Buying housing under construction in Montenegro

Buying housing under construction in Montenegro
2019/04/29

Renting an apartment in Montenegro is of course very convenient, but after a while you start to want something of your own. And if you are not satisfied with the property offered for sale, then you may be interested to consider the option of acquiring housing under construction.

Montenegro is a very dynamic country in the field of real estate construction. New homes here grow like mushrooms after rain. Modern technologies are increasingly used in construction, and the opportunity to acquire very high-quality housing has emerged. Penthouses, spacious studios with panoramic windows, apartments in residential complexes with swimming pools, shops, parking lots and restaurants - this is just a small list of new options that have appeared in the catalogs of real estate agencies.

It is rare to see buildings in Montenegro above 5-7 floors. On them, developers should receive special permits. This is due to seismic activity in the country. Buildings with a small number of floors are considered more reliable and, therefore, the cost of buying property in them will be higher.

On the first floors of new real estate residential apartments do not exist. They are given to bakeries, hairdressers, shops and cafes. You can always go down from your brand new apartment and get a full range of services, without departing far from home.

So, how to become the owner of housing under construction. Most often, developers will organize offices for the sale of real estate under construction, and they are located near the construction site. Also, you can contact the real estate agency. Their employees have information about construction objects.

If you are attracted to any building under construction, and you are ready to buy an apartment in it, or maybe two, you can enter into several contract options to formalize the acquisition of a real estate under construction. This may be a preliminary sale and purchase agreement, an investment agreement, a co-investment agreement, and an agreement on participation in shared construction. Each of these documents must contain certain conditions, such as: the area of ​​the acquired construction object, its cost, payment terms, construction deadlines, materials from which real estate will be built, as well as fines for violation of payment deadlines and construction. Be sure to pay attention to checking the legality of construction. The developer must have the official permission of the building authority.

After the building is built, it must take a state commission. Then you will be given for review the act of acceptance of housing, which you should carefully examine to observe the conditions for the construction of your housing. Next will begin the process of registration of ownership of the built property. And after the cadastral registration of the property you enter into the rights of the owner.

It is important to note that if you bought housing under construction, then by law you will be the first owner of the property and will be exempt from paying real estate turnover tax, which is 3% of its value.

The cost of acquiring housing under construction in Montenegro varies by location. The apartment in the new house on the Adriatic coast, of course, will not cost you cheaply, but there is a possibility for the developer to provide an interest-free installment plan for payments during the construction of your apartment and, possibly, for some time after. So, even the most impudent your dream can quite be realized.