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Buying First Apartment

5 Things to Know When Buying your First Apartment

Buying your first apartment can definitely be exciting. However, this excitement can lead you to leap headfirst into the exciting world of home ownership, without giving much due to the complex process of buying an apartment. To avoid the most common pitfalls, you need to do proper due diligence.

Here are 5 things you should know before you start hunting for your first apartment: –

1. Know Your Budget and Requirements

There is no point in wasting time on inspecting properties that are not in your budget. Remember, buy a property that you can afford now and not based on assumptions of your income in the future. You should also know what your requirements are, both in terms of space and amenities, and look for a flat accordingly. If you intend to go for a flat with all modern amenities, you can buy Wave Floors in Ghaziabad which boast of numerous amenities.

2. Make a List Of Must-Haves

Determine how much space you will need beforehand. You should have an idea of the minimum number of bedrooms and bathrooms your flat should have. Look for an apartment that is in close proximity to work and other facilities such as schools, shops, parks and public transport.

3. Check Your Credit Score

Most home buyers happen to take a loan to finance their purchase of their flat, and if you are among them, the first thing you should check is your credit score. It will help determine the following:

  • If the loan application will be approved or not
  • How much loan will be approved in ratio to your income
  • The amount of down payment you will need to make

4. Arrange the Down Payment

If your credit score is not stellar, then you will not be able to secure a large loan for your purchase. As a backup plan, you may have to arrange a significant chunk of payment. So, plan accordingly and arrange for the down payment.

5. Facilities And Costs

The common areas of the apartment building are maintained by the society associations. To help with the maintenance, you will have to pay such associations a fee. Before you finalize your purchase, find out how much that fee is, and will you be able to afford it. Other things that need to be checked are the parking arrangements, waste disposal system, the noise level and common areas for recreational purposes.

These are just some of the common and essential items that should be on your checklist. Make sure that before you start looking for your first apartment, you are ready with your own list of requirements. Do your research and get professional advice if needed.

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