You’ve hunted for your perfect apartment for months and finally, you’ve found it. But if you’re purchasing real estate in a building you need to make sure that it’s as good as the home within it. Here’s what you can do.
Look at the financials
Before you sign a contract, the seller should provide you with copies of the building’s recent financial reports.
Make sure your lawyer determines that everything is in order. You need to know whether it’s making a profit, breaking even or having a loss, and it’s good to know when the mortgage expires. Double check whether there’s a reserve fund and make sure you’re aware of any upcoming major repairs or litigation.
Consider the building’s age
If you’re moving into an old building it’s important to find out about any facilities that are likely to require repairing or replacing. Before you commit to purchasing, you should get an engineer or architect’s report on the building to see if there are no significant issues.
Find out about the neighbors
Check out the Automated City Register Information System website for all the information you could possibly need about your neighbors. You can check that they’re not behind on their common charges and even see how much of their mortgage they have left.
You’re going to be living in close proximity to the people that share your building, so you should do your homework.
Check for pest problems
If your building has a rat infestation you need to know about it before you sign on the dotted line. The government’s rat information portal provides information on pest complaints, according to severity, all across the city. You can quickly see whether your building has failed past inspections, where there are active signs of rats, and any other problematic conditions that you need to be aware of.
Learn neighborhood information
To find out about specific neighborhood information such as city council district boundaries or upcoming renovation projects, check out this map for a detailed guide.