Five Tips on how to avoid pitfalls of renting or buying an apartment

Choosing an appropriate property for you and your family may not be an as simple task as it seems. There are multiple factors that need to be taken in the count, especially the financial and cost-benefit (lose - gain) aspects of renting or buying an apartment. The final decision to rent or buy a specific apartment usually profoundly affects your life for a very long period. By exploring the subject, and also being driven by personal experience, we have come to a list of tips on how to avoid pitfalls of apartment hunting.

Tip one: Mathematics for renting or buying an apartment

Before starting the renting or buying procedure, it is advisable to make a thorough and well-planned calculus of all the financial aspects related to renting or buying an apartment. One of the most important aspects of the calculus is to include as much as possible unforeseen and the unpredictable financial factors. For example, it is not very smart to spend all the money on a simple and raw property price. It is much better to spend (for example) 70% of the planned sum on buying a property, and the rest 30% on adapting the newly bought property to your and your family needs. Take into the count all the rough construction works, all the necessary paintwork prices, individual adjustments and eventual new furniture prices.

Tip two: Explore the market

It is very important to conduct a detailed exploration and examination of all the apartments available on the market at the given moment. Try using different online clients for property renting / sales. Explore in detail all the photographs available, for any detail may mean a great benefit or a decisive flaw that can be overseen if not paying enough attention.

Tip three: Visit the properties

After you have conducted the detailed online search, it is advisable to make a list of your 10 favorites. Re-examine the list on multiple occasions, and don't suppress your inner criticism. Visit the properties that went into the second round of selection. Afterwards, make a chart where you would give the points (1 – 10) by the specific criteria to each of the 10 favorite apartments. The chart queries should be made with your family, using a brainstorming procedure. Write down all the aspects that may significantly affect you and your family in the following period, where some of them may be:

• Playground proximity
• Building height
• How old is the apartment
• Price per square meter
• Terrace availability
• School proximity
• Public transportation
• Miscellaneous

After you answer all the queries for all the apartments, start the process again. The apartments with the best score should be your main choice.

Tip four: Take your time renting or buying an apartment

Do not rush when making the final decision, for there is no “coming back” or “Undo” button. Take your time, in order to settle your emotions and specific influences. By taking a cooling off period, you and your family will be able to rethink the decisions and maximize the possibility of choosing the best apartment for you. Think about all the small details that may one day prove to be important. Think about the size of the hall. Think about the shape of the bathroom. Rethink if you like what you see outside the window of the bedroom, for that is the scene you will be seeing for a very long period. Think about the parking lot or a garage. Think about your pet(s). It is very important to make sure you would have enough space and predispositions for providing your pet with a healthy and content life. Rethink how would things go regarding your health insurance.

Tip five: Ask for advice when renting or buying an apartment

You should not feel estranged to the possibility of consulting a specialist in the field. Do not hesitate to pay a few hours at the consultant agency. The money spent there may one day prove to be very well invested. Moreover, another very important advice you will most probably hear from the professional advisers is that “Not all the cheap things are cheaper.” We all have a humble and healthy tendency to think that we own all the world's knowledge, but usually, that is not the case. Asking questions and craving for knowledge is a blessing. Why not use it for your personal well-being? Talk to your potential neighbors. Ask them about the neighborhood. Talk about the bills and all the unforeseen situations. Ask them about the security situation and eventual issues. Look for the details in the neighborhood – clean sidewalks, shops, streets, environmental conditions.

Conclusion : Be within the realms of your real and exact buying power. It is amazing to dream big, but still, no matter how much you may desire an apartment that has the full wall window with an amazing skyline city-view, it would be smart to buy or rent an apartment that is affordable. The most appropriate apartment is the one that would not be a ballast in the long-term economic projections and calculations for your family. Affordable does not necessarily mean cheap, ugly or demotivational. Keep in mind the cost-benefit principle, where you weight out what you get versus what you may lose by renting or buying a specific apartment. It is all just a matter of creativity, where you chose and design your living space dependent on your specific needs.

No comments