This is the final chapter of the Riga Property Guide. Earlier sections focused on choosing the right property. 

This chapter looks at the practical challenges that begin once the purchase is complete.

12. Now That You've Bought the Property.

All you want is to either move in as quickly as possible or rent it out just as swiftly. 

 12.1. After Purchase

Once you have purchased the apartment, there is a lengthy list of practical tasks to complete. You need to sign contracts with utility providers, internet and telecom companies, the security firm, and the building management company, and join the owners’ association if one exists. You also need to insure the property as soon as possible.

Equally important, you need to make the apartment habitable. Depending on its state, that could involve a full refurbishment or just minor updates like replacing bathroom fixtures and tiles. You then have to choose the interior design and what is practically achievable without extensive building work.

12.2. Preparing the apartment for occupancy

Many buyers want to repaint the walls and select their own kitchen, furniture, and finishes. Then come the details: curtains, rugs, lighting, appliances, crockery and cutlery, bedding, cushions, and a thousand other small items. Putting together a comfortable, coherent home takes much more time and effort than people expect, and the outcomes are often unpredictable—unless you are an expert.

Newly renovated apartment. The doors are open into the corridor. The reason is likely the lack of the suitable doors with the supplier at the time of renovation…

 If you plan to rent out the apartment, every euro and especially every hour you spend on this stage directly affects your profit and loss.

12.3. Renovation

Unless you have purchased a newly built, perhaps fully furnished apartment, or a recently renovated one (which is highly recommended), be prepared to manage your own renovation. The challenges are many, so think twice before taking this on. Renovation demands significant money, time, and attention and can easily feel like it takes a few years off your life.

A complete renovation of a historic apartment can take 6–12 months and cost up to EUR 1,200 per square metre. During this time, you will probably need to live nearby, visit the site often, argue with contractors, deal with delays, and check every invoice two or three times, as costs tend to rise well beyond the initial budget.

If you're not an expert, you become an easy target for contractors. In Latvia, the renovation industry is highly fragmented, with many small and medium-sized firms that often struggle with profitability and cash flow. This situation makes them opportunistic, and their quality and reliability can be inconsistent.

Property developers or real estate agencies may offer to manage the renovation for you, but generally at higher-than-market prices. Why? Agencies involve their partners, resulting in double markups, and for developers, your apartment is a side project rather than their main focus. Even then, the outcome is not assured.

12.4. Why not buy fully furnished?

It is generally better to steer clear of fully furnished apartments. In most cases, you don't get good value for money: the kitchen might not meet your needs, the furniture is often budget-friendly, and the overall design tends to be plain and hotel-like.

At the same time, experience shows that well-designed, cosy, and tenant-friendly apartments rent out more quickly and at better rates. Achieving that look and functionality, however, requires specialised knowledge and careful sourcing.

 12.5. How I help

This is where my expertise comes in. I can provide turnkey interior furnishings and equipment, selecting and sourcing furniture, appliances, textiles, tableware, and décor to make your apartment truly move-in-ready and attractive to tenants.

If you are buying property in Riga and would like help planning renovation, furnishing or preparing the apartment for rental, CONTACT ME  for a consultation. Visit my portfolio to see what I can do for you.