What to Know Before You Buy an Apartment
You will get high returns when you sell your home or apartment in the future; hence, consider purchasing a house or a condo today. Buying house is a freehold property because you get to buy the house and the land. You will need to meet more requirements and have more documentation before you can buy an apartment and like buying a house since buying an apartment involves the consent of more parties than purchasing a home. You should buy an apartment because it will save you the monthly rent you will have to pay at the rental house. You should use these guidelines when purchasing a condo.
You can agree with the relevant parties on the duration you want the agreement to remain valid. Avoid buying apartments for lease has less than eight years remaining because mortgage lenders recommend that you should buy an apartment that has at least seventy years left in their lease. Seeking for the leasehold period to be extended has high costs which is an added expense to your budget. You should also know if you are going to deal directly with the landlord, a management company or both. Knowing who you will be dealing with in the future will help you to approach the right person when you need help.
You need to find out from the seller who will be responsible for the general repair the communal areas to avoid extra expenses. You should avoid buying an apartment that will cost you highly for the repairs of the communal areas. Some companies have other charges such as changing records when a person leaves or moves into the apartment building. You need to plan how you will be paying these shared expenses in future.
You may want the apartment you are moving into have a touch of your personality in its interior decoration for you to feel comfortable. You should know to what extent you can go with your interior decorations because some of interior decorations are permanent. Buying an apartment gives you freedom but it does not give you too much freedom like buying a house. You should inquire from the solicitor if there are restrictions for some things you like doing in your apartment that may annoy the neighbors.
The environment should have adequate transportation and communication facilities. The apartment building should be close to social amenities such as hospitals, police station and many more. If there are adverse developments that will come up in the future in the environment such as a noisy industry to be established.