How to Read a New-Build Price List: Flat Price, VAT, Parking and Storage Room

The price of a flat in a new-build price list rarely means the total amount you will pay. Often it is only the price of the unit itself, while parking, a storage room, a small garden or changes to the layout are listed separately. Before you compare offers, make clear for each one what exactly is included in the price and which items will be added.

What a price list usually contains

A new-build price list is usually a table with individual flats. Typical columns are the unit number, floor, layout, floor area, price and status (available, reserved, sold). However, different developers state different information, so you cannot compare just the number in the "price" column.

On first reading, check the following:

• whether the price is stated with or without VAT,
• whether the price is for the whole flat or per square metre,
• which area it is calculated from (the floor area of the flat, or the area including a balcony or terrace),
• whether the price includes standard fittings or only a basic shell finish,
• the date to which the price list is valid.

Flat price and price per square metre

The price per square metre is useful for a rough comparison, but it is easily misleading. Two flats with the same price per metre may have a different total price depending on whether the area includes a balcony, loggia, terrace or front garden. Always compare the total price as well, and find out how the area is measured.

Also ask how the area is determined in the purchase contract. A distinction is often made between interior area, outdoor area and a share in the common parts. If the actual area differs after construction is completed, the contract should say what happens to the price. Have a lawyer review this part.

VAT: what to watch for

For new builds, the way the purchase is taxed can differ depending on the type of property and the terms of sale. For you as the buyer, only one thing matters: what final amount will leave your account. Do not settle for the shortcut "price including VAT"; ask in writing how each item is taxed (flat, parking space, storage room, ancillary items).

Consult a tax adviser about specific tax implications, for example if you are buying as a company or as an investment. As a general rule, when comparing offers always compare on the same basis: either all prices with VAT, or all without VAT.

Parking, storage room and other extra items

A parking space, garage space, storage room or bicycle room are the most common items that are not included in the price of the flat. For each of them, clarify the following:

• whether it is bought as a separate unit or as an ancillary item to the flat,
• whether it is compulsory or optional (in some projects parking is tied to larger flats),
• whether the space is indoor or outdoor, with an electric-vehicle charger, or with wiring prepared for one,
• what size the space is and whether your car will fit,
• whether the storage room is next to the flat or in a shared area, and how large it is.

If you are buying with a mortgage, ask a mortgage specialist how the bank treats these items. Sometimes they are financed together with the flat, and sometimes they need to be dealt with separately.

Surcharges and hidden costs

Besides parking and a storage room, other items may appear in the price list or in the contract. Go through them in advance and ask for a summary:

• surcharges for above-standard floors, tiles, doors or sanitary ware,
• layout changes and extra work compared with the standard,
• a kitchen unit and built-in furniture, if not included,
• fees connected with the transfer, management or the establishment of an owners' association,
• contributions to the repair fund and first payments for services,
• arranging utility connections, meters and final approval of the building.

The difference between "standard" and "above standard" is different for every developer. Ask for a written description of the standard specification and compare it with what you would choose yourself. Only then does it make sense to compare prices.

Payment schedule and how to calculate total costs

The price is usually not paid all at once. A reservation fee is paid, then a deposit after the contract is signed, and further instalments according to the progress of construction. Ask how the funds are secured, when payments are due and what happens if the completion date is postponed. A lawyer should always go through the wording of these parts of the contract.

Put together your own overview of the total costs: the flat, parking, storage room, surcharges for fittings, additional fees and any financing costs. For an indicative calculation of mortgage repayments you can use our calculator. Treat the result as an estimate and confirm the specific terms with the bank or a mortgage specialist.

How to proceed when comparing projects

First, choose a few offers in the project catalogue that match your location and layout. Then ask each developer for the current price list and a description of the standard specification. You can also find information about sellers on the developers page, and the overview of locations will help you choose a place. The general buying process is summarised in the buying guide.

If you are not sure which projects fit your budget, you can use the housing enquiry. It helps narrow down your choice and obtain comparable information.

Frequently asked questions

Is the price in the price list final?

Not always. It is often the price of the flat alone. Parking, a storage room and surcharges for fittings may be charged separately, so ask for a written summary of all items.

Can I buy a flat without a parking space?

It depends on the project. In some, the space is optional; in others it is tied to the flat. Ask the developer and have the terms stated in the contract.

Who will help me check the contract and financing?

The contract should be reviewed by a lawyer, financing by a mortgage specialist and tax questions by a tax adviser. A price list alone does not replace these steps.