7 Things to Know before Buying Your First Apartment

When it comes to buying /renting houses or apartments, we need to be really careful about where we invest our money. These are usually more towards long term investments so the buying process should be a rigorous matter where you identify all the pros and cons of the space. If you’re looking at getting your first apartment and you don’t know where to begin, here are some starters:

Location

Before anything else, make sure to research your location of interest. The ideal location would be versatile and in close proximity with your job, supermarkets, gym etc. Don’t forget to consider noise factors however. Then look into the current market there. Get a comparative idea of the value of apartments in the area so you know what kind of price you should be expecting.

Age

Next consider the building. What kind of age are you looking at? The older it is, the higher the risk of you looking at increased maintenance and repairs. Because of this likelihood, it’s always considered better to carry out an investigation using your own architect or engineer. Older buildings often contain an array of issues. For example, there could be various structural damages and issues with wiring, damp etc.

Security

Whether you’re looking for Canberra properties for rent  alone or with family, security is one of the number one concerns when it comes to living in apartments. Once again you’ll want to do your research on the general location of the apartment and also look into security precautions in the building itself. Are there cameras? Can anyone walk in as they please?

Views

On the other hand, something that definitely draws in potential buyers is the view so be sure to check if this is facing the wrong way, whether buildings are blocking it etc. If you’re paying for an apartment, it might as well include a great view.

Maintenance

You’ll be talking about an endless number of charges to pay off, from taxes to common electrical usage but don’t forget that maintenance charges are also included here. Your first plan of attack would be to identify how much this is and what exactly falls under it.

Ventilation

It’s not just about the views but since you’re hunting for an apartment, it’s definitely worth mentioning that the lower floors would have much less ventilation and lighting than those compared at the top.

Dues

The last thing you should watch out for is any overdue payments. So, from maintenance to electricity, check for any pending bills if you do decide on settling for this particular apartment. If you wish, you could also check the financial history just to get a better idea of how the home has been kept previously.

Buying/renting your first apartment can be full of pitfalls if you aren’t careful but it can be one of the best investments you make if you do it right, so we hope the 7 tips in our read has helped you somewhat prepare for the gruelling process!

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