Rental Apartment Tips

You have found a couple of apartments on the market that sound promising but you are confused about what you need to do to decide and how to get started. How will you know when you find the place for you? One of the first things you should do is look everywhere you can think of. Go online and do a Google search to find websites that feature apartments for rent. Check your local newspaper as well. If you are planning to stay in the same town or city you might want to drive around and look for rental signs. You want as much variety as possible and you want to find the best deal for your money.

Before you even begin looking you have to get clear with yourself about what you are looking for in a new place to live. Begin with what size unit you are seeking. Whether you need one bed, two-bedroom or three-bedrooms will depend upon whether you live alone or whether there are two of you or more. If you have more than one child then can they share a room or do you want them both to have their own?

You also need to contemplate the size of the other rooms. The kitchen and bathroom are important but so are the dining room and the living room. Think about the furniture you own. Use that as a guide to finding a home that is not too small but not too big either.

Some apartments are in a building with many units while others are a house that was divided up. You need to decide which type you would prefer. Or would you be all right with renting a basement flat from someone who lives upstairs? The number of neighbors you will have and the noise you may or may not have to deal with on a regular basis is contingent upon which type of residence you choose to rent. Remember though that everything from size to location to price must be taken together and factored into your final decision.

Price is a huge consideration when you are shopping for a new home. Look at the classified section of your local newspaper to get an idea of the kind of prices that rentals go for in your part of town (or the area you wish to move to). In most cities and towns it cost more to rent apartments in some areas than it does in others. Consider your income. It is generally recognized that rent should not be more than 30 percent of your take-home pay. Decide what price range is affordable to you and then look for apartments that satisfy your financial bottom line.

Add in the price of utilities and transportation costs to get back and forth to work every day. Also, remember that you will have to pay your first month’s rent and a security deposit which in most cases is half a month’s rent. Some building managers also expect you to pay the last month’s rent upfront. Bear in mind too that you will have start-up costs to pay when you first move in, such as having your phone service-connected, as well as your Internet service, cable service, and power.

Buying an Apartment for Investment

Apartment buying for property investment can be risky. Therefore, it is important to keep some property investment tips in mind. For example, being mindful of oversupply and questionable quality can be an issue.

Location is linked with oversupply. There needs to be an actual need for apartments in a given area. If a city is closely surrounded by suburbs and is easily accessible, then apartments are not really required. The success of your property investment, therefore, hinges on the novelty or glamour aspects attached to it, and not the practicality, which is not ideal.

In regards to quality, leaky building syndrome can be a particular problem. In New Zealand, if the building has it then the entire building (ie all the tenants) may be required to foot the bill as many of the building companies responsible have declared bankruptcy. The Government makes some contribution but ultimately the bill falls back on the owner.

Leaky building syndrome is caused by the use of inappropriate materials, installation or improper design, resulting in weather tightness issues. In New Zealand, the use of untreated timber has also been an issue as it was considered acceptable to building requirements until recently. Now that the untreated timber used in construction has been exposed to moisture, it has deteriorated and rotted.

When buying any building, but in particular when investing in apartments, one of the key property investment tips is that an inspection process should be thoroughly undertaken. Leaky building syndrome can cripple you if your apartment or home has it. Repair bills in the hundreds of thousands are not uncommon. Those cheap deals you see may not have been a year or two ago but due to circumstances, the owner may now be taking a huge hit to get rid of the property. There is a heap of stories of people losing lots of money in apartments. There are success stories of course, but they are less common.

Another big issue with apartments is obsolescence, in 5-10 years’ time, the building can look like a slum from the outside, which will drive your value no matter what you do to the inside.

When buying apartments for a property investment you need to consider that all you actually own is a small chunk of a large building. It is harder to control your interests in the investment compared to a house, for example.

It’s not all negatives though. Apartments can be a cheap investment that probably has ok cash flow; just don’t bank on any capital gains to be safe, and remember these property investment tips of being thorough with your inspection and research!

What Tips You Should Remember When Buying an Apartment

The second best, when buying a home would be buying an apartment. That would be a second-best, right after buying your own home. Owning an apartment might not have all the benefits of a house, as in a real home that you own, but it can be a delightful place to call your own. When it comes to first preparations, there are certain golden tips you need to do before you call your real estate agent. Don’t go head “in front of mind “as I often like to say, before you consider these easy tips for your little real estate adventure.

You should first ask yourself; why is it that you decided to move in the first place. Determine what things about your current home make you unsatisfied and be real to yourself. You must know this in order to avoid making the same mistake again in your new house. Do your common homework: research! Find out all about apartment buildings in the area you might be interested in. Make a list of all the things that you are looking for. Write down also what is it that you’re trying to avoid this time. This will keep you from trouble. It will also help you find the best apartment. The one that will benefit you the most.

Find out whether the apartment has shops, restaurants, grocery shops, etc. in the near area. You might feel that having no convenience store nearby area is a small compromise, but before you make a decision like that think about your grocery shopping habits first. You might, or might not change your mind after you do a thorough inspection on your actual habits at the current real estate.

Do a visual inspection of the building. This goes especially for newly built apartment blocks. Don’t take the investor and or developer’s words for exact facts, best is to trust yourself and your own judgment also. Sometimes the developer will tell you whatever he thinks is best or at least exaggerate in a bit.

If you have enough time and energy at your disposal go and visit as many apartments as possible and compare them on your own or with a real estate agent. Also, take note of your price range and whether the ones you visit fall within it. This is to ensure you that you are not just browsing without a cause and wasting your time on apartments that you won’t be able to afford anyway.

Ask about the age of buildings. Older ones will need more investment in the long run, and especially if something needs to be fixed right away. It is actually a good investment to buy an apartment as a home, that only needs cheap fixes, but it’s the price is not as high as the prices of a completely new apartment.

And last but not least would be to consider amenities of an apartment. Consider things like reception area, round-the-clock security, and whether the apartment has its designated parking space. Ask for the rate of the apartment parking space. Consider that you need a price of maintenance that is fair and maintainable for you. Happy
house hunting!

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