Buying apartments for sale can be a wonderful long term investment. The property market is rapidly expanding here and for first time investors looking to expand and break into the market, avoiding these common traps is important. Visiting your financial expert is also important. Your financial adviser can guide you about the best time to purchase an apartment. By clicking here we get info about Serviced Apartments Glen Waverly
Purchasing apartments in prime locations can be a massive investment, delivering long term rental returns and high capital growth rate. Numerous common traps that investors and buyers need to watch out for while buying apartments for sale are detailed below.
-The Wrong Location
One of the biggest problems that can arise from buying an apartment in the wrong location is that you will not get what you paid for. For example, if a view of the Bosporus is your aim, buying an apartment in a landlocked Turkish city will not get you anywhere. Similarly, if you are looking for the perfect beach-home, seaside paradise Bodrum is a better spot than bustling Ankara.
-Checking the Developer
When you are buying an apartment, it is important to check the track record of the developer. The real estate agency and developer should have a good reputation in the market. They should also be able to deliver on what is being promised in terms of completion time and quality. Checking the size of the apartment is also important, Your research should not neglect this aspect either.
-Not Being Clear on Maintenance
Making an informed decision regarding a real estate purchase means being aware how maintenance is managed. You need to be clear about the fees and charges for amenities, facilities and maintenance of the common area before you shell out cash.
-Lacking an Understanding of Your Purpose for Investment
Are you looking for an apartment to stay in or rent out to others and make income? The most important consideration while purchasing an apartment in a building or complex is that you should be clear whether you are making the purchase for investment or residential purposes. For example, if you are looking for an apartment to live in, it becomes essential to select a complex which is extremely well maintained and a wide number of owners here are interested in keeping the facilities and amenities functional.
-Not Undertaking True Cost Estimates
A complete estimate of the true cost of purchase and holding the property must be made. If the property is an apartment in a prestigious complex, there may be additional costs involved like strata fees, as against a single house unit. Cash flow is important to consider and if the property is an apartment complex, you have to consider the charges for utilities as well as maintenance.
-Purchasing in Overcrowded Areas
Purchasing an apartment in an area which is overcrowded can limit the facilities and amenities available. It can also come in the way of peaceful living. Consider all these factors before purchasing an apartment in a building or complex.