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10 Things You Should Know Before Buying an Apartment

buy apartment 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.

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17 responses to “10 Things You Should Know Before Buying an Apartment” - Add yours!

  1. Valentin said:
    April 24, 2007

    Hi Michael.

    I probably woulnd`t be able to write a such a nice article. Thank you for sharing this tips.
    Why I woulnd`t be able to write it ?
    becouse I would use :

    “Now let’s say you’ve found an apartment …”

    .Try to find out what kinda neighborows are around, what are them habits, what and how they are. Even a shallow research may be usefull to avoid future missunderstandings with them …

    “. Check …. ”

    Anyway, you are bookmarked :-).

  2. Alex said:
    April 24, 2007

    Great article! How about a “10 things to know before RENTING an apartment” article for us “bottom-feeders” though? ;)

    I will be forwarding this link to several of my friends.

  3. J said:
    April 24, 2007

    Good tips but, some proof reading would have made this much less painful to read.

  4. phd said:
    April 25, 2007

    hi! nice article! im sure buyers know what they want. don’t forget tho, deal only with professional real estate brockers who can give you many apartments to choose from… to add to your article, buyers should be aware of:

    1. location and accessibilty (police, schools, church, market)
    2. security and emergency provisions
    3. amenities if any
    4. the value of the apartment – exterior look and interior finishes, built in features, favorable views thru the window etc.
    5. association dues to be paid monthly?
    6. all the basic provisions should be there – elevator for more than a four storey building, parking, full time hot and cold water supply…

    regards! :)

  5. Michael said:
    April 25, 2007

    Phd – Thanks for your contribution. :)

  6. April 22, 2009

    i share this article on my blog…thx

  7. August 25, 2010

    Does anyone know what the prevailing multi-family CAP rate is now-a-days?

  8. zaffer iqbal said:
    February 6, 2011

    what floor i should prefer in fourteen stories building

  9. Jesse said:
    March 28, 2011

    So first off, congrats for being the first link to show up when someone searches “buying an apartment” in Google. I’m pretty sure most real estate companies or agents would pay good money for that.

    Anyways, to get to the point of why I decided to comment on your blog I couldn’t find this article more useless. You basically just explained the thought process of what any functioning human being experiences when thinking about buying an apartment. I’m pretty sure that the bullet points you mentioned are the first things to pop into their head.

    Oh and I’m not sure if you’re foreign or just slow but grammar is actually pretty important, especially if you want people to actually read your blog

    Basically I feel less intelligent (or as you would say, “more stupider”) for reading this article.


    PS. – burn

  10. Jesse Haynes said:
    March 28, 2011

    Oh and btw you can’t actually “buy” an apartment; you rent them. What you are referring to is what we call a condo.

  11. Max said:
    April 6, 2011

    I would say “Really find out who are the neighbors and how well the building was built”. I curretly live in an old building and I can hear my neighbors’ TV and how this one guy walk on the upper floor.

    At this point I’m buing a new apartment in a relatively new apt. building (2007) and it is very nice. Now just waiting to sign all my papers =)

  12. Derrick Robinson said:
    April 23, 2011

    I am new to buying building I would like to learn how to buy a building with
    no money down, what kind of banks will do business with me and where to
    find the best properties for sale and what do I have to do to get the banks
    to help me my goal is to have a senior citizens building where the government will pay the rent for the tenants. That way I don’t have to deal with drug dealers destroying the properties.

  13. January 25, 2013

    Wonderful blog! I found it while surfing around on Yahoo News.
    Do you have any tips on how to get listed in Yahoo News?
    I’ve been trying for a while but I never seem to get there! Thanks

  14. February 15, 2013

    A family member referred me to this site. Thank you for the details.

  15. Katerina said:
    March 31, 2013

    Thank you for the great article. From your post, I learned the new word “off the plans apartment”. I am studying English, and I am from Ukraine :)

  16. Sant Ritz said:
    April 1, 2013

    Nice post. Very informative. I will definitely recommend this site to all my friend who are looking for a home. I hope this post will help them out abit. Thanks

  17. December 3, 2013

    Wow, finally found a nice article having many helpful tips for a new buyer.I liked very much the tips like reaching as many places as possible and finding the correct value of property so that no one can cheat the innocent buyer.The representation of article in two parts is undoubtedly exceptional providing knowledge about security,maintenance and taxation.Thanks for such a nice article, keep writing!

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