The convenience of living in a lock-up-and-go apartment is a decisive factor for most property buyers. Here are other factors you should take into account when buying an apartment.
Decide where you want to buy an apartment. You might want to draw up a shortlist and visit those areas to see if your choice of suburb fits your lifestyle.
Check that the apartment is close to everything you might need, e.g. transport, healthcare facilities, gym, shops, and work. Visit the area during rush hours and at night or over weekends to get an idea of noise levels and travel congestion.
- Market Prices
Do enough market research to ensure that the market prices in the area are on an upward trend and that the price you are paying is in line with similar properties in the area.
Keep your options as open as possible. View as many places as you can so that you know what to expect in your price range. Speak to different real estate agents to get accurate information.
Finding the right apartment does not mean you have to overlook the less attractive aspects of the apartment, so you must remain realistic. Look at the comforts and features of the apartment, layout and size, and compare with other similar properties in the area.
Consider the accessibility and security of the property, as well as any additional outdoor spaces such as a garden, patio, or balcony as it would have an impact on the pricing and maintenance costs.
- Maintenance Costs
Factor in the cost of maintaining the apartment. It may include property tax, water and sanitation, electricity, levies, parking and security. Before you sign, make sure you know which of these are included and to how much these extra charges amount.
Check for hidden costs. Maintenance costs might also depend on how old is the property, the additional repairs or refurbishments needed, and whether it has an established patio, balcony or garden.
If you have a transport vehicle, make sure that parking is available. Check with the previous tenant if their parking bay will automatically be made available to you. Enquire about parking spaces for visitors.
Finally, make sure that the building has all the correct compliance documents before you sign. These hidden costs can quickly add up to a lot of money which is not in your initial budget.
Buying an apartment is a big step and a considerable financial exercise, but if you do the proper research and keep an open mind to the above considerations, you can make the best choice for your lifestyle needs.
Want to live in the city? Try one of our upmarket, world-class developments.
Knight Court is a luxurious apartment complex in East Cantonment, Accra, with furnished three, two and one-bedroom units. Facilities include 24hour security, internet connectivity, and swimming pool access.
Contact Mobus Property for more information.
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