If you are looking to buy an apartment in Lebanon, then congratulations! You’re taking a brave step that will lead shift you to a whole new exciting stage of your life. Buying an apartment in Lebanon is possibly one of the most significant financial investments that you’ll make in your lifetime. Not only does ownership provide you with a sense of stability and security. It also saves you a ton of headache that comes with monthly rental fees, relocations, and endless discussions with landlords. Should you change your mind in the long run, real estate in Lebanon almost always guarantees a return on your investment, if handled correctly. Here are 5 useful tips to consider before making that leap to buy an apartment in Lebanon:
1) Choose your neighborhood wisely
First things first, location is critical. Before you go into any other details, you need to choose a central location to your daily routine. Keep in mind your office location when looking for an apartment in Lebanon and try to make the commute as reasonable as possible, taking in the hectic Lebanese traffic. The closer these two locations, the more money and time you will save on fuel or public transport. You might even be able to walk or bike to your office!
2) Shop around for your mortgage
If you’re not going to pay in cash, then shopping for a mortgage is the best way to pay for a brand-new apartment. Go out there and meet with different banks to discuss mortgage options. Be sure to discuss what kind of mortgage offers they are willing to pre-approve. Pre-approval is essential. It assigns your budget for the house hunt and gives you the freedom to safely house hunt without having to worry about getting approved later.
3) Look over hidden costs, like utility bills
Most first-time apartment buyers who have been renting for some time do not think about hidden fees, which are usually included within the monthly rental package. Owning is a whole different story. When you decide to own an apartment, take into consideration monthly electricity, water, wifi, and gas bills. We suggest that you request the energy bills from the past 12 months to get an idea of the average monthly cost. This will help you plan ahead of time and know your obligations towards your apartment in Lebanon.
4) Know your neighbors.
A very powerful tip for any new apartment owner in Lebanon. Get to know all your neighbors. How? Prepare a tasty treat, knock on their door, and introduce yourself. Benefit? Those neighbors are an indispensable source of information and can answer a lot of your questions. At a later stage, they will keep an eye on your house when you are out at work or traveling. Even better, you might make a new friend.
5) Buy High-quality Kitchen and finishing materials
Only invest in excellent quality kitchen and finishing materials. Why? Think about it this way. Kitchens and finishing materials are a one-time investment. Would you change your kitchen on a yearly basis? We don’t think so! You might upgrade, but not buy a brand new one. That’s why our advice for you is to shop only for high-quality kitchens and finishing materials.
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