Buy A Apartment
Real Estate Help: How to Buy An Apartment
The rules for finding and buying an apartment apply whether you are young and are first leaving home or downsizing after the kids have flown the nest. Apartments appeal for all sorts of reasons but the basic principles in making a choice almost always apply in every purchase.
Here are some factors you should consider in making your choice. Of course if you have no ties and pots of cash then you have a much wider choice than someone who has to live near where they work and is on a strictly limited budget. So here goes.
Pets anyone?
If you are an animal lover then you may have a problem. All apartment complexes have certain rules and many forbid the ownership of pets. Mind you a goldfish may be fine but dogs and cats are often not allowed. Don’t fall in love with an apartment until you know if you can have your beloved pooch with you.
Management body
All apartment complexes have a set of rules about life in the complex. This can cover such things as maintaining a common garden area, painting the outside of the building and repairs to the roof and external features like guttering and down pipes. Before you purchase your apartment find out what fees apply for the body corporate and what are the dos and don’ts they rule on. As an owner you have a voice on decisions made which affect the complex.
Common walls
If you share a common or party wall, what is its thickness? Apartments mean residents are often living in close proximity to others. Your ceiling may well be someone else’s floor. That’s why the top storey apartments usually cost more – they have no upstairs neighbors! It can be a good idea to inspect at night when adjoining apartments are occupied and the kids and TV are in full voice.
The Sun
Does your potential apartment get plenty of sunlight? Natural light is important but if you are in a shaded aspect, especially in winter, your apartment will be less enjoyable than someone who has liberal doses of glorious sunshine. Check on the sunlight.
Location, location, location
It’s the old real estate mantra. The worst apartment in the best street will always sell because of the location. You may wish to be an owner-occupier but what if later you decide to move? Will the apartment be easy to sell or rent? The location could well decide the issue. Schools, public transport, hospitals, shopping malls are all necessary places for most people. Are they handy to your apartment?
Building quality
Even if you only plan to stay in your apartment for a few years, the quality of its design and construction is important. Have it checked out by a reputable builder. You don’t want repair bills. Look for quality in the first place.
Heritage
Modern apartment complexes are springing up all over town. They have trendy designs and modern appliances, cable connections for TV and computer and even swish elevators. But it’s often the case that old style buildings appreciate greatly in value over time. Just because an apartment complex is old, doesn’t mean it doesn’t appreciate in value. Ask around and seriously consider something like an art deco apartment for style and financial security.
There is much to check when buying an apartment. Make a list. Check those things which pass your test. Room space, garden area, balcony, noise and the other tenants are all worth consideration.
About the Author
Peter Tatian is a real estate attorney in Syosset, NY who advises purchasers, sellers and lenders in residential and commercial real estate transactions. For expert advise on buying a house in New York, visit http://www.roachlawfirm.com or call 1-800-824-0284.
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