Things To Know Before You Buy Your First Apartment

All set to buy your first apartment? Congratulations. Owning an apartment means you have a home of your own. It is a little different than that of buying a house of which you are the sole owner. Yes, you will definitely be the legal owner of your apartment. But there are a few things that are different from a property ownership.
The best thing is to work with a reputed https://grandviewadvocates.com.au/Kew/ to know about the rules and tips. In case of an apartment, the whole property is owned by the community. When you buy an apartment you actually become a part of the whole community. Now, living in a community is definitely different from that of living in your own house. In an apartment you need to comply with the rules and regulations set by the community. While you get the ownership of the apartment, you also get some responsibilities.

Look for regulations:
An apartment of your choice in your preferred locality is like dream come true. But remember that it is an apartment. Every community owned strata building have its own sets of regulations to with which you must comply. You will never like to buy an apartment only to find that the regulations are not made for you. If you are a pet person, you should open your eyes to find if the apartment is pet friendly. You cannot live in a strata property with a pet if the community is going to have some objection. Rather it can lead to legal struggle. However, you can avoid all these by working with an experienced buyers agent Hawthorn.

Inspection report:
It is the thing that you do even before buying a house. It is done to know all about the property in which you are going to invest your hard earned money. Not only the wiring and pest control, but you must also learn about the following things:

property-lawyer

  • You must go through the records to learn about the strata scheme and the building.
  • Look for any financial issues the building may be facing.
  • Know how much maintenance fees you must pay every month as a member of the community.
  • Never miss to check if the insurance policy is up to date or not.

Levies:
When you live in a house, you need to spend some money on the maintenance. Similarly, you need to pay levies for maintenance of the building. This levy is for the maintenance of common areas. Sometimes, the levies also include the insurance. So, always get details of what you have to pay and for which purpose.

Plan of the apartment:
Always check the plan of the apartment before buying to be sure that you are getting what you were told or you expected.

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