10 Things You Should Know Before Buying an Apartment
After spending some time in renting business you’ll realise that you should stop throwing away money on rent month after month, and buy a house or an apartment. If you are going to buy your first apartment ever, then in this article will show you a checklist of things that you should verify before buying. I’ve made this list because in future I’ll want to buy an apartment for me, and I want to be aware of things that I need to know before buying, avoid unpleasant surprises and of course invest carefully in my future.
- Decide on the area you want to buy an apartment. This may involving spending some time in that area or at least doing some research at home.
- Before you buy, research the market to make sure you are getting value for money. Talk to independent valuers and real estate agents, and check recent sales in the area. Don’t rely on advice from the developer or their agent. This is particularly important if you are buying off the plans. You want to know that the value of the finished apartment will reflect at least what you paid.
- Visit as many places as you can looking for properties that fit your criteria, so you’ll have a good idea of what your money buys.
Now let’s say you’ve found an apartment …
- Check that the property you are interested in is close to the facilities you require., for example shops, public transport, parks, hospitals, schools, work, gym, etc. – A valuable tip if you want to earn some time.
- When you choose to live in an apartment consider whether the building is close to clubs, cafes or other live music venues. What is the amount of passing traffic – will it be noisy at peak hour ? Will the noise affect your lifestyle? It is a good idea to arrange an inspection of the building during the evening or during peak hour traffic before you agree to the purchase. – Now I have an apartment near a non stop bar, and from time to time people get drunk at night and make a lot of noise.
- How old is the building? You should consider the age of the building.Are any facilities likely to require repairs or replacement? It is strongly recommended that you obtain an architect or engineers report on the building before deciding to buy.
- What are the security measures for example, can anyone walk into the building? Are there any security cameras?
- Does it have a balcony so you can enjoy the view or afternoon sunshine? Or are you blocked by other buildings or facing the wrong way for the sun?
- What are the maintenance charges? Many people don’t think at this aspect when they buy a new apartment. They will generally cover the municipal tax, property tax, assessment tax, water charges, common electricity charges, elevator charges and charges for hired help, like the garbage cleaner and security. Find out how much is the maintenance charge, what is includent and now included in the charge. For example, car parking charges may be separate.
- If you have a car this must be an important question to ask. Will car parking be provided and do you have to pay extra for it? Check with the seller of the apartment if his/ her parking slot will be made available to you. If your previous owner did not have a vehicle, speak to the secretary of the society and ask for a parking slot.
Now I’m sure that some of my readers might have some valuable tips to share on this topic. Feel free to post a comment with a tip or an advice, and the most useful tips will be published with your name & website in this article.