7 Tips to Follow While Buying an Apartment

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Buying an apartment is a big consideration because it involves a substantial sum of money. The whole idea behind making such an investment is both literal and figurative expansion of your sense of home. You want a space that provides safety from external factors while also creating a safe haven.

Are you thinking of buying an apartment? Here’s what you should look for before making an investment:

Value-add category

Apartment buildings can be of various types but the apartment you wish to buy should at least be classified as “value-add.” Such a property requires someone who can make repairs and improvements to the property, apply property management skills, and better overall operations. Investing in a value-add apartment building is a profitable strategy because it can offer a rewarding experience as far as the future sale of the property is concerned.

Location

When looking for an apartment, you will have to consider its location if wish to live a comfortable life. Is the apartment centrally located? How easy is it for tenants to access your workplace, retail services, restaurants, transportation, and groceries? How are the residents of the apartment building? Answering these questions will help you find an apartment (like the Dunman Road new condo) that suits your lifestyle.

Property management

How is the apartment when you first see it? Is it managed poorly or efficiently? The apartment building will have a manager who’s in charge of its overall maintenance and operations. It’s not just about fixing leaking pipes and mowing the lawn. A well-managed property will be able to provide multiple services—storage, parking, laundry, vending, community services, etc.—that make for a comfortable living experience.

Unit mix

How many bedrooms does the apartment have? Your choice of apartment will largely depend on the number of occupants. Do you want it for your solo living or for raising your family? You can find apartment buildings with one, two, and three units. Depending on your purpose, you can choose a unit mix that suits your living.

Financials

Financial aspects are perhaps one of the most crucial factors that determine your choice to buy or not buy an apartment. As a buyer, your personal budget should be clear so that you can gauge the affordability of the apartment. If it suits you, you will have to check and verify the financial details provided to you. These include details of profit and loss, taxes, maintenance records, rent rolls, capital improvements, etc.

Vacancy rates

While buying an apartment, don’t miss out on knowing the vacancy rate of the apartment building. You should also find out if the units are used as short-stay rental properties. The building manager should be able to provide this information, or you can rely on your intuition to make a decision. The vacancy rate would reveal how many units in the building are vacant, a considerable number of which can be a sign of a complex community with underlying concerns like security and noise.

Eco-friendliness

Lastly, a crucial feature that your apartment building should have is an eco-friendly waste disposal system. The manager of the property should ensure that any garbage and waste disposed of from all units are segregated into degradable and non-degradable waste to ensure no harm is done to the environment.

With these tips, you’ll be able to find an apartment that’s suited for you.

 

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