Buying your first apartment: what you should know

Buying your first apartment: what you should know
Buying your first apartment: what you should know

When you are thinking about buying your first apartment, you realize that is a big decision. It is in fact one of the biggest decisions you may take in your life, so you must be very careful with it. Buying an apartment may seem easy, but is not that simple, as there are a few things you should know. It is easy to look through the apartments Portland OR and choose one that fits your budget and style, but what you should do after that? Going through neighborhoods and visiting apartments are some of the easiest steps of apartment buying, as there are much more important things to pay attention at.

The Inspection Reports

Did you know that you should get a Strata Inspection Report before you buy any apartment? This is extremely important as it checks a few vital stuffs about the apartment you need to find before you throw your money on it. The Strata Report checks things like:

  • Minutes of executive and general committee meetings;
  • The levy installments and the approved budget;
  • The insurance policies;
  • The managing agent records;

These are only a few reasons why you need a Strata Report before you purchase any apartment. There are many other things that are checked through an Inspection Report like this one.

The Levies

You must also factor in the fact that you will need to pay a levy when you buy an apartment. The levy is usually paid quarterly and the money go into up keeping common areas such as fences, garages or gardens. The levy also covers the insurance, the administrative costs and the sinking fund.

Look at the Plan

Another important thing you should do when you decide to buy an apartment is to look at the plan of the flat and make sure you get exactly what you need. Look if the space for your car is correctly allocated, for example. When you are buying, it is good to have a lawyer that helps you look through the contract and explains you every step of the process.

Get involved

If you are going to buy an apartment in a certain building, you should get involved into the activity in that building. Take interest on what happens there. The annual general meting should be a priority for you as a new neighbor, and you should also be a part of the committee if you want your voice to be heard.

Be friendly

Moving into a new building means new neighbors. New neighbors can be good or can be annoying and mean, and it all depends on how you treat them. Remember that you share a building with other people that deserve privacy, intimacy, silence and respect, just as you deserve all that. So, try to live neighborly and be friendly with all your neighbors: you do not even know when you need them!