What is the maximum amount you can allocate for real estate, and how much can you afford to spend on renovations and remodeling? An objective assessment of your financial capacity is one of the first steps. If you’re unsure about the cost of necessary repairs and know that some will be needed, it’s a good idea to bring a trusted contractor or handyman with you on your first property visit.
If you plan to get a loan from the bank, it’s advisable to go there in advance so they can assess how much credit they are willing to offer and under what terms. An important detail to clarify before viewing a property is whether its valuation matches the asking price. If the seller is asking more than the property is valued at, the difference will likely need to be paid by the buyer when taking out a bank loan.
To avoid getting overwhelmed by listings and to be prepared for productive discussions with sellers, it’s wise to create a list of important features your future home must have before you start browsing through listings or visiting properties. This helps you stay focused on your needs, avoid emotional decisions, and save time. Since it’s not always possible to find a property that meets every wish, you can prioritize the items on your list.
Once your main criteria are clear, the search for suitable real estate can even be automated. For example, a free tool like adify.lv functions like a robot that searches listings across various sites for you and notifies you in real time when a matching property appears.
Instead of arranging a property visit and discussing everything on-site, it’s better to ask most of your questions by phone first — this saves time and helps rule out unsuitable options right away.
It’s also worth looking online before visiting: use street view maps to see what the area looks like, check the local infrastructure. If there are undeveloped plots nearby, examine municipal development plans or check the national geoportal geolatvija.lv to avoid surprises like a new highway being built nearby in the coming years. These documents also usually indicate the allowable building heights. You can also call the city planning office to ask about development plans for the area.
When buying an apartment in a multi-unit building, it’s important to find out whether the building is co-owned or divided into separate properties. In co-ownership situations, the law requires consent from all owners for any renovations or structural changes — if even one neighbor objects, the work can’t proceed.
Also, verify whether the property has undergone any unauthorized modifications and if the inventory documentation matches the actual layout. If changes were made without permits, the new owner will be responsible — depending on the extent of the changes, getting plans approved by the construction board can be difficult and expensive.
After the first viewing, if you’re seriously considering a property, talking to the neighbors is a great way to uncover potential issues. “Don’t be shy — knock on the neighbors’ doors and say you’re thinking of buying an apartment in the building or area. Neighbors will tell you both the good and the bad,” says Ritvars Sebris.
You might learn important things like water pressure, sewage problems, general neighborliness, and the building’s condition — plus other pros or cons of the building or location. If you’re unfamiliar with the neighborhood, visit at different times of day to gauge things like street safety or morning traffic jams.
When buying, keep a clear head. A common sales tactic is telling you there are other interested buyers or that offers have already been made. It’s up to the buyer to assess whether this is true. For instance, ask about interest in the property during your first phone call, and again during the visit. The site adify.lv allows you to view listing history, which shows how long a property has been on the market. The longer it’s been listed, the more room you may have to negotiate. Also, sellers in a hurry are more likely to lower the price.
When negotiating, don’t be shy — and don’t offer your final price upfront. Start with an offer about 5–10% lower than what you’re actually willing to pay. Just remember that sellers are also protecting their own interests: if your offer is too low and there are other interested buyers, you may lose the property.
Before buying, consider all future expenses — for example, typical utility bills in summer and winter, property taxes, and other costs. Look at the building’s total debt for services in the monthly maintenance bill. A high debt can indicate financial hardship among residents, which may make it hard to fund future repairs or renovations.
Finally, even if you think you’re buying a forever home — circumstances change, so it’s wise to evaluate how easy and profitable it would be to sell later. Try to assess whether the property’s value will rise or fall, and research market trends. Currently, there is a trend toward smaller homes, and demand for large properties is falling. Likewise, the value of apartments in older block buildings is also declining.
Factors that positively influence future value and resale potential include good energy efficiency, well-utilized floor plans, good location and infrastructure — such as nearby schools, shops, convenient access, and whether the building has been or will be renovated.
