If you are a new buyer you will want to learn the basics of apartment building investment. Having an assessment, proper diligence, and a basic understanding of financing before making a purchase will give you the confidence to make the right decision at the right time. For this reason, we connect buyers with a variety of educational sources. If you are ever going to buy your first apartment, this article will show you a list of things you need to verify before you buy.
First and foremost, decide where you want to buy an apartment. This may include spending some time in the area or at least doing some research at home. Before you buy, do market research to make sure you are getting value for money. Talk to independent appraisers and real estate agents, and check recent sales in the area. Do not rely on the advice of the developer or their agent. This is especially important if you are buying plans. You need to know that the value of the finished apartment will at least reflect what you paid for. The building’s location, as well as its proximity to amenities such as shops, transport, beaches, parks, libraries, and open space, are factors that should be high on your shopping list. Basic services such as pools, saunas, gyms, car parks, and garbage disposal, lobbies, and mailboxes are often shared in apartment buildings.
You need to consider the age of the building. Find out if any facility needs to be repaired or replaced. It is strongly recommended that you obtain a report from an architect or engineer on the building before deciding to purchase. And what are its security measures, can anyone enter the building? Are there security cameras? It is also important to find out. Do you have a balcony so you can enjoy the view or the afternoon sun? Etc. You can also search for information. What are the maintenance fees? Most people do not think about this when buying a new apartment. They will usually cover fees for rental assistance such as municipal tax, property tax, appraisal tax, water tariff, general electricity tariff, elevator tariff, and rent cleaners and security. Find out what the maintenance fee is, what is included and what is included in the fee now.