If you're living by yourself, or you haven't found a house that appeals to you yet, you may decide to purchase an apartment as your first home. Often, apartments are more affordable than multi-story houses. What's more, you can build equity for the future with an apartment, by buying something to live in now and rent out later.
Buying an apartment can be a little different to purchasing an entire house. For instance, there are different features that you might want to focus on when you're choosing an apartment. Here are just some of the most important things to look at.
- The Location
A great neighbourhood isn't just important when buying a house. You'll also need to consider the local area when looking for the ideal apartment. Ask yourself:
- Do you need something that's close to work?
- Is there plenty of transport nearby, or somewhere to park?
- Does the neighbourhood offer the kind of lifestyle you're looking for?
- What's the crime rate like?
- Is the location an up-and-coming area in real estate?
Learn as much as you can about the neighbourhood you're thinking about before you commit to anything. This will improve your chances of successfully selling or renting the property later. It also means you're more likely to enjoy where you live right now.
- The Size of the Development
Sometimes, purchasing an apartment with fewer units is a better investment in the long-term. Smaller developments come with benefits like increased privacy and often more homely communities too. If your apartment building is still in progress, you can ask for access to a virtual property inspection before making an offer.
Remember, fewer apartments can also mean that your property will be more desirable when you decide to sell it. One of only a handful of apartments in a great area is sure to go for a great price when you're ready to move on.
- The Neighbours
When you're buying a house, it's a good idea to go and speak to some of your neighbours in advance. After all, you want to know who you're going to be living next to. However, getting to know your neighbours is even more critical when you're purchasing an apartment. You're only going to be separated by a wall, so you need to feel comfortable with who you're living next to.
Keep in mind that neighbours who own their apartments will typically take better care of the property over time. Choosing your neighbours correctly could reduce your total maintenance costs over time and save you a lot of headaches too.
- The Construction
Before you commit to any home purchase, it's always a good idea to get a professional inspection done. This should offer you the peace of mind that you need to figure out any of the major repair costs that you'll need to handle. Remember, you should be able to ask your building inspector any questions that you have about the property to get their professional opinion.
If the apartments that you're looking for is a little older, you'll need to pay extra attention to whether it has the right acoustics and ventilation. Paying proper attention to the construction during the early stages of your home pages is a great way to ensure you're making a positive investment.
- The Space
Finally, when you're buying a house as your first property, you'll need a certain number of bedrooms and bathrooms. However, space becomes a much more crucial consideration when you're buying an apartment. You're working with a lot less square footage in most cases, so you'll need to ensure that there's plenty of room to enjoy your home.
Don't underestimate the value of built-in storage with your rooms too. Even a large space can quickly be overtaken by storage solutions if there are no cupboards to take advantage of. The more space you can have, the better. However, it's important to make sure space is adequately distributed too. A large bedroom may be more important to you than a luxurious bathroom or kitchen.