Buying a Property? Things to check!

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It is the biggest investment of your life and usually requires immense sacrifices. But staking your savings and signing on for a bank loan do not guarantee that your dream home will materialize. As a homebuyer, you need to run many checks on the property you are eyeing. 

Most middle class people in the country dream of owning a house. Also, investing money in real estate is always rewarding.

After spending some time in renting business you’ll realize that you should stop throwing away money on rent month after month, and buy a house or an apartment to save your hard earned money. If you are going to buy your first apartment ever, basic things that you should check before buying are as suggested below:

  • Decide on the area you want to buy an apartment. This may involve spending some time in that area or at least doing some research at home.
  • Before you buy, research the market to make sure you are getting value for money. Talk to independent values and real estate agents, and check recent sales in the area. You want to know that the value of the finished apartment will reflect at least what you paid.

 

Now let’s say you’ve found an apartment…

  • Check that the property you are interested in is close to the facilities you require. For example shops, public transport, parks, hospitals, schools, work, gym, etc. – A valuable tip if you want to earn some time.
  • When you choose to live in an apartment consider whether the building is close to clubs, or lifestyle centers.
  • What is the amount of passing traffic – will it be noisy at peak hour? Will the noise affect your lifestyle? It is a good idea to arrange an inspection of the building during the evening or during peak hour traffic before you agree to the purchase.
  • How old is the building? You should consider the age of the building. Are any facilities likely to require repairs or replacement? It is strongly recommended that you obtain an architect or engineers report on the building before deciding to buy.
  • What are the security measures for example, can anyone walk into the building? Are there any security cameras?
  • Does it have a balcony so you can enjoy the view or afternoon sunshine?
  • What are the maintenance charges? Many people don’t think at this aspect when they buy a new apartment. They will generally cover the municipal tax, property tax, assessment tax, water charges, common electricity charges, elevator charges and charges for hired help, like the garbage cleaner and security. Find out how much is the maintenance charge, what is including and now included in the charge. For example, car parking charges may be separate.
  • If you have a car this must be an important question to ask. Will car parking be provided and do you have to pay extra for it?
  • Let us generalize the scope of this research to the entire Asian continent for the purpose of making it more effective and accurate.

 

“Right decisions are always the hardest to make it. But they must be made in order to live the life you deserve.” – Trent Shelton

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