Tuesday, June 17, 2014
Buying an apartment is a worthwhile investment, but it's a big decision to make. While this may be an exciting time, think purposefully before signing off on an apartment.
Here’s what to consider…
To get a feel for the location you’re eyeing, consider staying with someone you trust for a while. If you're thinking of buying the apartment for yourself, consider its proximity to what you need and where you work, as well as security and the average cost of living there.
If you’re thinking about eventually renting the apartment out, ask yourself if this is a neighbourhood that other people would be interested in? Will the surrounding neighbourhood appreciate or depreciate in terms of value?
Take your time exploring one or several locations before committing.
Value for money
While scouting for locations, pick out properties that you’re interested in. Ask about the rates and payment plans. Make sure you have a wide variety, from privately-owned buildings to several real estate companies. Take note of the space they promise, their amenities and how they divide the rooms in each unit and compare.
Do not rely on advice from just the real estate agent. Also ask friends and colleagues who live in the area, especially those who own property there.
You're buying an apartment for the long term. When looking at the floor plans for the unit ask yourself if it's what you or your potential lessees will want to pay for. If the apartment isn't your own, is it ideal for office space or families? Are the building's amenities appealing to you or your would-be tenants?
Do not overlook these important aspects.