It would be a bad move buying an apartment simply because it is on the market. It is also inadvisable not to start shopping for one without preparing well. To avoid unpleasant surprises down the line, you need to familiarize yourself with the important things that anyone shopping for an apartment should know. How do you find a quality apartment?
Location remains among the basic things to bear in mind when buying property. You need a unit that you can access easily, particularly if you would be traveling to work daily. In case you choose a poor location, you would have trouble finding renters and buyers if leasing out and selling becomes necessary. Ignoring proximity to important amenities would also be a bad decision. It is also important to consider future development plans. You have to be sure that such plans would not affect you in a negative way.
You should conduct a pre-purchase inspection. An independent valuation would help you determine if choosing the unit in question would be a wise move. Such a valuation can help you regarding negotiating with the seller. If you need funding, such information would show institutions the rental potential of your unit. You should insist on seeing the complex’s records before paying for it. Are there existing disputes? In case there are, you should decide whether it would be worth it being part of them. Choose among complexes with practical bylaws that everyone observes.
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Security is an important factor to consider. Assuming that all what matters is a perfect unit in a convenient location would most likely lead to regrets later. If the locale you choose is insecure, renting out or selling the unit would be a challenge. If you would be moving into the unit, you have to be sure that it would be safe to walk in and out of the place at any time of the day. The security standards inside the complex are important. Is the place fenced in? Does the place have functioning CCTV cameras? Can anyone access the complex? In case you have a car, make certain that there are secure parking spots.
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Inquire regarding things such as holiday letting. Assuming that buying such a unit gives you the freedom to use it anyhow would be a bad move. Most strata living environments have rules that all players must observe. If this kind of letting is allowed, you ought to inquire regarding the rules for the same. For instance, if the place is not mixed use, commercial and retail letting would most likely be a breach of the by-laws.
Affordability is an important factor to consider. Setting your budget before starting hunting for an apartment is important. It is important to research concerning the prices of apartments in the specific locality you prefer. This would help avoid sellers who bloat their prices. Making the right preparations regarding payment plans would help avoid frustration later.