Real estate developer Invego introduces its “New for You, Old for Us” concept for the first time in Latvia, helping buyers purchase a new home by arranging the sale of their existing property.
“We really want to make purchase of a new home easy and risk free. We see many families hesitating to move forward with their new home purchase, as they do not know when their current property will sell. This offer is to help them in their decision making,” says Invego CEO Kristjan-Thor Vähi and explains the process: “We agree on a buyout price in advance, and if the client hasn’t managed to sell the old property by the time the new home is ready to move in, we simply purchase the property ourselves.”
“The concept has been very well received by home buyers in Estonia, where we introduced the offer few years ago. The response shows that many people want to buy a new home but find selling their existing property a challenge. The car industry has offered a similar solution for years – you bring in your old car and choose a new one. We are now bringing the same principle to real estate, helping buyers overcome this hurdle,” adds Kristjan-Thor Vähi.
The offer runs until 15 December and is available to buyers choosing a new home in real estate projects Nordale, Torņakalna Terases, Parka Kvartāls, Miera Rezidences, Vide Ādaži, Mārupes Sirds, Vītolu Parks or Skanstes Rezidences. Clients can submit their existing residential property or land plot in Riga or nearby municipalities for assessment and an individual buyout offer.
To participate, buyers select a new home in one of the participating Invego developments and inform the sales team that they would like to use the offer. Invego specialists then inspect and assess their existing property before presenting a buyout proposal. Each offer is determined individually, considering the property’s type, location, condition and other relevant factors.
Once the terms are agreed and contracts signed, the owner can first try to sell the old property on his own or choose Invego’s help to market the existing property. If no buyer is found by the agreed deadline, Invego buys the property itself and deducts the agreed amount from the new home’s price. “The key is to plan the sale of the existing property and the purchase of the new home together. By agreeing on the process and buyout terms at the outset, we can help clients make their decision with a clearer understanding of how the move will work,” points out Kristjan-Thor Vähi.
About Invego
Invego is a next-generation real estate developer operating in three countries, specializing in large-scale residential and commercial districts built with a forward-looking, integrated urban concept. With over 10 years of experience, the Invego Group encompasses more than 60 companies across Estonia, Latvia, and Portugal, and is currently managing nearly 30 different development projects. To date, Invego has developed over 150,000 m² of space, including 1,500 homes and more than 50,000 m² of commercial premises. An additional 500,000 m² of residential and commercial real estate is currently under development. The bonds of Invego Group OÜ and its subsidiary Invego Latvia OÜ are listed on the Nasdaq Baltic First North bond list.
Additional information:
Kristjan-Thor Vähi