When the time comes in your life to start looking for a house or an apartment, it can be a mixture of excitement and stress simultaneously. If you are considering getting yourself on the property ladder this year and working towards an independent life, we are here to help you out.
Today we are going to take a look at the choice of buying an apartment. To live in an apartment you don’t have to be a renter, and there are many apartment sales that are ideal for many of us and our lifestyles. Today we want to talk you through some of the main things to think about before you buy an apartment this year.
Understand freehold and leasehold
When it comes to buying a property it is important to understand some of the terms. If you are looking at a freehold and leasehold property, there are key differences. A freehold property describes when you own the house as well as the land. A leasehold property is where you buy the right to live there. As you may guess, an apartment is usually classed as a leasehold property.
What are the charges?
When applying to buy a home or an apartment you need to think about the different charges involved that you may not realise at first. For example, you usually have to pay what’s called stamp duty on a home, and you may also need to pay solicitors fees and other admin fees. When budgeting for a new living space make sure you consider all of these extra costs and make sure that you can afford them before you make any decisions.
Do you want to renovate?
Often the difference in the decision to rent or buy a property is the renovations or changes you could make to the property. If you are someone who wants to be able to move things around and put your own stamp on your home it might not be a good idea to rent because you won’t get this freedom. However, if you are not planning to live here for very long or you simply don’t want to spend the money making changes, renting is a good option. Be sure you know what you want to do before you buy.
Repair responsibility
One of the biggest questions you will have to ask yourself before committing to buying a house or apartment is how much money and time you want to put aside for repairs. Now again things such as appliances and fittings will break, do you want the responsibility to fix them? Make sure you consider how much money you have to perform your own repairs on your apartment, and if you don’t have much consider renting instead. When you rent an apartment, the landlord is responsible for all repairs on the house.
Freedom
As a renter you will likely be bound by a lot of different rules and regulations. It is important for you to consider for your own lifestyle whether these restrictions and rules impact you. If for example you want to bring a cat or a dog to the apartment, a landlord may not allow this and therefore buying will become a better option for you. Be sure that you consider every rule and decide whether or not you can handle living with rules to follow. It might be better for you to buy because then at least you have a sense of freedom to live the way you want.
Explore the area
One of the most important things to consider when moving somewhere new, whether it be a house or an apartment is the surrounding area. Take the time to explore the surrounding area and look into things such as the transport links, school system, and crime rate. If you are thinking of moving to your own area this won’t be much of an issue, but for somewhere new it is crucial to do some digging so you know where you will be moving and who you will live with.
Do you need a garden?
If you are lucky, you might be able to purchase a ground floor apartment that has a garden for your use. However most apartments and flats don’t have this feature and this can be a problem for you if you need a garden for a pet or for your children. Before choosing somewhere to live think about the features you absolutely need in the property and don’t settle for anywhere that doesn’t have these essentials. It is always important when making a big investment like this to make it right.
You must log in to post a comment.