In the current economic climate that tumbles and turns with the volatility of a nuclear chamber, it is not uncommon to hear passers-by on the street mumbling to themselves, “I want to buy a flat”. Although it has been ingrained in the mindset of the generations that came before, that it is pivotal to own land and live in houses. The generation that currently dominates the market has hit the ground running and have come to the full realization that owning a flat is much more feasible in many more ways than one. Therefore, it is about time everyone comes into themselves and really sink their teeth into the question of whether the statement of “I want to buy a flat” is truly the right train of thought in the day and age we live in now.
Albeit many people have the intention to buy a flat and have told themselves “I want to buy a flat”, it is important that the rationale behind this proclamation is analyzed and made fully cognizable to the potential buyer. After all, it is very much a large sum of money.
It would be a crying shame to end up living the rest of someone’s life in debt and regret simply because they wanted to satiate the desire and scratch the short-term itch of “I want to buy a flat”. Thus, this article contrives to excavate and dig a little deeper into the nooks and crannies of this statement— I want to buy a flat —to truly draw the line between a temporary temptation or a viable level up in life.
I WANT TO BUY A FLAT: LOCATION, LOCATION, LOCATION
The top 3 rules every real estate agent adheres to when out and about making their bread and butter is Number one, location. Number two, location. And number three, as one might have already guessed, is location. It goes without saying that the “I want to buy a flat” syndrome is more complex to cure than just throwing money at the nearest and cheapest flat in sight. Although it is very tempting to be as kind as possible to your wallet, but it is the greatest mistake one can make to settle for a cheap flat in an undesirable location.
To make matters worse, it might even make an even larger dent in one’s savings account in the long run. With the tolls that are incurred every day to get to work, or even to just get to civilization, the expenses will rack up at Mach 1 speed, without any escape or retreat, since the flat is now a permanent liability. Due to the impulse buying when the desire of “I want to buy a flat” was fresh in their minds without regard for the location, one would have to bear the costs of such hasty decisions for the rest of their lives, be it with sleepless nights from unseemly noises, a taciturn and tumultuous heart from the deprivation of safety and security, or the distance between them and their acquaintances on the other side of civilisation. “I want to buy a flat”, in this case, may end up causing more detriment than peace of mind.
I WANT TO BUY A FLAT: CURRENT INCOME
It goes without saying that one of the most important things to consider when someone says, “I want to buy a flat” is the amount of money they procure. One slight miscalculation on this matter can quickly turn a smart investment into a liability for a lifetime. To prevent this from happening, the general rule of thumb when someone says, “I want to buy a flat” is that the price of the flat must not exceed eight times their annual income.
This ensures that the flat is within reasonable means and allows sustainable living. To have a secure and comfortable amount of pocket money to pamper oneself, it is best that the price of the flat is no more than five times their annual income. Although everyone has a hankering for a life of opulence and luxury, it is at the apex of priority to live comfortably, rather than luxuriously.
After all, it is better to live in a well to do flat without having to skimp on anything, in comparison to pinching pennies and living like a pauper inside a mansion. Even though someone may think, “I want to buy a flat”, but it is important to consider their current state and not let the desire of “I want to buy a flat” dictate the rest of their adult lives.
I WANT TO BUY A FLAT: QUALITY AND AGE OF THE FLAT
Just because someone wants to quench their thirst for “I want to buy a flat”, doesn’t mean they should settle for anything below their standards. They must also be prepared to invest a large amount of time to research and delve deeper into the facts and details of the flat building. An important thing to consider is the age of the flat and its history. Behind the small price tag may lie a plethora of hidden fees and costs that you must shoulder for the rest of your tenure after fulfilling the hunger of “I want to buy a flat”.
Flats that have seen their better days will burden you via their maintenance fees and faulty appliances, and may also be the wet blanket in your “I want to buy a flat” adventure. Furthermore, the safety is also a big question mark, simply because it has stood against the wear and tear of time’s rough blow. The building materials used at the time of inception of the building may also be of a different grade, as technology has come a long way to secure a hazard free and comfortable life.
A fine example of the discrepancy between new and old building materials is the usage of asbestos which has only been found out to be a carcinogen that can cause cancer in recent years. Before this revelation, asbestos was used widely in buildings and construction such as drywall. Ergo, before one makes the leap of “I want to buy a flat” the best investment one can make is to invest time into researching and brushing up on the building they plan to buy a flat in.
More information and details can be found at Déjà Vu Properties if the question of “I want to buy a flat” is still strong after making these considerations. Sell and find any type of way accommodation to suit your every need and want right here on this website.
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