Phone: 974 356 879

  Fax: 413 546 789

Tricks To Know Before You Buy An Residence

Tricks To Know Before You Buy An Residence

The process of buying an condominium is more sophisticated than that of purchasing a house. This is because you do not purchase the land right away. If you will buy an condo for the first time, we advise that you comply with the 7 tips given below. Read on to seek out out more.

1. Freehold and leasehold

First, it is best to understand the difference between leasehold and freehold. In case of a freehold property, the buyer owns the land and the home. On the other hand, a leasehold is the property that you pay for to occupy, but you share the property with other people.

For example, flats are leased as they're made in a building that's shared with hundreds of different people. In fact, this is likely one of the most evident variations between a leasehold property and a freehold one.

2. Lease period

In case of leasehold, the customer buys the right to live in the said property for a particular period. This period may be as much as 999 years long. With the passage of time, this worth comes down. Therefore, it's important that you simply find out the time remaining on the lease. You'll be able to ask your real estate agent to find out this info for you.

3. Service charges

You need to discover out in regards to the ground lease and other service expenses it is advisable pay for the apartment. Plus, it's best to find out about who can be liable for the communal area repairs. This will help you set your budget properly.

4. Alterations

Can you make modifications to the property? If that's the case, are there any restrictions to follow? The restrictions can be either subtle or obvious. In case you have main plans to make alterations to the flat, chances are you'll wish to contact your lawyer.

5. Main repairs

The service charges could include normal upkeep as well. However, it could not cover main repairs like roof repairs. For big repairs, make positive you know the one who will pay for them. This is quite important, especially if you have a limited finances for repairs and different tasks of this sort. Keep in mind that major repairs will price an excessive amount of money.

6. Restrictions

Make positive you know should you can keep pets in your condominium or not. Some house buildings don't enable any type of pets. Similarly, some flats do not enable to play music after, say, 12pm. Due to this fact, you should ask your real estate agent in regards to the restrictions you need to follow.

7. Assistance

After you've purchased your condo, make certain you know who will come to your help when you are in need. You'll be able to contact the lease advisory service of presidency to find out information about landlords and tenants.

In brief, if you'll purchase an residence, we recommend that you check out these tips. With the following pointers in mind, it can be a lot simpler so that you can make the right alternative and avoid some common mistakes. Hopefully, this can help you undergo the process more easily.

In case you adored this article and you would want to be given more info concerning Forett at Bukit Timah kindly go to the webpage.