Factors to Consider before Purchasing a New Apartment

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modern-flatAre you looking for that elite, luxurious big-city home? Condo living seems to be a perfect fit for you. And as you choose one, you have tons of options to exceed luxury living, because they offer more than just an apartment home. Your ownership includes your apartment interior as you still reap the benefits of community amenities. 90 percent of people dream at having their own apartment and enjoy some of the excellent security features. However, a few of them hardly knows about checklist of things that they should verify before buying a property.

To avoid some unpleasant surprises, check out the following factors before you decide to invest in your dream property.

Decide on the location

A little bit of research work or spending time in the area you want your apartment is the oldest real estate mantra. Remember, the worst apartment in the best street will always sell because of the location. Check whether the apartment is easily salable if you decide to move later in your future. The location can well decide the issues. Schools, hospitals, shopping malls, public transportation, gym are some of the most important places for most of us. Are they handy to your apartment?

Appreciation

Buying in the right stage of a real estate cycle and in the right neighborhoods will always result in appreciation and profit. However, timing a real estate cycle is difficult and very speculative. Buying for a moderate long-term appreciation is safer and easier over short-term appreciation without equity and cash flow. Look for city-wide trends to pick areas that will hold their values and grow at an average 5 to 7 percent pace. Now if you combine this strategy with reasonable cash flow and buying into equity, you will definitely be a smart investor.

Maintenance charge

The majority of the people overlook this aspect when they buy a new apartment. This covers property tax, water charge, assessment tax, common electricity charge, municipal tax, elevator charge or charges for hired help including security and garbage cleaner. It is important to find out how much is the maintenance charge and what encompasses the charges.

Security and pleasantness of location

It is one of the crucial factors to consider before selecting a house. Check whether the apartment has security guards and about the current thefts in the area for further evaluation. Besides, it is equally important to see whether the area you plan to stay is pleasant. Will the noise affect your lifestyle? It is worth inspecting the building during the peak traffic hour before you agree to purchase. Most importantly, check whether the area will be more pleasant to live with your kids and safe for them to move around freely.

Age of the building

Find out how old is the building. Are any facilities likely to require replacement and repairs? Find out whether the building has ever been damaged, or if its structure resistance is 100 percent in case of earthquake. It is strongly recommended to seek advice of an architect or engineer regarding the building's conditions before deciding to buy.

Availability of car parking

If you own a car, this is an important question to ask- whether car parking is available and the number of cars which can be parked. In addition, check whether it is roof covered and is a common area or specific place. It is better to opt for a specific car parking area. Find out if you have to pay extra fee for car parking while you buy a flat.

Management body

All condominiums have a set of rules about life in the complex. This typically covers things including maintaining a common garden, painting the outside of the building, or repair any external features. Before you purchase your apartment, figure out what fees apply for the body corporate and what are the dos and don'ts they rule on. As an owner you have a voice on decisions which can affect the complex.

Amenities

Write down the features you need first. Be clear in what you want. For instance, check whether water supply is sufficient in the new area and how it is handled when there is severe water shortage. In addition, you should also look for other facilities including

  • Lifts facility
  • Gyms
  • Central vacuuming system
  • Lounge
  • Swimming pool
  • Basketball/volley ball area
  • Water softener to eliminate hard water stains in showers and sinks
  • Natural gas stoves
  • Copper plumbing
  • Tennis court
  • Library
  • Separate area for pets

Examining a few crucial factors before buying a new house can enhance your living experience to help create a more relaxing environment.

Information Shared By Southwinds

A post by B Maitra (2 Posts)

B Maitra is author at LeraBlog. The author's views are entirely his/her own and may not reflect the views and opinions of LeraBlog staff.

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