Do you want to buy a property as a private investor? Then you want to make the right purchase to have the best investment. This article gives you 3 tips to make sure you can judge your property purchase as good as possible.
Tip 1: Check the documents of the Home owners association
It is important to ask for the documents of the Home owners association as soon as possible when you buy an appartment. You can check whether this association is healthy or if there is large maintenance to be done. This is important in the calculation of your efficiency. Also check whether the Association fee is paid by all members and how much money there is in the spare fund. This is all information from the financial documents that can be valuable to you. Also read the most recent minutes and the internal rules to see if any conditions apply.
Tip 2: Approve the equipment
Check what equipment is present in the property. What is the year of construction and when was the last maintenance? Knowing this beforehand can save you a lot of unexpected costst.
Tip 3: Check whether there are lease contracts
Often, a lease contract is closed for the equipment in the house. As investor, you have the choice to take over this lease or not. If you don't, you are responsible for the new equipment. Do you want to take over the contract? Then make sure your customer number is known by your tenants and your property investor in case of malfunction.