Real Estate

A Do-It-Yourself Guide to Buying an Apartment

Have you decided to buy an apartment yet? If yes, then let me tell you. North Dallas apartments are a great choice for everybody. Buying an apartment can be both an exciting a stressful time. Many people consider doing it themselves in an effort to save money. Whether you are a first-time apartment buyer or looking for another apartment, there are many factors that need to be taken into consideration, especially if you are going to buy it yourself without the help of a real estate agent. Are you ready for the responsibilities of apartment ownership?

Purchasing an apartment is a major life investment. Before you sign the contract, make sure you can meet the responsibilities that come with apartment ownership. Make sure that you are financially ready for such a big purchase. Easy to use mortgage calculators that can be found online will allow you to determine if you can afford an apartment. It will also determine how much you can afford. Mortgage payments include the amount borrowed, the interest, and usually the property taxes. To check to see what you can afford, calculate your net worth, determine your monthly expenses, and your current monthly debts. Make sure you allow enough for unexpected costs such as any repairs you may have to do.

Can you afford the Up-Front Costs?

There are many up-front costs associated with buying an apartment. It is important to know all of the costs involved so you can determine if you can afford it. These costs include mortgage, loan insurance premium, appraisal fee, down payment, apartment inspection fee, land registration fees, prepaid property taxes, utility bills such as getting the oil tank filled, apartment owners insurance, survey costs, water tests, title insurance fee, and legal fees.

What are your housing needs?

You should know what type of apartment will suit your needs. You should consider the size of the apartment such as a number of bedrooms and bathrooms, extra features such as walk-in closets, a large backyard, a garage…etc. Will the apartment accommodate a growing family such as more children? Or, is it a retirement apartment?

Where do you want to live?

You have to decide where you want to put down your roots. Do you want to live in a rural community or urban atmosphere? Location to schools, parks, your workplace, and shopping centers must also be considered. Determine the market value of comparable apartments in the neighborhood before making an offer.

Do you want a newly constructed apartment or resale apartment?

There are advantages to each type of apartment. Newly constructed apartments are more energy efficient, modern designed, wired for today’s technology, require less maintenance, and often come with building warranties. Older apartments, or resale apartments, tend to have more charm, the taxes will be lower, and they are usually located in established areas near amenities, schools, shopping centers…etc.

What Professionals should you hire?

There are a number of professional services you will need before you make a purchase. This can include real estate agent, mortgage broker, lender (either a bank or other institution such as a trust company or Ontario credit union) attorney, apartment inspector, insurance broker, apartment appraiser, and surveyor.