Tips for researching apartment property before buying

Researching an apartment before buying is an important step to ensure you make an informed decision and avoid expensive mistakes. Here are some tips for researching an apartment:

  1. Determine your budget: Determine how much you can afford to spend on an apartment. This will help you narrow down your search and focus on properties that fit your budget.
  2. Research the neighbourhood: Research and explore the neighbourhood where the apartment is located. Look for information about the safety, accessibility to public transportation, proximity to stores, restaurants, and other amenities.
  3. Check the apartment’s condition: Arrange to view the apartment in person and take note of its condition as well as all common areas such as carparks, foyers, gardens etc. Check for any signs of damage or wear and tear, note the security and access, and ask questions about apartment and common property repairs or upgrades that have been made.
  4. Review the building’s maintenance and management: Research the maintenance and management of the building. Look for reviews or complaints online and ask residents about their experiences.
  5. Review the building’s financials: Research the building’s financials to ensure that it is financially stable. Look for information about the building’s reserve fund, past and current special levies, and any pending lawsuits.
  6. Check the building’s rules and regulations: Review the building’s rules and regulations to ensure they are compatible with your lifestyle. Look for information about pet and bike policies, noise restrictions, balcony and storage regulations and other rules that may affect your daily life.
  7. Hire a professional: Consider hiring a professional, such as a buyers agent, negotiator, real estate agent or a property inspector that specialises in apartment property, to help you with your research. A professional with apartment knowledge and experience can provide valuable advice and guidance to help you make an informed decision.
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