Renting an apartment comes with lots of setbacks. For instance, some flats do not allow you to personalize your apartment, making it warm and homely. Some are not plant-friendly or pet-friendly. Therefore they crush your dreams of being a plant or pet parent. Aside from these, you could have other personal reasons that would ignite your urge to own an apartment. If you are thinking of buying an apartment, here is a list of things you should consider.
1. Enquire About The Strata Fees
Purchasing an apartment might mean buying into a strata scheme, which you can define as a system whereby the members wholly own the property but share the common building property amongst themselves. These schemes come with annual fees that cover the maintenance and repairing of these common facilities. In most cases, prices will depend on the size of the building and the facilities that you are sharing. So, for instance, those buildings with pools, lifts, and gyms are likely to have higher strata fees.
2. Look Into Your Owners’ Corporation
When you buy an apartment in a strata scheme, you will be a member of the owners’ corporation. An owner’s corporation is a committee of the owners that will manage the maintenance of the common areas. This committee has the power to decide on pet ownership, noise, and the use of these areas. Therefore, before you commit to buying an apartment, research the owners’ corporation and find out if they are per your lifestyle.
3. Consider The Nearby Amenities
Before you buy an apartment, find out the nearby facilities. Ensure that you will not be overwhelmed trying to access your regular facilities such as the park if you have a pet that you need to walk daily. Also, if you are commercializing the apartment, it will be best if most of the facilities are accessible by the renters to make the apartment more marketable.
4. Check Out For Car Parking Space
You should consider this point if you are buying into a neighborhood in the CBD since the car parks are usually limited. So try and look for an apartment in which each owner has a designated car parking space or two so that you wouldn’t have to stress about it each day competing with your neighbors. Moreover, if you do not have a car, it will be wise if you buy it’s a neighborhood where you can easily access public transport as it will be very beneficial in the long run.
5. Structure And Layout
When you buy an appointment, you should ensure that whatever you settle for has your desired layout. You can look up real estate websites to find the apartments with your preferred structural integrity of the building and design of the apartment. It will be difficult for you to gain approval to renovate apartments, especially if they are significant changes. Therefore, be keen on the structure and layout of the appointment.
6. Assess The Security
Apartments have people going in and out of the building; you must check out the security mechanisms. For instance, some apartments use swipe cards, passcodes, security cameras, or security guards. Although they may increase the annual expenses, they will give you peace of mind.
Apartments are an excellent option for those that prefer living in the CBD. They are cheaper than homes, and offer the benefits that come with owning a home. Hopefully, this list has given you a starter pack on the things you need to consider before you finalize the purchase.