For help with buying or selling your apartment, contact:
There are certain considerations to think about when buying or selling an apartment as opposed to other property types. Some of these are:
Most apartments are held or owned under long leases. As with all leases, there are covenants or agreements in the lease which you need to be aware of. Make sure you get a copy of the lease and read it.
What are annual service charges and what do they cover - garden, caretaker, electricity, satellite television, a sinking fund?
Consider the condition of the apartment itself but also the garden, car park, hallways, stairs, landing and lifts.
The management company, of which you will be a member, generally puts a written set of rules in place. Request a copy and read it.
Check out the block insurance policy which your management company has put in place. Ask if it covers any valuables or furniture, what the rebuild cost is and if there is an excess on the insurance policy. Find out if the cost of any alternative accommodation is covered.
Remember to have your own insurance policy for your own belongings.
- How active is the Residents’ Association and what exactly are they responsible for?
- Ensure that an Architect or Engineer carries out a survey and check if there is a Homebond or other structural guarantee in place and if there is a Building Energy Rating Certificate.
- A property manager/agent – is usually a professional company appointed by the Owners’ Management Company to arrange the day to day work of cleaning public areas and grass cutting etc. They can only have a contract for a maximum of 3 years.
Renting Your Apartment
If you buy an apartment and decide to rent it out, make sure that you:
- Put a lease in place
- Notify the Private Residential Tenancies Board
- Give your tenant a copy of the house rules
- Ensure to keep all receipts for service charges, NPPR receipt if applicable (Non Principal Private Residence Charge), household charge receipt, local property tax receipt, Building Energy Rating Certificate etc. as these will be needed if you are selling the apartment.