Apartment flip calculator: assignment or resale after completion
Buying an apartment at an early construction stage in order to sell it? Compare two routes: assigning the developer agreement (cesja) before completion and selling after the notarial deed. The calculator covers the payment schedule, a mortgage released in tranches, notarial costs, the developer’s consent fee, fit-out, commission and tax.
- ROI on your capital73.2%
- Annualised (CAGR)31.6%
- Apartment price on the sale date770,000 zł
- Assignment price – you receive140,000 zł
- Your funds (peak invested)71,400 zł
- Total costs10,600 zł
- Tax7,128 zł
- Cash after the sale123,672 zł
- Break-even sale price710,600 zł
Sale in month 24.
Assignment or sale after completion
| Assignment or sale after completion | Assignment before completionselected | Sale after completion |
|---|---|---|
| Sale in month | 24 | 24 |
| Apartment price | 770,000 zł | 770,000 zł |
| Paid to the developer | 70,000 zł | 700,000 zł |
| Your funds (peak) | 71,400 zł | 704,200 zł |
| Notary – developer agreement | 1,400 zł | 1,400 zł |
| Developer's consent | 7,000 zł | — |
| Notary – assignment | 2,200 zł | — |
| Notarial deed and court | — | 2,800 zł |
| Fit-out | — | 0 zł |
| Service charge and utilities | — | 0 zł |
| Agent's commission | — | 15,400 zł |
| Tax | 7,128 zł | 9,576 zł |
| Net profit | 52,272 zł | 40,824 zł |
| ROI | 73.2% | 5.8% |
| Per year | 31.6% | 2.9% |
| Break-even price | 710,600 zł | 718,571 zł |
What if prices move differently?
Assignment before completion: price growth by the sale date.
| Price growth | Net profit | ROI |
|---|---|---|
| 0% | -10,600 zł | -14.8% |
| +5% | 21,472 zł | 30.1% |
| +10% | 52,272 zł | 73.2% |
| +15% | 83,072 zł | 116.3% |
| +20% | 113,872 zł | 159.5% |
This is an indicative estimate – not tax advice and not an investment recommendation. Price growth is not guaranteed and the completion date may slip. An assignment requires the developer's consent and is limited by law (art. 37a of the Polish Developer Act: one agreement for one unit, no more often than once every 3 years; the limit does not apply to assignments to tax group I and II relatives). Tax rules – podatki.gov.pl; for your situation, consult a tax adviser (doradca podatkowy).
How we calculate
- Payments to the developer: 10/90 and 20/80 – the balance in the completion month; “in stages” – equal parts at signing and roughly every 3 months until completion.
- Mortgage: you pay your deposit first, then the bank releases tranches. Until completion you pay interest only on the amount released, then equal instalments; the debt is repaid from the sale price. This is a simplification – your bank's terms may differ.
- Assignment: the buyer pays the market price minus what you have not yet paid the developer, and takes over the remaining payments. Income = assignment price − your payments − consent fee − notary; tax on the scale, 12% or 32%.
- Sale after completion: income = price − commission − (purchase price + notary + deed + fit-out); 19% tax (PIT-39), as you sell within 5 years from the end of the year of purchase. Interest, service charge and utilities are not deducted. The housing relief (ulga mieszkaniowa) is not included – it may exempt income spent on your own housing needs.
- Net profit = cash after the sale − your funds. ROI = net profit ÷ your funds (peak invested). Annualised – CAGR: (1 + ROI)^(12 ÷ months) − 1, as if all funds were invested from the start; with staged payments the real rate is higher.
- “Total” growth applies to the sale date; for the other route we scale it by time. Break-even price – the price at which profit after costs and tax is PLN 0. Notary and court – an estimate based on the maximum notarial fee (developer agreement and deed – half the rate) plus VAT.
We'll email the calculation and 5 similar apartments
Leave your details – we'll prepare a calculation for specific early-stage apartments and check the developer's assignment terms. The calculator figures are attached to your request.
What to know before buying to resell
- Price growth is not guaranteed – check in the table at what growth the profit disappears.
- An assignment requires the developer’s consent; the terms (fee, from which stage) are in the agreement. The law limits assignments to one agreement for one unit, no more often than once every 3 years (art. 37a of the Developer Act).
- Selling within 5 years from the end of the year of purchase means income tax: on the scale for an assignment (12% or 32%), 19% after the deed (PIT-39).
- Completion may be delayed – allow a buffer for upkeep and interest.
Further reading
Questions about flips and assignments
How does an assignment differ from a sale after completion?
With an assignment you transfer your rights under the developer agreement before completion – the buyer refunds what you have paid plus a premium and pays the developer directly from then on. With a sale after completion you first pay the full price and sign the notarial deed, then sell the finished unit – usually with upkeep costs and often fit-out.
What tax is due on an assignment?
Income from assigning a developer agreement is generally taxed on the scale (12% or 32%). Selling an apartment after the deed within 5 years from the end of the year of purchase means 19% tax on the income (PIT-39); there are exemptions, such as the housing relief. See podatki.gov.pl and ask a tax adviser about your situation.
Does the developer have to consent to an assignment?
Usually yes – developer agreements require consent, and some developers charge a fee or allow assignments only from a certain stage. In addition, the law (art. 37a of the Developer Act) limits assignments to one agreement for one unit, no more often than once every 3 years; the limit does not apply to assignments to tax group I and II relatives.
Why is the ROI so high with a 10/90 schedule?
Because by the assignment date you have paid only 10% of the price, while the gain is based on the value of the whole apartment. That is leverage, and it works both ways: if prices fall, the loss is also based on the full value. Check the sensitivity table and the break-even price.
How much does TM Invest charge when I buy to resell?
Usually nothing – the developer typically pays our fee. The consultation and shortlisting are free; we will also check the assignment clauses in the agreement for a specific development.