An apartment is a housing unit which is present in a building, occupies only a part of the building. Apartments are also called multi-family homes because they are various families living in different units in the same building. If you are looking to invest your hard-earned money in a multi-family investment, you need to be very careful. Here are the tips which can help you invest in a multi-family home.
1. Study the By-Laws
Make sure you know the laws which are applicable to the building, both by the state and by the building’s owner. You have to study the laws deeply before making any decision. Since you will have to abide by the laws once you start living in the apartment, you have to know whether it supports your lifestyle or not. For example, the building might not allow pets while you have one.
2. Know the Strata Fees
When you are living in a multi-family home, you have to collectively pay for the building’s maintenance. For example, you will have to pay for the garden maintenance. Collectively the fees can either appear to be in your budget or totally out of it. You will have to pay the taxes as well. It includes the property tax, the electricity charges, and the elevator charges.
So, carefully estimate these additional costs of an apartment.
3. Research the Market Trends
Make sure you are getting the apartment at the right price. For this, you have to know the market trends and the price of the area in which you have found an apartment. You might be getting it at a higher price than the market. Hire your own agent who can help you pick the right apartment.
4. Meet the Residents of The Building
If it is possible, you can ask the building corporate to interview the residents. Or you can simply meet them to get to know the building. You will develop a fair idea of whether you will have friendly or rude neighbors. The neighborhood is very important because you will be living in a multi-family home. Also, they can give you the idea of what it’s like to live in the building. You can make your decision accordingly.
5. Know What You Can and Can’t Do to The Apartment
It also depends on the by-laws. You have to know if you will be allowed to make changes to the apartment. The changes may include getting a new paint, changing the doors, renovating the apartment to suit your style. There are some building corporate laws which will not allow you to change some things in the apartment or even outside the apartment. Consider the changes which you can make and then make up your mind.
6. The Location of The Building
The location matters a lot. You have to check if the building is close to any hospital, grocery store or clubs etc. If you have children, see if there any schools nearby. Never go for an apartment which is a long way from any hospital or school.