Purchasing an Apartment is easier when you are informed and confident
If you've completed steps one and two, you now have a select short-list of excellent apartments that meet your personal needs. It's time to go shopping.
Actually purchasing your apartment is probably the most exciting part of the buying process, but there is a little work remaining if you want to maximize your purchase potential.
You know what you need and what apartments meet those needs, but you still have to decide where you'll buy the apartment, and who from. If you do have a couple of apartments on a final short-list, you'll want to do some additional comparison shopping, so you can find the best deal. You also need to know what kind of final checks to make, and what questions you should ask before you sign on the dotted line or hand over that hard-earned cash.
Tip: Viewing an apartment that is being lived in can be an embarrassing task but you must remember that you are making one of your largest ever purchases and you deserve to know if the water flows out of every tap and that the toilets flush and that the heating and air conditioning system works efficiently. Also return to the apartment at different times to check for noise nuisances. Poor noise insulation may not be apparent when the neighbours are at work or when there is no rush-hour traffic outside.
How will you purchase the Apartment?
Buyers now have a number of choices when it comes to buying apartments. These can be broken down into two major options - in person or by remote purchase. Some people aren't comfortable with remote purchase options such as the internet, and prefer to buy directly from a real estate agent.
Remote Purchase:
- Internet - real estate site, real estate agency, private seller
In Person:
- Private Seller
- Real Estate Agency
Each option has different advantages and disadvantages, and these may be influenced by your individual taste and previous buying experience. For instance, staff at realty agencies can usually offer the most knowledgeable advice, but on the other hand the prices are often more attractive through private sellers. Experienced salespeople can be invaluable if you are still unsure about whether to get an apartment with two or three bedrooms.
Buying online can give you excellent opportunities to shop around and compare discounted prices. Carefully weigh up the pros and cons to determine which option is most suitable for you. It is usually recommended that you physically inspect a property before you buy it.
Tip: Remember, regardless of how an apartment is offered for sale, if a deal sounds too good to be true then it probably is.
Choosing a seller
Many factors have an influence when deciding where to buy an apartment, and these need to be weighed up; you may have a tight budget, in which case the sellers who offer the best prices will be most attractive to you. Alternatively, you may prefer to deal with a seller who has excellent customer service and employs knowledgeable, friendly and helpful staff. The major factors that need to be considered are presented below:
Choosing a
Seller Checklist
- Reputation - time established, fair dealing, complaints record, good name, reviews
- Price - discounts, specials, less for cash, bonus schemes, rebates
- Sweeteners - some sellers are more likely to add items to 'sweeten' the deal such as free utilities
- Extras - check what extra services or amenities are offered
- Customer service - product knowledge, at point-of-sale, after service
- Support - maintenance and repair services offered, troubleshooting and advice
Other considerations:
- Where possible look for members of professional associations or bodies
- A prior relationship with an agent or corporation can be a big advantage
Tip: If budget is a major limitation, but you would prefer a high quality apartment in a desirable area, consider buying in an up-and-coming part of town. Often formerly derelict areas are being redeveloped to appeal to high wage-earners. If you do your homework and get in early you may be able to pick up an inexpensive property that can be upgraded within your budget.
Once you have factored in all these different considerations, choosing who to buy from often comes down simply to your personal preference. It is important to buy from a reputable, reliable seller, as this offers you the most protection if something goes wrong with your apartment purchase.
Buying an apartment can be an enjoyable and rewarding experience. Once you've worked your way through all three steps of the
Buyz123 three step guide you can buy exactly the right apartment for your needs.
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