Things to consider before Buying or Renting an Apartment
You need to have clear idea on type of apartment, your budget and location of apartment before you select an apartment for you. When looking for apartment for rent or buying, you need to visit as many apartments as possible. You need not make decision in hurry and it is always recommended to take someone with you who can help you in making good decision.
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Things To Know Before Selecting An Apartment
Today property is one of the secured investments where you will get profit or good deal on your investment in short period. Whether you are looking for apartment for rent or buying, you need to make good market research and know basic things before having them. Following are things that you must know before selecting your apartment.
- Research the Market: Ensure that you get apartment that fits your budget and you are getting value for your money. You can contact your local real estate agents, check local newspaper for recent sales in areas and look as many apartments in that area before you select or decide to buy. Don’t blindly rely on advice from the developer or their agent.
- Location of the property: Location of property must be easy reach to city, restaurants, schools, hospitals, utility stores etc. When you are planning to buy an apartment, it is better that your property location is not in remote or not much distance from or to your work place.
- Age of building: If you buying an apartment from existing owner or older building, you need to consider the age of building and check whether building need any repair or replacement.
- Appreciation value of property: Calculate the value of appreciation in past before you buy the apartment. For instance, calculate increase in property value from last two or three years. Ensure there is scope of better appreciation in future.
- Maintenance charge for apartment: In apartment there will be cost or fee for maintenance of amenities and facilities available in the apartment. In most case, apartment owners form an association of apartment owners and association will take care of maintenance of apartment and its amenities. Usually the more the number of flats in an apartment, the less will be maintenance charges. Maintenance cost includes water taxes, security fees, lift, electricity, lighting available for common area etc.
- Drainage system: In city, during rainy season most of apartment gets flooded with rain water or drainage water due to lack of proper drainage system. Before you select your apartment, check the drainage system available in the apartment and in neighborhood.
- Seek Expert’s advice: If you are new to real estate business or if you are not sure of how to go about things for investing or property buying, you need to seek expert’s advice. Today there are number of experts who help you to transact in property buying or selling. You can even get experts help from online.
- Check for amenities: Before you select an apartment, you need to check the amenities available in the apartment. The maintenance charge will increase with amenities such as multi-specialty gym, garden, park, swimming pool etc. Ensure you get basic amenities such as water supply, electricity supply and security.
- Know your builder: If you are buying property or apartment from a builder, ensure that you make good research on your builder and his previous projects before you decide to buy. You can contact apartment owners from the project completed by builder to ensure customer satisfaction and know your builder.
- Transportation: While choosing location for apartment you need to consider access to bus, train and other transportation. If your apartment is at the location of easy reach to bus, train and easy availability of taxi, it would be easy for you to move from your apartment to another. You also check the traffic density in your locality. If the location you choose is high traffic area, you will take more time in traveling from your home to office.
It is always good to check the background of the developer, the architect or the seller whom you are dealing with. You can arrange second inspection of apartment at evening or peak hour traffic to check the noise at peak hour. Also check for any other disturbance in or around neighborhood. Ensure you are getting value for your money, the floor and apartment which you loved to own.
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