Thursday, March 29, 2012

Buying an apartment: Apartment associations

Before buying an apartment make sure to also check on the apartment association - what major actions were taken recently and how does the developing strategy for the future look like. The apartment association's activities, which are related to maintenance and renovation of the building have an ultimate role in the process of buying an apartment.

Most of the tasks require considerable funds, and often it is impossible to manage without the help of the bank, which adds additional financial liability to the residents. Before making the purchase You should definitely investigate, if there are some existing financial liabilities and will there come any up in the future.

There are multiple ways to get overview on the condition of the house and on current potential flaws and necessary investments. Buyers decide for themselves which criteria will they consider the most important while choosing an apartment.

What is done already ?

Significant part of the buyers of apartments make conclusions about the condominium association only by looking at the appearance of the house. If the balconies are clean and shiny, the side walls are insulated and the doors in the hallways are new, then they think that this shows that the condominium association is greatly active.
There are people who pay special attention to the condition of the elevator and the stairs. The repair and the replacement of the elevator is the one of the most expensive things, and therefore, associations tend to search for help in a bank
In most cases, buyers are not interested in what renovation works are done, besides interior decoration - how old is the heating system, what is the roof condition and what are the walls made of.
You should investigate everything about the building before making the purchase, because the price and the reliability depend on major projects in the first place. If the apartment association is already in dept only because of the interior decorations, then it will probably issue more loans in future, and the bills will increase significantly.

House condition is reflected in the bill

More and more people talk about energy efficiency, heat system renovation and about installing new ventilation systems in old apartment houses. These projects require habitants' interference and without doubt will be reflected in monthly bills.
Often buyers get scared when they see big bills, without realizing that if the apartment association won't take any measures, then it is impossible to receive heat-resistant habitation. In most cases, the purchase of the apartment isn't canceled because of the bills, but there are people, which prefer to leave in a less renovated house, and thus, pay less in the maintenance fund.

Talk to the apartment association

While buying an apartment, investigate, how long ago were the water pipe risers changed and what is the condition of the roof. Such information is specially important, if You plan to renovate Your apartment after purchase. Changing the water pipe risers in the future means breaking the walls, and the leaky roof leads to broken furniture and damaged finishing. Potential buyers rarely wish come into conflict with the chairman of the apartment association, in order to get more info about the house condition.
Despite the fact that a good realtor knows how to do his job, it is wise to personally contact the chairman of the apartment association to have a non-official conversation and determine his level of concern about the household.
In conclusion, I recommend that before making a decision about buying an apartment, inquire more about the activities of the apartment association, as way possible to better understand why the cost of accommodation exactly such, and how these costs will change over time.

It is important to understand, that the building, which looks well outside, may not be heat-resistant and reliable.

No comments:

Post a Comment