What to Look for When Buying Apartments

There are two definitions for “buying” an apartment furniture . In some cities, like New York City, apartments are bought and sold a lot like condominiums. In fact, they are probably closer to being actual condos than apartments but the term is used. The other apartment buyer is looking to buy a building or complex with rental units that he or she will operate or hire a company to manage for them. Whichever you are, an individual buying an individual unit or an investor buying a lot of them, you still need to know what to look for when buying apartments. First, you want to have a budget for your purchase. If you are looking for an economical apartment, then you won’t be shopping the upscale zip codes. If, on the other hand, you have more money than you know how to spend, you can check out the river or park views in the ritzy neighborhoods where rents are at a premium and parking is almost as costly. Knowing how much you are ready to spend can narrow your list down.

Secondly, decide between the stand-alone building and a complex. The single building might not be small. Big cities often have high-rise buildings that have hundreds of units. The complex, of course, has several buildings and covers more real estate, but it might actually have fewer rental units. Both have their pros and cons, but ultimately it will be your choice.

Finally, visit the building or complex. Look it over for potential and for problems. If you’re investing, factor in the costs of repairs and rehab. If you are buying an apartment home, determine if current management is keeping up the public areas and lifts, and what you will need to spend to make the interior of your unit perfect. Those are just some basics of what to look for when buying apartments, but it’s a place for you to start.