Things to consider when purchasing an apartment

Purchasing real estate anywhere can be quite an intricate process. If you have a good realtor, most of the challenges, or potential challenges will be taken care of with ease. With real estate trends showing an increase in the number of persons purchasing apartments in Mobile AL, here are some of the things that you should consider before you splash the cash.

First, if you are not originally from the area, take some time to learn a little bit more about the city. Mobile, the fourth-largest city in Alabama, has quite an intriguing history. Engage in a little research and you will learn more about the main driver of the city’s economy – the aerospace program. It would be worthwhile as well to learn about the demographics, the culture, the city government, education and importantly, the climate.  These variables all have implications for whether or not you will be comfortable living in the city.

You may also want to consult an independent valuator to ensure that the property in which you are interested, is being offered to you at the true and fair market value. Ensure that you visit more than one property as well. It is always good to shop around.

Once you have narrowed down your list of potential apartments, it is good to check if essential services that you will require are in close proximity. These services and facilities may include schools, parks or a gym. Try to find out as well, if clubs, bars or other sources of night-time noise and traffic are close by. If these are nearby, and the noise will affect you, it would be best to seek another property.

Try to get as much information on the security mechanisms that are in place. Is there a neighbourhood watch program for example? Are there security cameras in the building? Additionally, ask about the age of the apartment complex or house. It might be best to get an architect to do a thorough inspection before you buy. This report will provide information on immediate or potential structural concerns. If the apartment complex is a strata title, one alternative is to do a strata search. The search will give you information on prior and proposed building repairs and other work. With this information in hand, you will be better able to determine if the property is worth the investment.

If you drive, or plan on purchasing a car, get some information on how the building treats with parking. You will want to know if, and how many parking spaces are allocated to you. There may be instances as well where you will be required to pay for parking. Ask if this is the case.

Too many first-time buyers fail to ask about other charges that will arise once they purchase the property. For example, you may encounter charges for security, use of the elevator, car parking and a myriad of other maintenance charges. Again, ask about these charges. You will be in a better position to determine if the property is the right one for you.

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