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Apartment buying tips for 2021

There are plenty of apartment buying tips for 2021 that could guide you to landing your dream home. However, following them will only help you narrow down the housing options. To find exactly what you're looking for, you will have to include your preferences and necessities. And even though being particularly specific about such things can make it hard to find what you're looking for, your patience will pay off the moment you set foot in your new place.

Take a virtual tour of the apartments

In the past year and a half, we have suffered from many consequences the world pandemic Coronavirus has caused. But unlike the rest, the real estate market thrived with major housing demands. People finally got to slow down and consider rural and suburban lives, which made the market more varied than ever. Still, the imposed restrictions prevented many future homeowners from exploring their options, especially when it comes to touring the potential properties. However, in the era of the internet and technology, real estate agencies found a way to overcome this problem with virtual tours of the apartments. This option can solve limitations caused by the pandemic and long-distance home purchase.

Virtual tours of properties can greatly help when choosing the right place. They can be interactive by design showing you the desired furnishing and helping your interior plans come to life. And all that from the safety of your own home.

Get the right kind of help

The benefit of having a good real estate agent is the ability to count on them to get all answers to your questions. It's tough to trust people while doing business. Therefore, finding a reputable partner that will put your needs first is crucial. As your representative in buying a property, a real estate agent is there to advise you about the offers and how to better navigate the buyer's market. One of the best apartment buying tips for 2021 your realtor can give you is understanding the importance of comparing different offers and options. It can stop you from making the beginners' mistake of being bewitched by the first impression some well-staged apartments can cause.

Only by waging the benefits of every option can we decide what's best for us. Even if an apartment looks incredible, avoid getting into a home bidding war and exceeding your budget. There are plenty of excellent properties waiting for their new homeowners at more reasonable prices.

Location is everything

In the real estate business, location and neighborhood are some of the most critical factors influencing home value. The cost of an apartment in the center of the city and the suburb will differ significantly. After choosing the location that you want to live in, hire an appraiser to do market research of the area. They will inform you about the price per square ft averages, tiered.

Betting on your desired location

After you've done the market research homework, you can explore your available budget and make the offers. You most likely won't be a top bidder but keep in mind that most people can't qualify for financing. Often, the sales price doesn't meet the loan-to-value ratio of 80%, or it requires a larger down payment that they can't meet. But, having your offer next in line may get you the purchase price you're looking for. Still, you need to be patient. It might take a while, but in the end, the goal of any seller is to sell the property sooner than later.

Explore options that will make your move easier

When searching for a new apartment, buyers often forget to ask about the storage capacity of the place. It might seem like one of the irrelevant apartment buying tips for 2021, but the necessity for storage space today is greater than you think, especially during the pandemic restrictions when keeping our homes clean and clutter-free is a priority. Still, if your desired apartment checks all the boxes except for this one, there is another option to consider. Ask your real estate agent about the nearby storage facilities. Knowing this information might come in handy during the move if you need their services for temporarily storing your things. But also, in case you're having a hard time letting go of some extra stuff from your previous home, you can keep your items there for an extended period as well.

Make inquires about mortgage lender requirements

If you have cash at your disposal, one of the smartest decisions is to direct it toward buying your new property. Since the housing market is very competitive at the moment, getting approved for a mortgage has become harder than usual. A lot of lenders started issuing mortgages only to clients with spotless credit histories. Thus, to qualify for any of the available loans, the minimum qualifications you'd have to fulfill are:

  • Max Debt-to-income ratio: 36% to 50%

  • At least 600 credit score for most loans

  • 1 - 2 years of ongoing income

  • Minimum down payment of 0 - 3.5%

If your options are far from the requested qualifications, you might want to reconsider if this is the right time for you to invest in real estate. Or you could explore other options.

Nothing beats inspecting the place in person

We've mentioned that virtual tours have their perks when it comes to exploring more housing options in different circumstances, especially long-distance apartment hunting. Still, if you can check out the places for yourself, nothing beats the old-fashioned personal experience. When taking the live tour, you'll be able to check every potential or camouflaged future investment. But only after a detailed inspection of the place in person can you know if it's the right fit. 

Knowing exactly where you will be moving to will also help you plan your relocation well. There are some things people usually don't pay attention to when organizing their move. For instance, where the moving truck can park, which elevator to use, if there is enough space for all the furniture, any many other things. So, visiting the apartment will also let you find out about all the important things that will make your move easier. 

Pay attention to noise levels in your apartment building

The amount of noise level is one of the most important things when it comes to life in the building. Even though such things can be fixed through remodeling, why investing more money if you can find other solutions for the same price. One of the wisest apartment buying tips for 2021 is to always explore all available options. Sometimes a fixer-upper might be the smart choice if the budget calculations are in your favor.

How to find a suitable apartment for you?

Finding a decent apartment with a lot of benefits is not that hard if you know where to look. But to find a place that will check all the boxes, you will need the help of someone who knows the market like the back of their hand. To do so, make a list of preferable advantages your new place should have and prioritize the ones you can't do without. After you've finalized the list, hand it to your trusted real estate agent.

It would be best to think carefully about all the must-haves because you don't want to miss some important factors, like the proximity of certain amenities. Also, maybe you're buying your new place as a single person, but things can change sooner than you think. Take into consideration your plans for the next five years of your life. That way, you won't have to deal with selling the old and buying a new place quickly. Needless to say that these essential apartment buying tips for 2021 can only help you focus on the most critical steps during a home hunt. But, your final decision will depend on many other factors, and mainly, your budget.


Courtesy of Sophia Perry

Keyword: apartment buying tips for 2021

Meta: Finding the right home takes a certain budget, extensive research, a lot of patience, and some expert apartment buying tips for 2021.

 

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