Buying an apartment can involve a lot more checking than looking into the location and the price of your unit. Here are some areas to consider before you invest in an apartment.
Apartment ownership costs – Usually apartments will include corporation fees which are monthly or yearly fees that each apartment owner has to pay to maintain the common areas of the apartment building.
Car parking – How many car parks are you looking at and is there parking for guests. Parking is an essential factor for most apartment owners as apartments do not have parking space on the street.
Noise level – Most apartments are built in busy areas and therefore can be noisy. If the areas is noisy, look at what measures the apartment includes to reduce noise.
Rubbish – Waste disposal arrangements are important for apartments as there are many residents in one building. If you have to go down some stairs to the waste disposal location, you may want to think twice if the unit is for you.
Structure – Look at talking to an independent building inspector who can assess your unit and the building as a whole. Ask them if there are any areas you should be concerned about and if the building is safe and secure.
Vacancy rates – Vacancy rates are an indication of how easy it is to rent your apartment or sell it at a later date. If there are many apartments available, this may be an indication that the apartment building is in a location that is not in demand or that the building has a legal issue.