4 Things to Consider Before Buying an Apartment
Buying a flat is no child’s play; you need to research a lot, to ensure that you’re getting enough return on your investment. Talk to realty agents, independent investors and check latest sales figures in that location. Do not simply depend upon suggestions given by the agents. If you are in the market to sell or buy something, you need to consider certain features in order to make sure that you stretch your money further in future.
To start off, you need to do your homework on the chosen location using highly trustworthy data providers. Target the regions, which have seen capital growth of 10-15 percent over the last couple of years. The vacancy rate should be less than 2-percent, while yearly rental return growth should be around 4-5%. Once you gather all the necessary info, you can settle on an area, considering the following special features. Invest very carefully and consider the following things before buying your next flat.
Deciding on the Size
You need to decide, whether you need a one-bedroom, 2-BHK or 3-bedroom apartment. Most of the apartments with 1BHK come with at least 50sq-m area, while 2BHK and 3BHK ones have area in the range 75 sq-m and 120 sq-m respectively. Most of the property-selling sites offer the plans of various flats that they sell. You can check their gross internal area (square footage) against other property dealers in that area. By comparing locally, you’ll come to know whether the size is apt or not.
A floor plan should be practical; you can make your selection, depending upon what you want. Whether you need a spacious 2BHK or a small studio apartment, you’ll have to choose from a broad range, which should meet your requirements for style, price, and space.
If you are specifically looking for luxury apartments with great views of courtyard, it is recommended to take help from a designer and a well-known realtor. Depending upon what you want, you can add large windows, ceramic tiles, marble and granite countertops, and nine-foot ceilings.
There are one-story, two-story to multi-level floor plans. A plan shows the perimeter and size, including windows, doorways, and walls of a new flat. Depending upon what you’re looking for, in an interior space, you can choose anything from one-story to multi-level, and duplex apartments.
Look for a building that has no expensive services and high fees that you will need to maintain. If there is owner’s corporation, you can buy it for given price, but if there are major maintenance costs, it is better to look for something else. It is also suggested to have a property inspection, examining quality of the building, ventilation, light, and other common issues, and ask for replacement to the builder, if you find something wrong.
You can look for what other features are given by the builder or owner, such as outdoor area, private balcony, and off-street vehicle parking. It is best to choose a flat, which is very close to schools, shopping, cafes, and parks. Consider even the corporate fees, and who your neighbors are, and other things that might impact your decision.
Hopefully, this basic guide will help you in choosing the best apartment under your budget.