What to look for when buying an apartment? This checklist will help.
If you are not a seasoned investor with a lot of capital, buying an apartment awaits you about only a couple of times in your life.
If you are not a seasoned investor with a lot of capital, buying an apartment awaits you about only a couple of times in your life. All the more you need to know what to watch out for. We have prepared for you simple checklistthat will make you not forget anything. At the end of the article, you can download and print it in an abbreviated form so that you have it at hand on every tour. And then, perhaps, thanks to him, compare the selected apartments and decide on the best one.
Property status
On the tour you will definitely be able to get a picture of the general condition of the apartment. But what about what lies beneath the surface? Ask when the apartment was last renovated, how old the water, electricity and gas mains are. Still you can come across an apartment where everything is original and where you also have to count on more expensive renovation. Find out if the apartment has a brick or original umakart core, which is typical mainly for apartment buildings. You should also be interested in the condition of the windows, whether they are plastic or wooden, and whether any repairs will be needed. What about floors or kitchen? Ask about the age of all equipment so you can plan future repairs.
To live well
The technical condition of the property on the one hand, comfort on the other. Focus on the orientation of the apartment to the cardinal points. Do you prefer morning sun in the bedroom, and or do you prefer windows to the west? What about street noise? In general, it is good if the bedroom is oriented towards the courtyard, or at least on the opposite side from the noisy street.
You often buy other premises together with the apartment — share in the carriage house, wheelhouse, garden, drying room, possibly also own cellar or part of the land. In the checklist, be sure to indicate which spaces you have to yourself and which are shared.
For a comfortable life, it is also useful to have a balcony or terrace, an elevator to the floor, and the rooms are ideally not passable, at least those except the living room. The key to a comfortable temperature in the apartment is then good heating. Flooring is one of the best, but not many apartments have it. Most often you will encounter classic urban hot water heating. You can also come across a gas or electric boiler, in old houses then the least comfortable WAW gas heating.
Ask about temperature control options, a thermostat is always more convenient than regulating individual heads in rooms. Although even for this you can already buy gadgets such as automatic thermostatic heads, which you install instead of the original ones.
Equipment and gadgets
It's not entirely about whether the original owner leaves you a couch or a dining table in the apartment. Focus more on what is not so easy to change. The utility room may lack water and waste, so you will be referred for washing and drying in the bathroom or in the kitchen. The toilet is more likely to fit separate, and if you don't have windows in the bathroom and toilet, it's definitely nice to have fan and footrest lift.
It's practical too extractor hood. It can work without it, but with the tow outside it cooks a little better. Someone likes traditional gas burners, others do not allow induction. Be sure to ask what is available in the apartment.
The next item on the checklist is the internet - check with your local supplier, see if there is an optical cable in the house as well. If you work from home, it will definitely come in handy. In the same way, find out the availability of TV broadcasts. Often in the entrance there is a common antenna and one specific supplier.
Legal and factual status
You may wonder, but it is not entirely uncommon when the dimensions of the apartment do not correspond to the number of meters in the sheet of ownership. A pleasant surprise may await you — you will buy an apartment that is actually larger than on paper. But you can also miss a few meters, and that certainly does not please. If you want to avoid surprises, or try to negotiate a lower price (if you measure less) do not be afraid to check the dimensions of the apartment before buying. And when buying an apartment in a new building, do not hesitate to ask the developer for detailed technical documentation.
On the certificate of ownership that you will receive for the purchase, check that there are no easements, or servantships, attached to the property. If there are any listed on the certificate of ownership, have it explained in detail what it will mean for you. Check whether the deed of ownership and the share in the common parts of the house are included. Often you come across two sheets of ownership, one to the apartment and one to the house and to the common parts.
Are you buying an apartment for personal ownership? You should be interested in the Community of Unit Owners, the so-called SVJ. What specifically? Ask how they farm, how often owners meet, or if SVJ has any debts now (for example, for repairs to the house, to the facade, the elevator and the like). These will be reflected in your contributions to the repair fund. Request annual service statements and a registration sheet, where you will see both the contributions to the repair fund and the seller's water and heat consumption. Also ask for data on electricity and gas consumption. This will give you a picture of how much you will pay for the apartment per month.
When you buy an apartment into cooperative ownership, you buy the rights to use the housing unit, you do not buy the apartment itself. Find out if the cooperative has debt (also called the amount of outstanding principal or annuity) and what portion would pass to you. After all, the annuity, in turn, is reflected in the height of your monthly payments. Ask if there are any other debts attached to the apartment — for example, unpaid rent or utility payments. Do not forget to read the statutes honestly. It may surprise you that some cooperatives prohibit subletting, so if you're buying an apartment on investment, that might be a problem.
Condition of the house and surroundings
The state of the house is associated with the debts of the SVJ or cooperative. What does the facade look like? How old is the elevator? What about the roof? Are there any repairs planned or is everything new? Request a building energy performance certificate, or PENB Label. The seller must provide it to you either way, here and there someone wants to avoid it, but do not give up. Thanks to PENB, you will find out what kind of heat loss the house has, how economical it is.
And finally, ask yourself. Is this the location I want to live in? How far is it to the nearest public transport stop? Where is the nearest store? Even if you are choosing an investment apartment, focus on amenities. Tenants who have a dog will probably want to walk somewhere, and people with children will appreciate a garden or a nearby playground. It is also nice to look at the land plan and find out what is planned in the locality. A new building, cafe or shop nearby can slightly raise the value of your apartment.
Price
In some locations there is a fight over apartments, in others you can also negotiate a nice discount. If there are not 30 people interested in the apartment, try to ask for a discount of 5-10% for quick negotiations. You may be surprised, but it often works. However, it is better to have secured financing when signing the booking contract so that you do not lose the booking fee in case of complications.
As we promised to keep all these details together and you didn't forget anything during the tour, we created a simple checklist for you. Don't forget to download and print it out the next time you interview a broker 👇