Buying Apartments : A Checklist

Buying an apartment can be exciting, but it also can be a really challenging. Apart from the significant amount of money you will be investing, you also need to determine whether the particular unit you are looking at is a good buy, whether the developer can be trusted and so on. In recent times, property values have skyrocketed. And that's hardly surprising. That said, there are several things you may want to consider before you buy an apartment. 1. Does the apartment's management have a sound maintenance plan? Ask the owner's association for a copy of the plan. And also see if funds have been allocated for maintenance. If there is no such plan or if funds have not been allocated, you would want to think twice about buying a property there. 2. Does the apartment complex have a manager? 3. When was the last meeting of the owner's association held? Do they even hold these meetings? If they do, ask for a copy of the minutes of meeting. Make a note of any complaints and check if they have been resolved. This is an indicator of how proactive the association is. 4. What are the rules of the association? 5. Do they have a grievance redressal procedure? What is it? 6. Are there any pending court cases against the association? 7. Is the apartment complex in compliance with the building codes? Is the complex violating any rules? You should be able to get the relevant records from the authorities. 8. Get to know what you will be paying as maintenance and other charges. Check if the association has a bank account, and in whose name the account is being operated. Ask for copies of the most recent financial statements. Is the association financially healthy? 9. Are any road widening projects being planned in the area? You should be able to get the relevant information from the concerned authorities. 10. Measure the floor space of your unit and your car space. Do the measurements match what you have been promised? 11. If your apartment comes with a car parking space, make sure that it is transferred to you along with the unit's title. 12. In case the car parking space is common property, you should have a license or a lease. 13. Study the security measures that have been put in place. Will just about anyone be able to walk into the complex? Are detailed visitor records maintained? 14. Does your unit have a balcony? Is sunlight blocked by other buildings? 15. How easy will it be to move large, heavy pieces of furniture to and from your unit? 16. Research the market and get to know the current trends in the neighborhood. Are more people selling or buying? Talk with a few residents to see whether they are having any issues with the management. 17. Does the developer have a Code Compliance Certificate?

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