The process of buying an apartment is more complicated than that of buying a house. This is because you don’t buy the land right away. If you are buying an apartment for the first time, we suggest that you follow the 7 tips below. Keep reading to know more.
1. Freehold and lease
First, you need to understand the difference between lease and freehold. In the case of a freehold property, the buyer owns the land and the house. On the other hand, a lease is the property that you pay to occupy, but share the property with other people.
For example, flats are rented as they are built in a building that is shared with hundreds of people. In fact, this is one of the most obvious differences between a rental property and a freehold property.
2. Lease period
In the case of a lease, the buyer acquires the right to live in said property for a specified period. This period can last up to 999 years. Over time, this value decreases. Therefore, it is important that you find out the time remaining on the lease. You can ask your real estate agent for this information.
3. Charges for services
You should find out about the rent of the land and other service charges that you must pay for the apartment. Also, you need to find out who will be responsible for repairs to the common area. This will help you set your budget correctly.
Can you make changes to the property? If so, are there any restrictions to follow? The restrictions can be subtle or obvious. If you have major plans for floor modifications, you may want to contact your attorney.
5. Major repairs
Service charges may also include general maintenance. However, it may not cover major repairs such as roof repairs. For major repairs, make sure you know the person who will pay for them. This is very important, especially if you have a limited budget for repairs and other such tasks. Be aware that major repairs will cost a lot of money.
Make sure you know if you can have pets in your apartment or not. Some apartment buildings do not allow any type of pets. Similarly, some apartments don’t allow music to be played after, say, 12 p.m. M. Therefore, you should ask your real estate agent about the restrictions that you must follow.
Once you’ve bought your apartment, make sure you know who will come to your aid when you need it. You can contact the government leasing advisory service for information on landlords and tenants.
In short, if you are going to buy an apartment, we suggest that you consult these tips. With these tips in mind, it will be much easier for you to make the right decision and avoid some common mistakes. Hopefully this can help you go through the process more easily.