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Updated by Joanna James on Mar 16, 2024
Headline for 5 Common Mistakes When Buying an Apartment and How to Avoid Them- Swerving House-hunting Potholes
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Joanna James Joanna James
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5 Common Mistakes When Buying an Apartment and How to Avoid Them- Swerving House-hunting Potholes

Few milestones in life are more exhilarating than owning your own apartment, but while it's natural to feel giddy at this adulting win, it's also vital to avoid letting your emotions get the best of you. Here are some common lapses when apartment hunting and how to steer clear of them.

1

Lacking a Vision

Each apartment that you visit will have its unique perks and pain points; however, if you have a clear idea of what you can and cannot do without for your current lifestyle, the shortlisting process becomes much faster and more efficient. The problem lies when you haven't made a list of your non-negotiables; for example, this could be a spacious balcony with glimpses of nature, cutting-edge kitchen amenities, or an open floor plan. Also, make sure you have your décor ideas already on a Pinterest board so that you can ask the landlord whether they are feasible before signing any papers! The key is not to compromise on any of the features that will uplift your mental health, productivity, and comfort.

2

Falling for First Impressions

At first glance, an apartment might seem to be the perfect fit, with dazzling views and flashy features; however, it's essential to think long-term with a clear head, looking for possible cons. For instance, the abode might be located much too close to lively city hubs that are likely to impact your sleep, or you might find that the layout does not allow for free movement and a clear line of sight. While you shouldn't have unrealistic expectations, it's important to peel back the layers of glamour and get to the heart of your new home. If you're looking to buy apartments in Sri Lanka fitted with avant-garde amenities in a serene location with excellent city access, venture no further than Prime Residencies.

3

Forgetting to Research

Investing in a smart, secure, and sophisticated apartment requires some groundwork; for instance, while commuters will appreciate prime city access, it's also important to see if there are nature-kissed spaces nearby to unwind. Walking around the neighbourhood and talking to the current tenants of the property will also give you a good idea if the surroundings and community are a good fit for your lifestyle and values, especially if you are growing your family. It's also crucial to thoroughly examine the details of your lease agreement to make certain that it provides sufficient assurance for the level of security, transparency, and flexibility you expect.

4

No real estate expertise

Entering the property playing field without the backup of a reputed real estate agent isn't the best choice as there are some pitfalls to navigate and insights that you might miss out on. For instance, real estate experts can enlighten you on the ROI potential and saleability of the abodes you are inclined towards, as well as help you identify hidden costs such as 'levies' imposed by strata-based apartments.

5

Foregoing a Financial Plan

Before starting your exciting hunt for a dream home, don't make the blunder of not knowing exactly how much you have to spend! Bear in mind that your financial plan should cover all possible costs, from everyday necessities to extracurriculars, investments, and unexpected expenses.