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Updated by Joanna James on Jun 27, 2019
Headline for 8 Things You Should Know Before Buying an Apartment
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Joanna James Joanna James
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8 Things You Should Know Before Buying an Apartment

Investing in an apartment is a serious undertaking which requires certain basic precautionary measures. Here are some useful tips on what to watch out for when shopping for an apartment.

1

Access Your Needs

It is important to clarify one's own needs and requirements before looking at the classifieds or even scouting for a real estate agent or visiting apartment complexes recommended by friends. Each buyer will have a different set of expectations they wish to fulfil in purchasing an apartment and getting clear on these motivations is a necessary step for all investors. From location and basic necessities to comforts inside the space, make a list of everything you desire of the perfect apartment space and base your search on these findings.

2

Check the Inspection Reports

Whether it's pest control or wiring and other structural elements, it is crucial to take a look at the most recent inspection reports conducted in the apartment complexes that have attracted one's interest. Safety issues are no trivial matter so making sure the building is in sound order should be a top priority regardless of whether the complex is a newly built venue or an older structure.

3

Look into Maintenance

Unlike private homes or households, apartments are units contained in a singular structure. In addition to everyday repairs and other wear and tear, maintenance fees must be paid on a monthly or annual basis for the upkeep of the apartment compound. Explore the costs as well as the maintenance services provided at each location and consider whether the price is reasonable when considering the expenditure.

4

Explore Future Rental Possibilities

Although one may not be buying an apartment to lease out or rent in the near future, accessing a property's viability as a rental unit is also important for apartment buyers as it could provide an additional income should circumstances require it. From the location of the apartment to the many facilities available on-site, gauging whether they are useful to renters in the future as well as to one's own sensibilities is, therefore, imperative.

5

Gauge Location Advantages and Disadvantages

No single aspect determines the convenience of an apartment home than its location as proximity to public transport links, shopping hubs, schools and offices raises the value of the property significantly. A remote and tranquil location, in contrast, may provide other benefits so gauging the perks as well as the drawbacks of the apartment's location is crucial.

6

On-Site Amenities

Whether it's apartments in Colombo Sri Lanka by realtors the likes of John Keells Properties or any other property developer, accessing the in-house amenities of the unit must be a top priority for all apartment buyers. From the layout of the apartment to faucets, kitchen accessories and bathroom fittings, ensure the space is a functional and visually pleasing venue one can call "home" without hesitation.

7

Community Features

Apartment dwellings can be hollow and empty structures with little or no room for community gatherings and activities. Avoid the common pitfalls of isolating oneself in an apartment by considering what common areas and activity hubs are available in the properties under consideration. From common rooms and game rooms to swimming pools or tennis courts, discover what leisure amenities are available for all residents.

8

Find Out What You Can Alter

Look into what aspects of the apartment you are allowed to change either for aesthetic reasons or other reasons pertaining to functionality as each property will have different rules regarding alterations.