Tuesday, November 20, 2012

10 Things that should beknownbefore Buying an Apartment

Once you start spending some time in renting business you’ll realise that you should stop flinging away money on rent month after some time, 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 check list of things that you should authenticate before purchasing a house. I have studied all such things because in future I would want to buy an apartment for myself, and I want to be well known of things that I need to know before purchasing, evade hostile surprises and of course capitalize carefully in my future.

•You need to decide on the area you want to buy an apartment like how much space you would want to buy or you can also do some study on the specific location of your home. Does it suit you in every manner? This might include spending some time in that area or at least doing some study at home and getting some information about the locality.

•Before you go for a buy, research the market to make sure you are getting value for money. Talk to independent valuers and real estate agents, and check latest sales in the area. Do not trust on advice from the developer or their agent. This is principally significant 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 look for properties that suit your criteria, so you will have a better idea of what your money can buy.

Now let’s assume you have found an apartment for you …

•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. – Anappreciated tip if you are willing to earn some time.

•When you are about to choose to live in an apartment deliberate 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 your lifestyle get influenced by the noise in environment? It is a good idea to arrange an assessment 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 would usually 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 isolated.

•If you have your own vehicle 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 niche will be made available to you. If you’re previous owner did not have a vehicle, speak to the administer of the society and ask for a parking slot.

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