What to Look For When Buying an Apartment

  • September 20, 2017
  •   DawnCole
  • 0
  • 808

We have rounded up some things to look for when buying an apartment.

You have decided to own an apartment after paying rent for years.

This can be a really exciting and overwhelming time. It is important to make sure that the apartment is in good condition and is located in an ideal neighborhood. Most important you want it to be under your budget.

Here we have rounded up some considerations you should make when buying an apartment.

Location:

Location, location, location” has been an age-old formula to buying the right property, and it is still relevant today.

Make note of the neighborhood while looking for an apartment. How far is it from a grocery store? Is it located in a metropolitan area? Is the property near transit points?

Money:

If you are like most buyers, you are working with a budget. It is essential to do market research to make sure you are getting value for your money. The rates of property depend on location and condition of the property.

Talk to real estate agents and check recent sales in the area. You can also seek the help from appraisers to get the real value of the property.

Is it Freehold or Leasehold?

You are buying an apartment, not home. And apartment may be located on the land that is on a lease. This is why you need to know if the property is freehold or leasehold. A freehold property is one where you own the home and the land on which it is built, whereas leasehold is where you buy the right to occupy a property that you share in some way with someone else. Apartments are leasehold as you share building and land with other people. This means that leasehold is an agreement between parties (one of them is your seller or housing association). Generally, leaseholds are complicated and can be more costly than freehold. A leasehold property allows you live in the property for a set frame of time, say up to 999 years.

Take Note of Services Offered:

  • Is the apartment equipped with security services or systems?
  • Is the parking spacious enough to hold your large vehicle?
  • Do they provide maintenance services like cleaning or painting?

Extra Charges:

Make sure to know about any extra fees. Are you responsible for charges like municipal tax, property tax, assessment tax, water charges, common electricity charges, elevator charges and charges for hired help, like maintenance and security?

Check the Quality of Constructions:

Is the building looking fresh and clean? If there are huge cracks in the wall, it may cost you a lot to fix them in the future. Get a professional building inspector to make sure you don’t miss any hidden damage. Also make note of ventilation, floor space and building orientation.

With the help of these things, you can find the perfect apartment in your budget and at an ideal location.