What Do You Have to Pay for When Paying for an Apartment?
If you are a first-time home buyer or a real estate investor looking to invest in property, an apartment purchase may be a more attractive choice than a single family home. Apartments are usually cheaper than single family homes because of their size and location in a condominium complex alongside other individually owned apartments. When purchasing an apartment, there are certain costs associated with the acquisition.
Home Inspection
After you narrow down your property search to a favorite and decide to pursue its purchase, you must hire an official home inspector to tour the property and assess its condition before the sale goes through. Many times potential property owners may only scan over an apartment's cosmetic work and not notice flaws that a professional can detect. These flaws may include structural problems, piping or electrical problems, mold or termite issues, rotting sheet rock or extensive water damage. Depending on your preliminary contract, an apartment inspection that turns up numerous negative results could provide grounds to retract your bid.
Insurance
When you purchase an apartment you may also have to purchase various forms of insurance, such as mortgage insurance and hazard insurance, which is also referred to as homeowner's insurance. Mortgage insurance is not a requirement for all property owners, but it is usually required for those who cannot place a substantial down payment, such as 20 percent, on a mortgage. According to the Community Housing Network website, hazard insurance is required of apartments, and it usually covers damage from fire or theft. Flood insurance may also need to be purchased if the apartment is located in a flood-prone area.
Price, Taxes and Fees
The price of the apartment you purchase is something you will need to pay for, generally through a mortgage that will allow you to pay it off slowly in small increments every month. If you are unable to pay cash for your apartment and need to sign a mortgage, you will also have to pay interest on that mortgage. Mortgage interest rates constantly fluctuate depending on the market, so check with your bank or mortgage broker about finding the best interest rate. Like home, apartments also have property taxes that must be paid, and also usually come with home owner association fees, otherwise known as HOA dues. HOA fees are usually paid monthly and cover such things as pool upkeep and common area maintenance.
Utilities
If you rented a similar-sized apartment before you purchased one, you are probably familiar with how much utilities will cost. If the apartment you are purchasing is much bigger in square footage than where you lived prior, your utilities may increase dramatically. Things such as electricity, air conditioning and heat can become more expensive if there are more rooms that need to be lit, cooled or heated. Depending on what your HOA dues cover, some utilities, such as heating or hot water, may already be included in your fees.
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