There are several steps you should follow when choosing your first apartment. This article will touch base with those ideals and guide you in the right direction. Make sure that you keep on working with a real estate agent who works in your best interest.
When choosing your first apartment you are going to have to understand your financial limitations, you are going to need to pick a budget and stick to it. There is no point in going over your budget if you cannot get the finance for it.
Your budget should include:
- Purchase price
- Strata fees
- Transfer fee
- Registration fee
- Mortgage fees
- Interest rate on the loan
- Your living expenses now vs your expected living expenses
- Agent fees
- Conveying fees
- Stamp Duty or grants or exemptions
When researching for your first apartment you want to find a place that is going to have secured parking or reliable parking. Your apartment will need to be close to a supermarket, school or shopping Centre. As you want your first apartment to appreciate in value and not stagnate with market rates. Choose an apartment with lots of natural light and airflow. As this will make it easier to keep the apartment clean and mold free.
Make sure you choose an apartment as close to important hubs as you can, apartments that are close to central business districts appreciate in value at a more predictable rate and are easier to sell if you ever want to move.