The process of buying an apartment is more complicated than buying a house. This is because you don’t buy the land right away. If you are going to buy an apartment for the first time, we suggest you follow the 7 tips that we give you below. Keep reading to know more.
1. Freehold and lease
First, you need to understand the difference between tenancy 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 he pays to occupy, but shares the property with other people.
For example, flats are rented as-built in a building that is shared with hundreds of people. In fact, this is one of the most obvious differences between a leasehold property and an outright property.
2. Lease period
In the case of a lease, the buyer buys the right to live in said property for a specific period. This period can be 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 to look up this information for you.
3. Service charges
You should find out about the rent for the land and other charges for services that you have to pay for the apartment. In addition, you should find out who will be responsible for repairs in common areas. This will help you set your budget correctly.
4. Alterations
Can changes be made to the property? If so, are there any restrictions to follow? The restrictions can be subtle or obvious. If you have major plans to make changes to the apartment, you can contact your lawyer.
5. Major repairs
Service charges may also include general maintenance. However, it may not cover major repairs like roof repairs. For major repairs, make sure you know the person who will pay for them. This is quite important, especially if you have a limited budget for repairs and other such tasks. Keep in mind that major repairs will cost a great deal of money.
6. Restrictions
Make sure you know if you can have pets in your apartment or not. Some apartment buildings do not allow pets at all. Similarly, some apartments do not allow music to be played after, say, 12:00 pm So you should check with your real estate agent about any restrictions you need to follow.
7. Support
After you have purchased your apartment, make sure you know who will come to your aid when you need it. You can contact the government’s rental advisory service for information on landlords and tenants.
In short, if you are going to buy an apartment, we suggest 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.
