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4 Important Things To Know When Buying An Apartment

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If you are done with the rental business, and you don't want the responsibility for owning a home and taking care of the property, you may want to consider purchasing an apartment instead.

Important Thing #1: Location Matters

Just like when purchasing a home, the location matters. You want the location to be central to the things you use, such as shopping centers and jobs. If you have children, you want the apartment to be located in a good school district.

When buying an apartment, it is not just about where the apartment is located in the city. It is also about the building the apartment is located in. You want the apartment to be located in a building that is well-taken care of. If your apartment looks great, but the building isn't taken care of, your apartment will not have a great resale value.

Important Thing #2: Condition of the Building

The condition of the building matters. You will want to figure out what the overall condition of the building is before purchasing the apartment. You may want to ask to see either an engineer or architect report on the building to ensure that the building is in good condition, as you are buying into the building, not just the apartment.

Important Thing #3: Maintenance Charges

Third, you need to find out what the maintenance charges are going to be for the apartment. There are a variety of ongoing costs that you will have to cover. You will have to pay the municipal tax, property tax, and tax assessment.

You may have to pay for the garbage service, security, and elevator charges. Depending on how the utilities are set-up, you may have common water or electricity charges. Ensure you know what all of the charges and expenses are that you will have to pay for regularly if you purchase the apartment.

Important Thing #4: Ask About Parking

Don't assume the apartment comes with parking. Be sure to ask if parking is provided or if you will have to pay extra to secure a parking lot. Make sure that the parking lot is including in your sales contract. 

When it comes to purchasing an apartment, the location matters. You want an apartment with a central location, located in a well-taken care of building. You will also want to make sure you have the full picture of all the charges you will have to pay on an ongoing basis. Be sure to ask about parking, and if a parking lot is included, be sure to include that parking lot space is included in the purchasing contract. 

For more information on apartments, reach out to a local real estate agent.


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