Getting An Apartment Mortgage
If you dream of owning your own home or unit, it is imperative that you identify the sources for the finance for buying the house or unit. You might be have been savings for years to accumulate for fulfilling this dream, or you might want to dispose an existing asset with the intention of buying new property, or you might want to take up an Apartment Mortgage.
Before you even choose the property you wish to buy, you need to understand the local real estate market. A few local unknown trends might dictate the property prices in that location, especially a re-gentrification of an area. Also, the prices of a newly constructed house would be different from an existing building. A local agent with enough experience of the locality can best know that difference.
Get A Local Real Estate Agent On Your Side
There is a current perception in the minds of many buyers that agents only support the buyer. This perception is not always right as you are the customer of the agent, you should be shown first allegiance. Keep in mind though they in-fact are paid by the seller so have a motivation to sell on their part. Whether it is a property best suited to you or not may not be entirely “clear” to them. Buyer’s brokers/agents however work directly for the buyer and are completely aligned to providing you the best deal -their reputation relies on it!
A good buyers broker/agent might also be aligned to a specialist finance company they trust and would be able to suggest you their help in finding the right bank to take a investment loan from, as they would know the hidden terms and conditions of every bank.
Size Of The Unit
Also when applying for an apartment mortgage, remember that units considered too small might not funded by banks. The reason is that insurance companies do not provide mortgage insurance for units smaller than fifty square meters in size. Furthermore this is excluding the common area space and the space for balconies. Having a small kitchen area is sometimes also a requirement to being able to get mortgage insurance on a lend over 80% of the property value.
Specialist mortgage brokers and finance companies know all the in’s and out’s with an Apartment Mortgage. It is more than worth your time to get the right advice in this area from a professional.
Contact us HERE if you need expert advice or a lending quote.