The process of buying an apartment is more complicated than buying a house. This is because you don’t buy the land right away. If you are buying an apartment for the first time, we suggest you follow the 7 tips that we give you below. Keep reading to know more.

1. Freehold and lease

First, you need to understand the difference between a lease and a freehold. In the case of a freehold property, the buyer owns the land and the house. On the other hand, a lease is property that you pay to occupy, but you share the property with other people.

For example, apartments are rented as built in a building that is shared with hundreds of people. In fact, this is one of the most obvious differences between a leasehold property and a freehold property.

2. Lease period

In the case of a lease, the buyer buys the right to live in said property for a specified period. This period can be up to 999 years. Over time, this value decreases. Therefore, it is important that you find out how much time is left on the lease. You can ask your real estate agent to look up this information for you.

3. Service charges

You should find out about the ground rent and other service charges you have to pay for the apartment. In addition, you should find out who will be in charge of repairs to common areas. This will help you set your budget correctly.

4. Alterations

Can changes be made to the property? If so, are there any restrictions to follow? The restrictions can be subtle or obvious. If you have major plans to make renovations to the apartment, you can contact your lawyer.

5. Major repairs

Service charges may also include general maintenance. However, it may not cover major repairs like roof repairs. For major repairs, make sure you know the person who will pay for them. This is quite important, especially if you have a limited budget for repairs and other tasks of this type. Keep in mind that major repairs will cost a great deal of money.

6. Restrictions

Make sure you know if you can have pets in your apartment or not. Some apartment buildings do not allow any type of pet. Similarly, some apartments do not allow music to be played after, for example, 12:00 pm. Therefore, you should consult your real estate agent about the restrictions that you must follow.

7. Support

After you have bought your apartment, make sure you know who will come to your aid when you need it. You can contact the government tenancy advice service for information on landlords and tenants.

In short, if you are going to buy an apartment, we suggest you consult these tips. With these tips in mind, it will be much easier for you to make the right decision and avoid some common mistakes. Hopefully this can help you go through the process more easily.