Apartments offer an affordable entry point into the property market. While this is the case, it doesn’t mean that you should go in blindly. To help you out, here are critical factors that you should consider when buying an apartment:
Access to amenities
This is probably the most important factor that you should consider. To have an easy time the property that you are planning to buy should be close to the amenities that you need. These include hospitals, gym, schools, public transport, shops and parks. If you would like entertaining yourself within the area of your residence go for an apartment that is close to clubs, cafes and other entertainment joints.
Peace is of essence. For you to have peace of mind ensure that the apartment isn’t too noisy. Before making the purchase, take your time and inspect the amount of passing traffic. Inspect the building during the evening or during any other peak hour traffic and determine whether the noise will affect your lifestyle. As rule of thumb never invest in a property that negatively affects your style of living.
This is an important factor to consider if you are planning of buying the apartment and then rent it out. For you to decide on whether the apartment will generate income for you, you need to consider a number of factors including: size of down payment, strength of the local rental market, interest rate on your financing and type of market that you are buying into. While C class buildings have more tenant turnover, they attract higher repairs and maintenance.
If you are unable to determine whether a given property is of value to you, consult an expert.
Age of the building
Just like any other old item, an old building requires regular repairs and replacement. Experts recommend that you avoid buying apartments that are more than 20 years old as they have high maintenance costs. Buildings that are too old also tend to be out of style and risky to live in. Before parting with your money get a report from certified architects or engineers on the condition of the building.
This is an important factor that many people ignore. If you have a car, it’s important that you consider where you will be parking it. Understand whether there is a car parking in the apartment or whether you will be required to pay extra for it.
If you are planning of selling the apartment at a later date, consider the appreciation of the property. The real estate industry is speculative and you have to buy the property at the right stage of the real estate cycle. You also need to buy the property at the right neighborhood. When making the purchase, look at areas that have the potential of growing at an average pace of 5-7%.