In countries where apartment living reigns supreme, buying the unit next door is the dream! Doubling your space without having to relocate, pack, and change your postal address is a welcome convenience. So, you might want to consider your neighbor’s apartment. Thus, you will need to know how to buy your neighbor’s apartment for cheap.
Why Buy the Apartment Next Door?
Finding your happy place is sometimes as easy as moving into your first apartment. As time moves by and life progresses, many apartment dwellers find themselves in need of more space. However, they are usually unwilling to move. This is because keeping your base in the same apartment building comes with some notable benefits:
- You are familiar with the building’s landlord, maintenance routines, security, and neighborhood.
- You do not need to uproot the life that you have built within your current apartment.
- Your mail and utilities do not require any administration changes.
Get Plans and Make Offers
First, get yourself an architect and have some plans drawn up. The idea that you have for the unit needs to be put on paper before anyone will consider complying with your offers. Your architect needs to keep the building’s core in mind when formulating a plan between the two spaces. If an elevator shaft separates the units, for example, this can create problems. Once you have your plans, you need to make your offer to the current apartment owners. Be sure to:
- Go informed: Know everything about your expansion plan before meeting with the owner. Be prepared for potential questions.
- Be confident: Show that you have given this process thought and consideration. Let them know how much you would appreciate their cooperation.
- Negotiate: Be open to negotiation and compromise. Remember that this is someone’s home that you are trying to take over.
Budget for Everything
Many people neglect to consider the logistics that come into play when buying their neighbor’s apartment. Firstly, utilities for both units will be combined into one lump sum. This will be an ongoing payment for the duration of your ownership in the building. Thus, prepare for these payments! Additionally, once your neighbors have agreed to release their unit, you will need the services of a lawyer to carry the transaction forward. This, too, can be costly. They will advise you on exactly how to buy the apartment you desire. There might also be fees that come in on a building level for the disruption that will ensue during renovations. This is because making two apartments into one is a noisy and invasive task.
If you keep your budgets in check and your plans on point, there is no reason why you should not be able to reason with your neighbor. We cannot promise you smooth sailing all the way, but we can help you prepare for what to expect.