Tips For A Successful Apartment Investment
The purchase of an apartment is usually once in a lifetime so it needs to be preceded by a careful and thorough evaluation. So it’s not only money but also time invested in this process to be sure you made the right decision in the end. Do not rush, but weigh the situation well, considering all the coordinates so that the end result will be one convincing. Here are some tips for a successful apartment investment.
It is easy to understand that before you step into an apartment you must be well informed about the prices in the area, this to avoid paying more than you should. Of course every apartment has its own specifics, and the price may increase depending on several variables, but it is good to start the assessment and then the negotiation from an amount well documented.
Since we mentioned the neighborhood, make sure that the block where the apartment you eyed is near public transportation, schools, kindergartens, hospitals, markets, pharmacies and stores. In the same context, check if the block is far from common sources of noise, such as bars and clubs.
The year the block was built is also very important. Experts say old high blocks tend to be unsafe because they frame structure without reinforced concrete walls. In a region at risk seismic such details can make the difference. Also, buy an apartment in an insulated building, due to higher comfort provided with visible effects in terms of maintenance costs.
Because you will live in the apartment many years to come, make an assessment of neighbors. Visit the apartment at different times of the day and ask if there are many rented units around you, which means neighbors changing with a high frequency.
If the owners have made changes in the apartment’s structure, make sure all of them were done based on a permit issued by the local authorities, otherwise in the future, if you want to sell it to someone purchasing with a bank loan, you may have problems.
Check how many debtors there are among the neighbors and the amount the overall debt rises to, to avoid problems with disconnecting utilities.
Then proceed to an examination of the bathroom and kitchen installations, including the electrical one. Also, check and outside façade of the building, if the building is not already insulated, to identify any cracks which will need repairing.