Buying an apartment is an entirely different ballgame compared to just buying a home. As opposed to purchasing a home, there are by-laws or restrictions for apartment owners. This may consist of renovation restrictions, allowing pets, or even hanging laundry in balconies. These by-laws ensure the apartment is kept pleasant and livable for all owners and their tenants—and is only a small part of what you need to learn before you decide to acquire that apartment property.
Whether you are planning on residing in the unit to be close to your workplace or as an investment and turn it into a rental property, here are 5 additional things you need to research before purchasing an apartment:
How Much You Can Modify in Your Unit
Aside from knowing your restrictions, it is important to learn how much freedom you have when it comes to personalizing your new home. Check if you are able to paint walls, add wallpaper, drill new holes for shelves, or add wall separations. In many cases, landlords have a preferred construction company that maintains a quality level they trust.
Who Your Potential Neighbors Are
You will be sharing space with these people. Give yourself ample time to observe and talk to people who reside in the same apartment complex or general area. Take into consideration their lifestyles and how that can potentially affect yours. What is the amount of noise they make, how much of that leaks in your would-be apartment, and if that is alright with you or is there a way for you to deafen the noise? You do not need to be best friends with your neighbors but you do want to find people who are amicable and easy to talk to.
What Service Providers are Available in the Area
In this day and age, the type of internet provider matters, especially if you are a power user. Ask your broker what your potential options are. You do not want to be stuck with an inferior cable or internet provider that cannot supply your needs or if there will be any additional cost to have your provider of choice install wiring in your apartment. Also check the type of utilities available at your disposal.
How Far it is From Your Workplace
If you are planning on living in the apartment, look up how far it will be from your current office and the kind of transportation available. Ideally, it should be closer to your workplace and provide a more convenient change. Is it worth the move compared to your current commute?
What the Service Charges Are
Ask your broker or what service charges to expect. This could include costs for general maintenance or major repairs before the unit is handed over to your care. Discuss who will shoulder costs for shared damages or improvements like the roof or driveway and how it will be divided among apartment owners. This gives you an idea on what to expect and allow you to budget your expenses.
Acquiring an apartment is a huge leap from merely renting. It entails a different set of perks and responsibilities. When done right, it can be rewarding. Whenever in doubt, do not hesitate to contact local realty specialists who can give you unbiased advice on buying and even selling an apartment.