We already know that Romania is among the European countries where the share of homeowners exceeds 90%. During the pandemic, Romanians continued to purchase homes, even though the economic situation was uncertain.
The credit granting process plus the great desire to close the transaction as quickly as possible make the buyer not give much importance to the physical and legal aspects related to the home they want.
We have been present on the appraisal market for over 17 years and can confirm that, sometimes, the process of granting a loan is not an easy one for the buyer. We constantly try to make the transition through this step of the lending process – the appraisal – as smooth as possible, but we do not omit aspects that can protect the buyer from some unpleasant situations, such as paying a higher down payment than initially agreed or even not granting the loan.
Today we continue with examples of aspects that you should not treat superficially when you want to purchase an apartment in a recently built building, namely: the quality of interior finishes, installations and thermal equipment.
The "grey" finishes or the lack of parquet and interior joinery are aspects that influence the value of the apartment. Even if the promise to sell and purchase states that you will purchase the apartment, upon completion of the works, for 90,000 euros, which is also the value indicated by the market, the estimated market value at the current stage will be lower. Why? According to the Valuation Standards, the estimation of the market value, when we talk about a bank guarantee, will be made taking into account the stage of the works as of the inspection date, not on the premise of the completion of all works.
Heating installations and equipment are also aspects that you need to take into account. A defining criterion in granting a loan is the existence and functionality of the heating plant and radiators, the lack of which may result in the loan not being granted.
Yes, sometimes interior work can take several weeks to complete, but our advice is that before requesting the appraisal report, make sure that the interior finishes and installations are complete, to avoid making the loan process more difficult and even, in the worst case, not being granted the loan. In addition to wasted time and money, you risk paying a higher down payment, so it is not recommended to rush the appraisal process in such situations.
Buy responsibly!
