Most of the properties offered on this site are ‘off-plan’ developments. Buying ‘off-plan’ is the most common method of buying property in Eastern Europe and has a number of advantages:

• Purchase prices for off-plan developments are normally set 12-18 months before the property is finally constructed and therefore buyers gain from any market appreciation in the time period between agreeing to buy and the final completion date.
  
  
• Apart from the deposit, the full purchase price only needs to be paid upon completion. This offers cash-flow benefits to the buyer.
  
  
• Off-plan developments are generally built to the latest construction standards and use more up-to-date construction materials (additional insulation, triple glazing, natural parquet flooring, high security etc).
  
  
• The quality of workmanship and professionalism of the development companies operating in Estonia is generally very high and no problems have been encountered to date with any buyers purchasing off-plan.
  
  
• The risk of buying off-plan is minimal as the main balance of the purchase price is only payable on completion and is subject to the buyer inspecting the completed property and confirming that there are no problems (any problems need to be rectified prior to completion by the building company - a process which normally works well - it is in their interest to get it right first time and the quality of workmanship is normally high).
  
  
• The heating costs in new, modern buildings are normally around 50% of older, Soviet style apartment blocks. Maintenance charges are also typically lower due to the higher ongoing refurbishment costs for older apartment blocks.
  
  
• New, off-plan developments are easier to rent to foreign businessmen and upwardly mobile locals who generally do not want to live in an older building.
  
  

   If you decide to buy an off-plan development, the buying process works as follows:

• The buyer chooses a particular apartment based upon detailed floor plans which provide exact dimensions for each of the rooms in the apartment.
  
  
• If the buyer decides to proceed with the sale, we will arrange for a 'reservation agreement' to be drawn up between the developer and the buyer. This is a preliminary contract which formally documents the intended purchase and explains the deposit amount and the final price payable on completion. It usually includes compensation clauses in the event of either the buyer or seller withdrawing from the contract prior to the completion date. A deposit amount, usually amounting to 10% - 20% of the final purchase price, is payable once the reservation agreement is signed. The reservation agreement does not normally need to be notarised and can be dealt with and signed without any need to visit Estonia.
  
  
• When the property is complete, the buyer has a certain time period to inspect the property and to notify the developer of any outstanding problems with the development prior to completion.
  
  
• If all is well with the property, the final balance of the purchase price is payable to the notary in time for the agreed completion date.
  
  
• The buyer must attend the notary on the completion date to sign the purchase contract. The contract is normally in Estonian though translations into English can be arranged for a small fee.
  
  
• Following completion, the buyer must pay a stamp duty charge to the local authority before the purchase agreement is released to the buyer.
  
  
• Ongoing maintenance charges are normally levied via the property management company responsible for the maintenance of the overall apartment block. These charges normally cover all utilities, insurance, heating etc for around £50 per month.
  
  

read more