What You Need to Know Before Buying Your First Apartment?

Posted on Friday, June 12th, 2015 at 6:57am.

Prime Edmonton Real Estate - Moving to your first apartment can be manageable and fun (more or less), if you're smart and plan ahead. Of course, the experience of buying an apartment is quite different from buying a single family home property, therefore, the first thing to remember is that you're buying air space and not land. The bricks and mortar are owned by all the owners collectively, which depending on your respective state can be referred to as the owners corporation, community or home association, body corporate, etc.

As an owner of your apartment, you automatically become a part of the community association and have certain rights as well as responsibilities. Community living means living by a set of rules that make it fair for everyone. Make sure that you get a copy of the by-laws and check if there are no rules that you cannot live by. While you can't prepare yourself for everything ahead of time, there are quite a few things that you should do before buying your first apartment.

  • Find a Real Estate Agent:

An agent knows the market and can use your 'wish list' as a tool to narrow down what you are exactly looking for. It is nearly impossible to get a perfect home, but an experienced real estate agent can help you find the most suitable home with his qualified skills and comprehension. He is meticulously aware about the housing market in Edmonton and that is certainly useful. 

If you have already narrowed your choices and want help lowering the apartment price, a professional agent can negotiate carefully to get you the best possible deal. Moreover, he will also complete the stacks of paperwork involved in buying a home. Ensure that you look for an agent who will represent you as the buyer, and not some selling agent whom you met at an open house. 

  • Find Out the Entire Costing:

First-time home buyers are often shocked to learn that their initial purchase is going to involve more than the down payment. It is imperative for first-time home buyers to know that there are inspection costs, loan-origination fees, up-front points, application fees, a title search, the first month's homeowner's insurance, appraisal fees and attorney's fees. All of these add up to 3 to 8 percent of your final purchase price. Hence, make sure you ask your real estate agent to prepare a good-faith-estimate for any property that you consider buying so that you are aware of the total costs.

  • Find Out About the Ongoing Costs:

If you are buying the apartment space from a homeowner, you should ask for the homeowner's utility bills, property taxes, repair bills, insurance and bills of various services such as trash disposal, maintaining apartment's cleanliness, etc. Thoroughly understand the cost of any home association fees that you may have to pay and don't forget to include these expenses into your monthly budget.

There are various other crucial things that you should consider before buying your first apartment home, which include knowing your landlord, neighbors, etc. You cannot practically select your neighbors. However, it is recommended that you thoroughly learn and understand your neighborhood, overall purchase cost of the apartment and the home association fees and its rules before taking a decision.

1 Response to "What You Need to Know Before Buying Your First Apartment?"

6 Mistakes First-time Home Buyers Make wrote: [...][...]

Posted on Wednesday, July 1st, 2015 at 5:53am.

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