and explain everything by phone.