Apartments are real gems if you live in a city. I am a city dweller through and through, and I’ve grown up in the Bronx and now live in Manhattan, and I don’t think I can live anywhere else. Having said this, I have lived in several apartments in my life, some of the most luxurious lofts and even some apartments that look like they were taken out of hell.
This is why we are here to teach you some of the things you ought to look out for when apartment hunting. So, without further ado, let’s dive into this blog and learn some of the things you need to know and look into before buying a new apartment.
1. Projecting yourself into the future
The first question is whether buying is the right solution for you. Because if renting has its drawbacks, it also offers many advantages that correspond better to certain lifestyles.
A career change, an international move, or the arrival of a new family member: many things can change in your life, and it would be a shame to have to sell your property too quickly. So try to look ahead, even if it is impossible to foresee everything in life.
2. Surround yourself with a strong team
Buying an apartment is not done alone. To make the best investment, it is strongly advised to surround yourself with experts.
This does not exempt you from doing your research to better understand the market, but the opinion of professionals is not superfluous, because real estate is an exciting but complex sector. And even with a lot of time on your hands, you can’t improvise yourself as a real estate agent, advisor, or mortgage consultant!
3. Take stock of your desires
Before launching into the visits, take the time to take stock of your desires and your needs for the purchase of your apartment. Start by listing :
- The optimal size of the property you are looking for
- The limits of your search area
- The maximum price you can invest, including utilities
- The layout options you can’t do without, such as the number of bedrooms, the presence of an office if you work from home, etc.
- The little extras you dream of, such as a balcony, a garden, a school nearby, etc.
This first list will allow you to narrow down the list of properties to visit. This way, you won’t waste your time looking at properties that don’t interest you in the end, and you will be more reactive to the apartments that suit you.
4. Learn about the local real estate market before buying
Online or in the press, stay on top of information and news about real estate in the area where you want to buy an apartment. In recent years the market has been very changing and requires constant monitoring.
5. Establish a battle plan for the visits
A significant step in your apartment search, the visit also requires a little preparation to be adequate. First of all, don’t be afraid to ask all the questions that come to mind; the real estate agent and/or the owners are there for that. And above all, by asking the tough questions, you will have all the cards in hand to make an informed choice.
If you are afraid of forgetting things, don’t hesitate to write down the questions and their answers before and during the visit. For a visit, the notepad is your best friend!
6. Take your time to find the best financing plan
You’ve found the perfect home, and now you need to find the best loans to finance your purchase. Start by going to see your banker to get an idea of what he can offer you. But don’t stop there! By comparing the offers of different banks, you will have access to the best proposals. A real estate credit broker can also be an ally of choice to find the best financing for your apartment purchase.
7. Get advice for the works
Renovation work is not uncommon in older apartments. The work to be done can change the price and, therefore, the interest of a property, so it is important to estimate the extent of the work carefully. If you have no knowledge of masonry, electricity, or plumbing, here are some tips:
- During the visit, take pictures of the apartment to be purchased from every angle
- Determine what you feel capable of doing on your own and what will require the intervention of professionals.
- Contact a renovation company to get an estimate based on your photos or a second visit.
- Study the different renovation aids available.
Sound off in the comments section below and tell us what you want to read next and if you want to read more about buying a new apartment.