The process of purchasing an apartment is more complicated than that of purchasing a house. This is because you don’t purchase the land right away. If you are going to buy an apartment for the first time, we suggest that you follow the 7 tips given below. Read on to find out more.
1. Freehold and leasehold
First, you should understand the difference between leasehold and freehold. In case of a freehold property, the buyer owns the land and the home. On the other hand, a leasehold is the property that you pay for to occupy, but you share the property with other people.
For instance, flats are leased as they are made in a building that’s shared with hundreds of other people. In fact, this is one of the most obvious differences between a leasehold property and a freehold one.
2. Lease period
In case of leasehold, the buyer buys the right to live in the said property for a specific period. This period can be up to 999 years long. With the passage of time, this value comes down. Therefore, it’s important that you find out the time remaining on the lease. You can ask your real estate agent to find out this information for you.
3. Service charges
You should find out about the ground rent and other service charges you need to pay for the apartment. Plus, you should find out about who will be responsible for the communal area repairs. This will help you set your budget properly.
Can you make changes to the property? If so, are there any restrictions to follow? The restrictions can be either subtle or obvious. If you have major plans to make alterations to the flat, you may want to contact your lawyer.
5. Major repairs
The service charges may include general maintenance as well. However, it may not cover major repairs like roof repairs. For large 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 tasks of this sort. Keep in mind that major repairs will cost a great deal of money.
Make sure you know if you can keep pets in your apartment or not. Some apartment buildings don’t allow any type of pets. Similarly, some apartments don’t allow to play music after, say, 12pm. Therefore, you should ask your real estate agent about the restrictions you have to follow.
After you have bought your apartment, make sure you know who will come to your help when you are in need. You can contact the lease advisory service of government to find out information about landlords and tenants.
In short, if you are going to buy an apartment, we suggest that you check out these tips. With these tips in mind, it will be much easier for you to make the right choice and avoid some common mistakes. Hopefully, this can help you go through the process more easily.