If you are going to buy an apartment for the first time, So you should follow the 7 tips before buying an Apartment. Beacuse, we know the process of buying an apartment is more complicated than that of purchasing a house. So follow below;
1. Freehold and lessee:
First, you should understand the difference between leasehold and freehold. The buyer owns the land and the house as freehold property. Lease, on the other hand, is property that you pay for possession but you share the property with another person.
For example, flats are leased because they are built in a building that is shared with hundreds of other people. Indeed, this is the most obvious difference between a lease property and a freehold.
2. Lease term:
In the case of a loan, the buyer buys the right to reside in the property for a specified period of time. This period can be up to 999 years long. This value comes down over time. Therefore, it is important for you to find the rest of the lease. You can ask your real estate agent for this information.
3. Service charge:
You should inquire about the ground rent and other service charges to pay you for the apartment. Also, you should know who is responsible for repairing the communal area. it will support you fix your budget.
Can you change the property? If so, are there any restrictions to follow? Restrictions can be subtle or obvious. If you have big plans to change flats, you may want to contact your lawyer.
5. Major repairs:
Service charges may include general maintenance as well. However it does not cover major repairs like roof repairs. To make 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 work. Keep in mind that major repairs will cost a lot of money.
Make sure you can keep pets in your apartment. Some apartment buildings do not allow any kind of pets. Similarly, some apartments do not allow music to play after 12 minutes. Therefore, you should ask your real estate agent about the restrictions you need to follow.
After you buy your apartment, make sure you have the time and resources to help you. You can contact a government lease consultant for information about landlords and tenants.
In short, if you are going to buy an apartment, we suggest you to check out these tips. With these tips in mind, it will be easier for you to make the right choice and avoid some common mistakes. Hopefully, this can help you get the process easier.