10 Points to Consider Before Buying an Apartment

Starting a search to buy or rent a new apartment can be like finding a needle in a haystack.

There are so many options and possibilities, yet the perfect one for me is buried in those! It may even look like a difficult and tedious process for you.

On average, the price of apartments has increased by 10-12% all across the world due to the pandemic situation according to Statista.

So, buying the perfect house at the right price has never been more difficult.

But don’t worry too much about it.

Because in this article, we will discuss 10 crucial priorities to consider for housing apartments for rent or purchase. These points can act as a guideline for you.

#1. Fire Prevention and Protection

Disasters are accidents that arrive without any warning. Fires are the most common disaster all over the world. And this is exactly why it’s crucial you check the fire safety measures of the building.

Do they have fire extinguishers and smoke alarms on the floors? Are there fire hose reels on the floor? Are the fire alarms working? And most importantly, is there an alternative fire exit for emergencies? These are the questions that you must take seriously before choosing your dream apartment.

#2. Safety and Security

Do note that you will live in an apartment. Apartments usually have a more busy presence than isolated houses. This is a concern for you. Because this raises the question of the security measures of the building. You just have to ensure a few things and you’re safe. According to statistics, 83% of apartment buyers stress the importance of security.

Patrolling and security guards are your primary elements of security- they stop unwanted people from getting in. Next comes the abundance of security cameras, biometric cameras for entry, and other electronic devices to monitor the entrance of people in the building. Ask the tenants- Have they ever come across a security breach? Was there any incident of theft? How did the security system deal with it? Doing this primary research is extremely important as security is something you should never compromise about.

#3. Emergency Maintenance System

Maintenance begins automatically after you buy an apartment, and it’s a lifetime process. So the question naturally comes- How is the maintenance system of the building? This is important because you never know when something may go wrong. What will the building do when the power goes out? Would they repair it if you need maintenance of plumbing or gas line?

Lifts can be very crucial to you depending on the floor you live in. If the floor is higher then your whole mobility will be hampered if the lift is not working. So the building must have an emergency maintenance system for the lift. You may even fall under load-shedding in some cases. It’s important you know whether the apartment building will have a generator in those cases. They should also have carpentry and electrical solutions.

#4. Convenient Location

While everything is more or less changeable about the apartment you will live in, location is not. And this is why choosing the right location becomes one of your topmost priorities.

There are many factors that you have to take into account before choosing the correct location: distance from disaster control units, hospitals, schools, workplaces, etc. The distance of the grocery market and other transportation facilities are a part of this too. You also have to ask yourself- Do I want a busy environment or would I rather live in an isolated apartment building where there is no hustle and bustle of the city life? These are the questions that you MUST answer about the location before deciding to choose a housing apartment for rent or purchase.

#5. Transportation

Transportation is always a significant factor in everyone’s life. Likewise, it is an important factor for choosing your dream apartment too. There is no doubt that a 5-hour commute involving traffic jams will be very tedious.

Transportation facilities depend largely on the location. But it also depends on some individual elements. For example, your priorities may change if you own a car. Otherwise, you have to consider if there are bus stops or subway expressways where you live. You may have to walk long distances if the transportation facilities are not good.

#6. Utilities and Amenities

Most modern apartment buildings provide some amenities regardless of the cost. And it’s important you research the amenities that will be provided along with your apartment.

So what are these amenities? Fitness centers, children’s areas, rooftop terraces, swimming pools, community centers, laundry rooms, etc. are some of the most basic amenities that are provided these days. Can you go out for long walks? You should also consider whether there is a parking space regardless you own a car or not. Because you may buy one sometime in the future and you definitely don’t want to park the car in a lot of a separate building. Proper waste management is also something that you should look out for.

Utilities include the constant availability of electricity, water, gas, etc. It also includes having generators in case of a power shortage. These are points that you have to stress on.

#7. The environment of the Neighborhood

Neighbors are the first people to help you in times of crisis. And so it’s crucial you consider how people are like in the neighborhood. Are they friendly? Is the environment safe? The answer to these questions will tell you whether you should choose the apartment or not.

A good environment will allow your children to play outside. The environment will be clean and tidy and give you a warm feeling when you walk around. People from the neighborhood may arrange parties and events. There may be community meetings. It may also have a park. Choosing a good environment will help you have a significantly better life in the long run.

#8. Pet-friendly Apartments

If you own a cute furry thing, this point is exclusively for you. Oftentimes tenants and new apartment owners move in with a pet where this is not allowed. They may then get constant complaints about the pets. Moreover, it becomes a safety issue for the pets too.

This is why it’s necessary you find out whether pets are welcomed in the apartment building. You also need a pet-friendly neighborhood where you can walk your cat or dog. It’s even better if other tenants or apartment owners own pets. Then, you can be more or less relieved.

#9. Budget-Friendly Price & Service Coverage

You can’t buy an apartment or rent it if you don’t have the budget for it. And so choosing a budget-friendly apartment is the only solution to this. Sadly, 27% of buyers surpass their original budget and remain unhappy according to a survey conducted by Zillow.

The pricing of an apartment varies largely depending on the amenities it provides. Sometimes the apartment might be overvalued. This is why you need to do adequate research before settling for a price. You can ask the locals and other tenants of the building. Do remember that the price of the apartment is a one-time payment. But the maintenance and other service charges will be taken on a weekly or monthly basis. So you should consider if you will get the service you deserve for the price you will pay.

#10. Verification of Legal Documents

This is the most crucial point before buying or renting an apartment. There are many incidents where the new owner gets into legal trouble for having faulty documents. There is only one prevention to this: Thoroughly check and verify the documents.

Check the title and ownership of the seller, identity of the seller, tax reports of the building, construction permissions, encumbrance, and other necessary details. Cross-check the documents with the nearby police station, town hall, and real estate regulatory corporations. You should move forward with the purchase only if everything checks out perfectly.

Last Few Words

Buying or renting a new apartment may look like a tedious and complicated process at first. The above-mentioned 10 points can be the proper guideline for you. Take a step-by-step approach and pay attention to the details of each point, and in no time shall you get the dream apartment that you covet so much!

Latest posts by Emma Gomez (see all)

Source link