4 Awesome Apartment Purchasing Tips

When you are ready to change that apartment ownership dream into a reality, you will have many details to consider. It is a massive investment and should be treated with a fair amount of caution. Of course you will be excited and also pleased with yourself, but try to keep a level head before you make any commitment. The more legwork you do before you step into the potential market, the easier your task will be. Here we discuss some basic, yet vital, tips that might be of great help to you.

Location Times Three

It has to be the first and most important consideration you think about when choosing your first apartment. You may even be sick of hearing the three ‘L’s’, every time someone discusses buying a property, but they say it because it is true. Here are the factors you should remember:

• What area do you really wish to live in? This depends on your lifestyle choices.
• How far are you happy to travel to work every day?
• If you don’t drive, you need to consider the local transport services.
• Do you enjoy open spaces or prefer downtown shops and bars?

If you are going to be living alone, you are responsible for being as specific as possible with these choices. You will have no one to blame and it can be quite miserable suffering in silence!

Show Them The Money!

There is little point in speculating where you wish to live and how many rooms you would like, before you know what your scope is. Meet with a mortgage advisor and get an idea of your spending power. Do not try and buy at the upper limit of your lending range, you never know what may happen around the corner. Try and get a fixed term offer, unless the current rate is fairly high. Many people have take a variable deal when the rates were low, only to be kicked in the pocket after they rose big time.

Extra Costs Can Hurt!

You may have been told about your first mortgage payment amount, but does it include all of the costs? The inspection process can be quite expensive and the estate agents aren’t working for charity. Get these drawn up first, because otherwise you may not be able to afford your first month’s utility bills.  You usually have to add between three and five per cent of the apartments value to get your added costs.

After You Move

You should enquire about the monthly bills before you commit to buying your apartment. They may vary from what you are used to spending as a renter. There will be extra insurance and rates to consider, as well as the possibility of management committee charges. Speak to someone who already lives in the block and see if they can help you with a close estimate of the monthly utility expenses. Have an exact figure in your head before going full speed ahead with your purchase. You may also want to have a plan B in case you need extra cash along the way. See if your bank can allow you a free overdraft until the purchase goes through.

When not obsessing over composing songs, Ryan Carter likes to keep up with the latest happenings in the world of real estate properties. He works at The Money Store, the best mortgage refinance company. In his free time, he likes to blog about property and finance.

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