How to Purchase Your First Apartment

Friday, June 03, 2016

Hi girls, how is your week so far? Hang on as today is Friday already and weekend is around the corner..... Do you know buying your first apartment requires a lot of careful thought and consideration. You need to decide where specifically you want to live, as well as which features you want in your new home and how much you are willing to pay and can afford to pay for the apartment you want. If you are looking for apartments for sale, consider look at property listings on sites like PropertyGuru Malaysia.

An apartment is a big investment, probably the largest investment you will ever make in your life, so it is important that you have a clear plan before you even begin home shopping. Do your research and determine how much you are willing to invest in your new apartment and what you hope to gain from your newly owned apartment. Read these tips and tricks for purchasing your first apartment.

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Decide Where You Want to Live

Choosing where you want to live may be the most important part of the apartment buying process. It is essential that you are in a neighborhood in close proximity to your office, as well as good schools if you have children, and top-notch restaurants, grocery stores and other urban amenities. Ask yourself a few questions to determine what is most important to you about your neighborhood. Which neighborhood fits your lifestyle best? Do you want lots of clothing stores nearby or would you prefer to be as close as possible to the grocery store and local parks? If being able to walk around your neighborhood is important, put that priority on your wish list. You need to be as specific as possible when making your neighborhood wish list, according to SF Gate.

Once you have made your list and narrowed your options down to a few neighborhoods, spend some time in those neighborhoods. Spend a day or afternoon in each neighborhood to ensure that you like the vibe of your prospective neighborhood and its nearby amenities.

Decide How Much You Want and Can Afford to Pay

Meet with a loan officer to get prequalified for a mortgage loan, before you even begin looking at potential apartments. Your loan officer will assess your loan eligibility based on your income and debts and help you figure out how much you can afford to spend on your apartment. You should make sure to visit several different loan officers to get a good estimate. Most loan officers recommend spending no more than 30 percent of your income on monthly mortgage payments.

Once you have received an estimate, decide how much you really want to spend on your new apartment. What do you want your life to look like? Would you prefer to spend more money on your apartment and live in luxury or save money on your apartment and have more to spend on travel or save for retirement? If you want to have children, you should plan on purchasing an apartment with at least two bedrooms.

Find a Real Estate Agent

Once you have met with a loan officer and decided how much you want to spend on your apartment, you can find a real estate agent. This agent should be knowledgeable about the current housing market and have experience with finding homes in your price range. Your agent can also use your neighborhood wish list to help you determine where to look for apartments. Once you are ready to purchase an apartment, your agent will help you negotiate the best deal possible and help you sign all of the paperwork.

Make sure that you look for the right agent. Some agents represent buyers, while other represent sellers, so don’t use a selling agent that you met at an open house for your real estate advice, because they are there to help the seller, not you as the buyer. Keep in mind that the seller pays for the buyer’s agent, so you will not lose any money by working with a buyer’s agent.

Don’t Forget About Closing Costs

When deciding which apartment to purchase, keep in mind that your initial purchase will include much more than just the down payment. Closing costs include inspection, loan origination fees, up-front points, application fees, a title search, title insurance, first month’s homeowner’s insurance, recording fees, appraisal fees and attorney’s fees. You can work with your real estate agent to estimate the total cost of your initial purchase with down payment and closing costs.


In addition to closing costs, you should also keep ongoing costs in mind. Larger apartments require you to spend more on utilities. You will also need to worry about property taxes, repair bills, insurance and bills for services like trash disposal, so you should keep those costs in mind as well and make sure that you have enough savings to cover those costs if needed, according to Freshome.com.

So are you ready to get your first Apartment? All the best and welcome to a new life journey for those who will be getting your own first apartment! I got to go now... Bye bye...

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