15 Dec 2016

How To Avoid Getting Scammed When Buying An Apartment?

How To Avoid Getting Scammed When Buying An Apartment?

After spending some time in a rental apartment, you’ll realise that you have given away enough money to your landlord and you now should own an apartment. The purpose of this article is to act as a checklist for things that you should verify before buying. So, let’s go ahead and skim through the components of this list:

Research is going to be your lifeline. There are tonnes of factors which need to be explored until you decide the best out of them. Following is a list of factors, which can act as an outline for you to start your search in the pursuit of your new apartment.

  • List down the potential areas, where you would like to own an apartment. This activity may involve spending some time in that area or chatting with people living in this field for more insights.
  • Next up on the list should value for money. Talk to independent valuers and real estate agents, and check recent sales in the area. Don’t rely on advice from the developer or a local real-estate agent.
  • Estimate the final price for the apartment, consider the movement cost and reflect it on your budget.
  • Visit as many places as you can look for properties that fit your criteria, so you’ll have a good idea of what your money buys.

Let’ suppose you have shortlisted a potential list of apartments; then you need to look for the following

  • Check the nearest facilities, which may interest. For example, shops, public spots, gym, library and hospitals – A valuable tip if you want to reduce your travelling time.
  • You must take out some time to visit your possible apartments in both day & night time. Consider whether the building is close to clubs, cafes or other live music venues. How bad is traffic? Will it be noisy at peak hour? Will the noise affect your lifestyle? It’s a good idea to arrange an inspection of the building during the evening or peak hour before you agree to the purchase. Consider the example of my apartment near a non-stop bar, people get drunk at night and make a lot of noise.
  • How old is the building? You should consider the age of the building as well because an old building will likely require periodic maintenance, which is going to reflect on your monthly/quarterly budget. Experts at Spring Hill Realty suggest that older buildings offer a more lucrative offer, but they are more expensive to maintain in the long run. So, it is better to buy an apartment in a relatively new complex.
  • What are the security measures for the building? Are there security cameras?
  • Are you getting an apartment with a balcony? Or are you blocked by other buildings or apartment complexes?
  • What about parking space? If you have a car, then it is a critical question to ask. Will car parking be provided and do you have to pay extra for it? Check with the seller of the apartment if his/ her parking slot will be made available to you. If your previous owner did not have a vehicle, speak to the secretary of the society and ask for a parking slot.
  • What about the Cable Services? As you know, some cable operators charge more for installation in specific areas, and some don’t even offer such services. And you will have to use a satellite connection, which would end up costing you a lot more in the long run than you bargained for.

At the start of this article, I mentioned that this would serve as a reference point or a checklist, but it is possible that some readers will have valuable insights and tips to share on this topic. Feel free to share your experiences.

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