Things to be aware of when buying an apartment?

Mr. Loverman

Hi all

I would appreciate any advice you have on things to be aware of when buying an apartment.

This is what I can think of so far:

• Annual management fee
• Potential issues if the Management Company have financial problems (why?)
• Resale market is currently bad

I am sure there are loads of other issues. For example:

• Is there some sort of lease agreement? For example, after 100 years you no longer own the apartment...?
• Potential of noisy neighbours on all sides

the_syco

Is the Management Company in debt, and if so by how much?
What services are affected by this?

Is there a ban on wooden floors in the complex?
If so, does the current apartment have wooden floors, or does the apartment attached (sides or top) to the apartment you're buying have wooden floors?

If wooden floors banned, and people still have them, it could show the MC is toothless and/or doesn't care. It may also be a warning sign of what they wouldn't do if their was a disruptive neighbour.

Can you install a satellite dish on the side of the complex, and/or on the balcony of the apartment? Are there rules regarding the wiring of said dish?

Build quality; check how solid the apartment was built, and how solid would the walls be? If possible, get someone qualified to assess if the walls are proper, or so paper thin that you can hear your neighbour piss in the john at 2am! This sort of thing happened pre-Celtic Tiger as well, and thus is not a "new" thing.

lodger222

Is it buy to let or permanent home?

Blocks with a smaller proportion of rented accomodation is obviously better for a permanent home

djimi

The two biggest things Id be asking when buying an apartment is a) what is the resale value like, and with that in mind b) how long is it going to serve its purpose for before I outgrow it (ie want to start a family etc).

From a residents point of view, Id be looking to find out who the management agent are, what services they offer and how well they actually look after the place (having lived in an apartment with a seemingly non-existent management agent I can tell you now it does not make for a particularly pleasant living environment). Id also be looking to get a copy of the complex rules and see that you are happy to agree to them; all complexes will have rules but some seem to love coming up with stuff that restricts your freedom a little more than I would find comfortable.

If at all possible try and get an idea of build quality. A lot of apartments that were built in the last few years were literally thrown together as quickly as possible, and as such are built to a very low quality. Noise is a big issue with such apartments, as is the general standard of the building (in the last place I lived in large parts of certain outside walls were actually crumbling and falling apart...)

The_Morrigan

Sound proofing...oh my god how important is that.
The_Syco is spot on with regards to wooden floors and if possible you should bring someone with you who can stomp around upstairs (if possible) while you assess the noise levels or you will be driven demented by the noise when you've moved in.

Parking is another one - check if you have an allocated/numbered space for your apt or if it is first come first parked basis (I know this is a problem in Adamstown where they just have communal parking, but I have a numbered space for my apt)

Other random questions you should ask yourself about the complex and area would be;

• are there lifts? Would be especially important if you have a buggy or if you get your shopping delivered.
• Where is the rubbish stored/dealt with? You do not want that stored under your windows the smell would be disgusting!
• Access to transport/commuting issues...I found out after I had moved in that there was no footpath to the bus stop that gets you into town quicker. So take a walk about the area as well as viewing any apartments in a complex.

Another thing to look out for is that empty apartments look a whole lot bigger without furniture. I gathered up old newspapers and created templates for furniture and placed it around the room to see how they would fit...so worth it

djimi

Actually speaking of empty apartments, check the complex and see how many currently lie vacant. If its a newish development and a lot of units are unsold/vacant then I would take that as a major warning sign.

gurramok

Watch out for Pyrite!

Does the complex(or apt) pass fire safety regulations?(A Priory Hall style fiasco is happening again http://www.rte.ie/news/2013/0325/378321-foxford-court-lucan/ )

What time do the bin\bottlebank trucks come at? They once came parked at 5am near my apt and needless to say I did not sleep much that morning

grey_so_what

Apartment living is not for a lot of people - I've been living in them since the late 80's on and off.

Try to place yourself with the space you have on offer and the space you need - E.G. Are you on a top floor with a potential roof space to expand? Options? Check permissions on Lease. Your Solicitor should read the Lease and tell you what all options are open to you. Ask him/her.

I've had several Management Companies that come and go over the last 20 odd years.
What sort of records do they have re: repairs - leaks / general maintenance (a good look around the complex will give you a good idea) etc. Knock on your potential neighbours doors if need be - Don't be afraid to. They will welcome a potential live in buyer as opposed to a "buy to let".

Take the management fees into consideration very seriously. They are a law onto themselves. There is no legislation guidelines where they are concerned.

It's a fantastic way to live maintenance free for the majority of the time. Neighbours are a hugh consideration. Find out if your potential neighbours are renting or residence. It makes a hugh difference (no offense to the people renting - I've had lots both good and bad from each experience) but you will often find maybe a bit more respect for the property/surroundings if they are residents (again no disrespect).

It would be a good idea to talk over the Management do's and don't with your Solicitor before making any choices - Remember this is your home but you are under rules and regulations that you wouldn't normally be used to!....

I hope this helps!
GSW

the_syco

lodger222 wrote: »

Blocks with a smaller proportion of rented accomodation is obviously better for a permanent home

On this point; if the current neighbours are renters, whilst they may be nice, the next ones may not. Also, as only the owners can vote in any AGM's, if the majority of the apartments are rented, then not much may get voted in to be done. A sh|te MC could get away with not doing their job if there's no-one there to hold them accountable to do what they're paid to do.

RATM

gurramok wrote: »

Watch out for Pyrite!

Does the complex(or apt) pass fire safety regulations?(A Priory Hall style fiasco is happening again http://www.rte.ie/news/2013/0325/378321-foxford-court-lucan/ )

What time do the bin\bottlebank trucks come at? They once came parked at 5am near my apt and needless to say I did not sleep much that morning

This.

Its the single biggest potential problem you'll have with an apartment, especially if it was built in the Celtic Tiger era.

Just regarding noise- I'm lucky to live in a block where there is only 8 apartments over 4 floors with two on each floor. The stairwell separates the apartments which means I have no-one living on any side of me which is quite good IMO. I've people above and below but rarely hear any noise from them. It is probably rare enough to get a block with the design and small number of apartments that mine has but having lived in much larger blocks before I'd say apartments with no neighbours adjoining them are defintely preferable.

RATM

the_syco wrote: »

On this point; if the current neighbours are renters, whilst they may be nice, the next ones may not. Also, as only the owners can vote in any AGM's, if the majority of the apartments are rented, then not much may get voted in to be done. A sh|te MC could get away with not doing their job if there's no-one there to hold them accountable to do what they're paid to do.

Not necessarily. I found it surprising to learn that in my own development of 200 unit owners only 7 showed up to the last AGM to vote. No-one sent a proxy on their behalf.

Now I'm not sure what the articles of association say in respect to the passing of resolutions (this might vary widely by development) but if there is no quorum mentioned then in theory 7 people could have had control on voting at that AGM.

I found it interesting in that a lot of people complain about management companies but never actually do anything about them. It might be the case that all it takes is a few residents to get together and write a proposal for the agenda and then show up at the AGM and vote to get whatever changes they feel necessary implemented.

Idbatterim

Fire safety would be a big one, just saw another development in dublin on rte news, that isnt up to spec...