Essential Tips for Purchasing Your First Apartment
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So you've decided to buy an apartment and join thousands of other Australians in modern community living? No matter the size of apartment you want to buy, there are a few things you must know. The following tips will help know what to expect, and ultimately help you make an informed decision. Learn more about ringwood new apartments, go here.
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Community association
First, buying an apartment, which is essentially some space within a community, is different from buying a house. The building your space is a part of is owned by a collective entity, usually known as Strata Company, body corporate, or community association. This collective community is responsible for all things maintenance, so that life on the apartment runs smoothly.
What does this 'strata scheme' mean for you? It means that as part of the collective, you have certain rights and responsibilities. To make things easier for everyone, each member of the community is expected to adhere to a set of rules or by-laws.
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Make sure you're acquainted with these by laws, to avoid ruffling feathers the wrong way. For example, the community may decide that no pets are allowed. If you have a pet, it's going to be hard to convince them to bend this rule for you.
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Inspection reports
So you've been browsing through Ringwood apartments for sale, and have found the perfect one to buy... But before you rush to sign those papers, you need to get hold of the apartment's Strata Inspection Report. Like it is with buying a house, you want to know if the basics have been taken care of--pest control, wiring, plumbing, etc.
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The inspection report will also give you a full account of the state of the strata scheme, including details such as income, expenditure, budgets, insurance policies, agent records, notices and court orders served, etc. You need to know if the strata scheme is facing some financial difficulties, or is involved in some kind of legal battles, or is in some kind of trouble before you can commit fully to the purchase.
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Inspect the property
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It goes without saying that to be fully convinced, you must like what you see. Have a look at how the apartment is planned--does is suit your tastes? For example, has your car parking space been correctly aligned to your apartment? Once you're happy with the plan, be sure to enlist the services of a lawyer to help you through the entire sales process.