Things to consider before buying an apartment
I am living in a rented apartment and considering buying an apartment. I would request your resident expert to help me put together a list of things I should consider before buying an apartment.
— Seema Kopol, Mumbai
Area:
Decide on the area you want to buy an apartment. This may involve spending some time in that area or at least doing some research at home.
Market research:
Before you buy, research the market to make sure you are getting value for money. Talk to independent valuers and real estate agents, and check recent sales in the area. Don’t rely on advice from the developer or their agent. This is particularly important if you are buying off the plans. You want to know that the value of the finished apartment will reflect at least what you paid.
Visit as many places as you can scouting for properties that fit your criteria, so you’ll have a good idea of what your money buys.
Amenities:
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.
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.
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?
Age of the building:
How old is 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.
Security:
What are the security measures for example, can anyone walk into the building? Are there any security cameras?
Maintenance fee:
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.
Parking:
If you have a car this must be an important question to ask. Will car parking be provided and do you have to pay extra for it? Check with the seller of the apartment if his/her parking slot will be made available to you. If your previous owner did not have a vehicle, speak to the secretary of the society and ask for a parking slot.
