10 Things You Should Know Before Buying an Apartment

After living in rented houses for some time everybody thinks about buying an own flat or apartment. If you are the first time first time apartment buyer, here is the checklist of facts you should read.

Decide on the area you want to buy an apartment. This requires at least a considerable research in and around the area.

Before you buy, research the market to make sure you get the value for your money and expected ROI( Return On Investment) in case you want to sell after sometime. The reliable builders who have good track record of property development, workmanship and brand in the market are the best source of these information.

Pay some visits to ongoing projects and model flats that give you fair idea of building pattern. If the builder has a model flat, it clarifies our most of the buyer’s doubts.

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. – A valuable tip if you want to earn some time.

When you choose to live in an apartment consider 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 the noise affect your lifestyle? It is a good idea to arrange an inspection of the building during the evening or during peak hour traffic before you agree to the purchase

If you are not buying a newly developed property, check out how old 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 will generally 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 does maintenance charge include? For example, car parking charges may be separate.

  

Last and important if you own a car check out for the car parking facility, and whether is there a provision for extra car parking facility for extra charges if you could shell out.