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How to Buy an Apartment the Right Way

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 March 17, 2016

When purchasing an apartment, you will have to consider many things. Location, safety, and even the economic prospect of the region. After all, you don’t want to be stuck with a property that would be difficult to sell because of an economic downturn in the area where you live.

Therefore choosing an apartment is an art that can be mastered if you apply yourself to it and make sure you have left no stone unturned. What are your options of picking a good property?

Choosing an Apartment When It’s Been Completed

The safest way to buy property is of course once construction work has been completed. In certain countries you can expect a price hike of up to 15% as opposed to when buying “green,” meaning before construction work has been completed.

This way of purchasing your property is best for people who are both not in a hurry and who can afford the extra 15%. Even if you are buying on a budget, it could still be advisable to wait for the complete property, as such purchases are usually safer. Naturally, if you are set on buying before a property has been completed, you will need to do a few things before you can make down payment:

  • Verify the reputation of the builder
  • Make sure they have completed projects
  • Look into past complaints and tenants’ opinions

It would help to have a quick go around the Internet and try to locate any negative press about the company you are buying from. Imagine yourself researching an online casino. You can’t always rely on a comprehensive online database such as canadian-casinos.org, and instead have to do the legwork yourself.

The good news is that with some research and attentiveness, you will have your answer soon enough. Try to make your decisions based on what information you have present rather than trusting brokers or developers too much.

What Size Property is Good?

For comfortable living, any apartment over 70 m2 is a good one. These properties can be pricey, though, so this also should be taken into consideration. While 60-70 m2 is not a whole lot of space you are dealing with, it’s still enough to build a comfortable life on this space.

Conversely, an ideal size would be 100 m2 , as this would allow you to have plenty of room for a family or even to rent out to people via Airbnb for example, which will be a slight added value to your property. In most cases, though, buying 100 m2 apartment is an expensive undertaking and it might be worth to purchase a smaller one to get a better read of the market.

In all events, you will need to verify a number of legal documents to make sure that the seller is not re-selling an apartment that is not legally theirs. This has been known to happen, to paying more in legal fees and hiring a legal advisor from respected company is key to making sure that the deal will go smoothly.

Exercising caution will most certainly extend the overall process, but the good news is that a reputable seller would never rush you into a deal. If you are asked to hurry up this is a bad sign. If you are faced with competition and the broker is insisting that you buy now, it wouldn’t hurt to drop the deal before you commit as good brokers always know to never pressure their potential customers.

Closing a Good Deal Takes Time and the Right Connections

You should foremost always find good help. Hiring both a real estate attorney and a broker with a lot of experience and good feedback is one of the first things you should do, as Forbes themselves recommend. From there onwards, you need to exercise caution and be practical about your decision.

Many buyers fall in love with a property and that is usually not a bad thing, but a good broker would spot it and they will possibly pump the price a little. After all, most houses do not necessarily sell for their actual value, with brokers adding something on top for their clients and themselves.

Buying an apartment is definitely a demanding task and that is why it should be approached with caution and patience. Once you have worked out the kinks of any property and sale terms and conditions, you will feel more confident in pressing ahead with an actual purchase. Once again, remember to trust your legal advisors and only hire the best.

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