6 Important Aspects Of Buying A Unit

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. There are several ways to participate in real estate and one form of home ownership is buying units. It’s important to know what to do when doing so. The following contributed post is entitled, 6 Important Aspects Of Buying A Unit.

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Whether you’re buying your first unit or your 50th this post has some useful tips to help you. There are certain things you should be looking for when you are buying a unit, so you need to take the time to assess these and find the best one for you.

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Let’s have a look at 6 important aspects of buying a unit below:

Get To Know The Area

This can be applied to any property purchase. You should research and get to know the area you are thinking about buying in and find out as much as you can. Get to know the type of people, the crime level, the quality of schools, employment opportunities, and public transport options.

Check The Quarterly Strata Fees

When you are buying a unit you need make sure you are taking strata fess into account. If you’re not sure what they are or have any questions it’s best to speak to strata lawyers. Don’t base what you can afford on council rates and current interest rates alone. When buying a property you need to take into account every single cost, this include strata.

Find Out About The Sinking Fund

A sinking fund is a pool of money that is put to one side for renovations or maintenance work that is needed on the building, roof, or public spaces such as the elevators. If block of units has a good-sized sinking fund, it’s a positive for you. However, if they don’t have one or it’s small, you could be left with an unexpected bill if anything has to be done on the building where your unit is.

Have A Building Inspection Completed

When it comes to a block of units http://www.themovechannel.com/propertyforsale/apartment/usa/, people usually avoid getting a pest or building inspection completed. They assume that the corporate body is taking care of this area (they should be). However, if there is no sinking fund, or it’s small, you may want to think about getting a building inspection completed before you think about putting in an offer.

Check The Other Prices Of Units In The Block

You will find that a lot of units in a block often have the same layout, especially if they are on top of one another. Looking at previous sale prices of the other units can help you to find out if you are paying the right price. There are a lot of tools online to help you with this.

Save Your Deposit

It’s probably very unlikely that you can buy any property without a deposit nowadays. Most lenders ask that you have between 3 and 5 percent, however, it has known to rise to as much as 10 percent before they will even consider your application. If you show that you can save your own deposit, it also shows the bank that you are disciplined to pay off a loan. It’s best to have your deposit ready before you start shopping for a unit.

These 6 tips should help you stay on track when thinking about buying a unit in the future. Is there anything that you are considering? Please share some in the comments below.

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct Examiner.com, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.