There is nothing more exciting than purchasing your first city apartment, especially when you are young and ready to take that next step in life. But like most things in life, it’s a process. Most people are unable to just decide one day that they will buy their first city apartment. There are logical steps that need to be taken, and Amazing Apartments talks you through some of those steps.
Proper Finance is a Must!
The last thing you want to do is stretch yourself beyond your means. Yes, having a luxurious apartment can be tempting when you’re young, but is it worth having all the extras that come with such an apartment if you are eating 2-minute noodles every night. Make sure that the repayments on the apartment are manageable, but if the last few years have taught us anything, it’s that things can change at the drop of a hat.
Decide if it is going to be an investment or a forever home
The first apartment most young people buy are not their forever homes, but for some, it is. That is why you need to decide from the get-go if this apartment is something that will be sold in a few years or if you can see yourself living there until you are old and grey.
If it is an apartment that you decide to part ways in within a few years, the size and the location of the apartment are things you need to consider. Is the apartment big enough to entice a hefty resale price when the time comes? Because let’s face it, a small apartment the size of a shoebox most likely won’t get you the price you want for a city apartment. Also, where is the apartment building located? Is it close to the centre of the city or on the outskirts with panoramic views? In real estate, location is everything.
Properly Inspect the Property
When you are going to look at your potential first apartment, the excitement of it all can draw your attention away from doing what you are actually there to do; inspect the apartment. Look carefully for anything that seems cracked, broken or out of the ordinary and discuss with the real estate agent the history of the apartment. When was it built? Has there been any remodelling done? Who was the previous owner? All of these questions can give you a sense of the overall history and condition of the apartment.
It is also imperative that before the apartment has officially changed hands that you have it independently inspected by a professional who can ensure that the apartment you are purchasing has no hidden defects.
Know Your Potential Neighbours
Sometimes it might be warranted to get to know some people in the building if you can. You might pass people in the hallways when you are going to an inspection, so have a chat and see what they are like. Most people who live in city apartments know the ins and outs of everything that happens in the apartment building, and you might get some insider information that could enlighten you to what may come when you move in.
Understand the ongoing costs
Most apartment buildings have extra ongoing costs that assist with ensuring that the upkeep of the building itself is maintained. The body corporate and strata fees make sure that personnel maintain the building and they make sure that it is clean and operational at all times. When you are working out your repayments, ensure to include these costs.
Looking to purchase your first city apartment? Contact Amazing Apartments today!
Have you decided it is time to take the leap of buying your first city apartment? The team at Amazing Apartments are experts in apartment real estate and can help you find the perfect apartment for you. Contact Us Today!