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Tips for First Time Apartment Buyers: The Ultimate Checklist

Purchasing a new apartment is a serious investment, which means it is not something you should approach lightly. All it takes is for you to not notice that the building is right next to the industrial zone and suddenly your apartment’s resale value hits rock bottom. Furthermore, a slip up during the inspection of building installations means that you will have to redirect your already depleted household budget towards making your newly purchased apartment habitable. Because of this, it is much easier to keep your both eyes wide open while buying and be as systematic as possible in your inspection. To help out with this, here is a simple checklist for you to follow.

Secure the Funds

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Before you even start looking into apartments you need to set the price range you are comfortable with. This price range will depend on your financial capabilities which can be determined in several ways. Ideally, you would have the money on your account either as a result of long-term saving, selling a previous property or some miraculous inheritance. On the other hand, it is possible to purchase a place of your own even without having the money. You can make an agreement that will allow you to pay through mortgage payments, get a loan from a bank or credit union. Furthermore, you could also assume an existing mortgage. In any case make sure to read the fine print before signing anything.

Check Out the Neighbourhood

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The next thing on your checklist should be choosing your new neighbourhood. Here, everyone has their own set of priorities. People with children mostly care about the quality of schools in the vicinity. Dog owners value parks and green areas where they can walk their pets, and young singles usually look for a city block with a wild nightlife. Additionally, proximity to work is another plus, since being able to walk or ride a bike to work means you can save substantial amount on commute alone. Finally, you may also want to inquire about the crime rate of the neighbourhood since your personal safety and that of your family are not something you can afford to neglect.

Building Inspection Report

Once you choose the apartment you want to buy, you need to know that that property is in good condition. As we’ve already mentioned, purchasing an apartment in a building that has a problem with water pipes, power grid or even structural problems is not a smart (nor safe) investment. Another thing you need to think about is pest infestation. According to people dealing with Pest Inspection in Sydney most reports only mention visible termite damage and fail to pay attention to whether the threat is still present. Because of this, you might want to look for an independent inspection rather than take what the building inspection report states as an absolute truth.

Think About Furnishing

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Finally, buying a fully furnished apartment is much more expensive than buying an empty one. In fact, the price difference is much greater than the cost of the furniture since you have the effort put in the design counted in, as well. On the other hand, getting a furnished apartment doesn’t mean that it will be to your liking. Now, while the design choices may not be your immediate concern, it is nice to know that you have a choice. Keep this in mind and always designate a portion of your funds to this purpose.

Doing things for the first time is always challenging, especially when such important matters are in question. While we worry about forgetting to deal with the details, the big things are usually what slips our mind. Adhering to this list will help you take a bit more systematic approach to the matter and solve some of the most difficult apartment buying issues with ease.

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