Buying real estate in this day and age requires a lot of researching, negotiating, and investigating to make sure that all parties know what kind of deal they’re getting into. After all, whatever property you buy means you’ll spend the next couple of years living in it and everything that comes with it. That big of a decision requires careful thinking and deliberation for apartment buyers!
It all starts with your first contact with the seller. At this point, you can already tell a lot about the seller and the state of the property upon your first meeting. Before you talk about the details of the deal, there are a couple of questions you should ask before making an informed decision.
Things you should ask about the apartment before making an offer:
- General condition of the property – Your first contact with the seller will probably take place over the phone. Having the seller describe the condition of the apartment can reveal a lot about it.
- Seller motivation matters – One of the most important things you should ask the owner is their motivation for selling the property. You can get an idea of what kind of offer is reasonable to you and the seller. If the seller is motivated, you may even get the sale price reduced.
- Construction and renovation work – Any work done to repair or improve parts of the apartment should be considered. If there was work done, ask why they did it and if the renovation work was actually necessary. You should also look up who did the renovation work and how much it cost—that way, you get a general idea of the condition of the building post-repairs and renovations.
- Home appliances and equipment – If the deal pushes through, will the property be furnished or equipped with home appliances? You may also want to ask about the date of their purchase and the amount of usage that these little additions have gone through.
- Soundproofing is important – You don’t want nosy neighbors eavesdropping on your private moments. As such, it’s important to ask if the apartment or condominium has soundproofing. If you get a chance to visit the property, then look for wall cracks, hollow doors, and other entry points of noise.
- Life in the neighborhood – Speaking of nosy neighbors, the type of people living around the property should never be overlooked! While visiting the property, ask around and learn what you can from the other residents to get a good grasp of the area you’ll be moving into.
- Complaints in the community – Since we’re talking about complaints, condominiums and apartments usually have general meetings where all occupants take part in. Request a copy of the latest meeting minutes to see if there are any complaints or if recent construction work was done.
- Listing the property for sale – A property being listed for sale for a long period of time is questionable at best, moreso if the property’s price has continuously fallen. Consider this another red flag, as this might signal that there’s an issue with the listing.
- Taxes, taxes, taxes – Any piece of real estate comes with the question of taxes. States and municipalities levy taxes whenever any property is sold. The apartment could be subjected to sales tax or a real estate transfer tax, and it will ultimately affect the sale price.
- Bills and expenses – You can also ask the seller to provide the latest bills so that you have an idea of the possible expenses the property comes with. In terms of the mortgage, ask if the owner is willing to do seller financing.
The Bottom Line—Always Look for Red Flags
Doing your research and investigation will ultimately decide if the property you’re buying is a good investment or not. We recommend taking your time to learn everything about the apartment before negotiating a deal. It’s also up to you to make the seller understand that this is a big decision for both of you—so you need to factor in all aspects before settling on a deal.
To make your transaction go smoothly, it pays to have a partner like Buying Apartment Buildings. Whether you’re in the market for a condominium or even an apartment building for sale, our team is here to help you find the best property. Contact us today to get started!