If you can’t afford a home, an apartment will have to do. If you live in a city, you might not have any choice but to become the owner of an apartment. There are a number of apartments, from small, cramped studio ones suitable for a single individual, for multi room luxury apartments that only lacks a backyard in comparison to houses. In any case, you have to be careful when buying an apartment, as you would with a house. Here’s a brief guide to how to go about buying an apartment:
Check the Space
First of all, make sure there are enough space and storage facilities for your family and all your things in the apartment. Cramped apartments are common, so don’t turn down just because the place looks small. Try to see if a do over can improve space issues for the apartment. Some ingenious architects have even converted small attics into livable apartments for families.
Research the Area
Before you jump on a seemingly good deal, research the location of the apartment. Is it in a good neighborhood, what’s available nearby, are there storage facilities, how close is the metro station and so on. No matter how good the apartment is, if it’s in a bad neighborhood or by a congested road, the amount you pay for it will not be justified.
Check Property Tax Documents
In order to make sure that you are not overpaying for the apartment, check the property tax documents filed with the city council. This information is available freely to the public. Make sure you know the real value of the apartment before you pay for it. Also, make note of the owners in the documents, and make sure that you sign the title deed with the actual owner, and not a realtor.
Check for Mold
You don’t want to purchase a health hazard. So before you decide to buy, it’s best to have the apartment professionally checked for creaky floorboards, leaky faucets and mold hidden behind wallpaper. If the apartment is moldy, you can still buy it but for a lower price.
Find Previous Tenants
If possible, call the previous tenants and ask what they think. You could ask them the reason for them leaving had to do with the apartment, rather than something else. Ask about the neighbors and noise levels. You should know if the place is livable, and no one can give you better information than the people who have actually lived there.
Buying an apartment is a big decision, so you should know all of the above before you go ahead with the purchase.