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Updated by Joanna James on Feb 11, 2018
Headline for 5 things to know before buying an apartment – Avoid nasty surprises and buyer's remorse
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Joanna James Joanna James
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5 things to know before buying an apartment – Avoid nasty surprises and buyer's remorse

Buying something as expensive as an apartment is not an easy task. By hurdling into it without a clue, you open yourself up to a whole lot of problems and regrets later on.

1

Make a decision on the location

This is probably the most important aspect of buying an apartment. It is easy to be overwhelmed by the choices at hand and going for the flashiest apartment you see. However, that carries plenty of risks. Take the time to conduct appropriate research on the location. Check how far it is to your work place and if you have a family, you might want a good school or daycare in the vicinity. An easy way to do this is to take a map and draw a radius that includes your major locations. Once that is done, look for apartments in the areas inside that radius.

2

Research the market

It might be tempting to rush into the purchase, but as mentioned above, it is generally a bad idea. For an instance, if you want to buy an apartment in Colombo, you are sure to find plenty more properties just like the one you just visited. Slow down and do some digging into the prices of other similar apartments. This ensures you can get your value for money. Contact individual valuers and it is best you be sceptical of the quote your real estate agent gives. Do not hesitate to visit multiple properties to get a first hand look at what you are getting. Most apartments such as Capitol Twin Peaks, allow pre inspections but will generally need prior notice in order to set up an appointment.

3

Consider the neighbourhood

Curb appeal is extremely important to just about anyone. For those who do not know, this is how appealing your house looks to someone from the outside. The surrounding neighbourhood and area play a major role in curb appeal. Sometimes you might find a sweet deal, but there is a chance it could be in a rundown area that is known for its high crime rate. Ask people or talk to the neighbours when you visit the apartment to get a clear picture.

4

The age of the building

The age of an apartment building can not be masked. If the apartment looks run down and dilapidated, make it a point to inquire the age of the building. It is recommended that you also ask for an architect's or engineer's report to go through before you purchase an apartment.

5

Security and maintenance charges

Ask the realtor about what security measures are in place for the building. Certain apartments do not have a security guard in charge, which means anyone could walk right up to your doorstep. Look for security cameras set up and ask the realtor if you do not see any. The maintenance charges are quite often overlooked when apartments are bought. These charges include taxes, bills, charges for hired help and in some cases, even fees for the parking slots. Inquire about these too so you can avoid unpleasant surprises.

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