Tips for Buying an Apartment

.

Whether you’re an apartment dweller or an investor looking to add to your portfolio, you need to know what to look out for when you start hunting for the right high-rise property.

When contemplating buying an apartment, be sure to consider all of the costs associated with apartment ownership. You may need to factor such expenses as Owners Corporation fees and special levies on top of the price of the dwelling, and you will need to factor these costs into your ongoing yearly budget. But aside from cost, what else should you consider? Here are some expert tips for buying an apartment. Ask help from an expert property conveyancer.

Parking and storage

If you have a car, an apartment that comes with at least one secure parking bay is essential. Not only will it save you a fortune in parking fees, but you’ll also be saved the trouble of trying to find a car park every day. 

If you are purchasing the apartment as an investment, ensuring the apartment comes with such features as built-in robes, a study nook and ample kitchen cabinetry will increase your rental yield and is worth considering holding out for.

Location

The location that you choose to buy in will ultimately affect the price, but whether or not you decide to forgo luxuries for location is entirely up to you. While inner-city apartments won’t afford you the same square meterage for your budget as outer suburban properties, you may find that convenience is worth the sacrifice. 

As an investor, you will need to investigate similar properties to any that you are considering to determine which will afford you the best ongoing revenue.

Know the levies

Apartments often come with shared amenities such as pools and gyms, which are an excellent draw for buyers – if you are planning on using them. Whether or not you use these facilities, you will still be liable to pay the levies for having them available to you. To avoid long-term issues, consider carefully whether these levies will be worth it for you in the long run.

Get a strata report

A strata report will cover such items as the strata levies, capital works being prepared for the future, and past upgrades made to the building.

The strata report will also list the by-laws, the day-to-day rules owners collectively agree to comply with. These by-lays deal with such things as pets, occupant behaviour, noise and approved renovations to individual apartments.

It’s essential to pay close attention to the current by-laws and levies listed on the strata report and how the committee handles complaints and issues. Does it take years to get something fixed? Are tenants’ and owners’ concerns addressed promptly? If the committee isn’t interested now in getting things done, they are unlikely to be interested in helping you with any issues in the future.

Any outstanding litigation issues

If you’re considering buying a newly built apartment, look at the developer’s history. You’re looking for signs of past building defects and any litigation issues. A history of building defect claims with the developer/builder is a sign that they don’t operate in the most professional manner – you may find yourself facing the same issues in future. 

Other occupants

Apartment living is done in close quarters – you’ll be sharing most of your walls with other tenants, not to mention the ceiling and floor. The people who live around you will undoubtedly have an impact on how much you enjoy your home. When considering an apartment, it’s a good idea to spend some time in the building at different times of the day to see what kind of activity and noise goes on. 

If you are in the market for a new apartment, consider all the aspects of the apartment carefully before you commit. Have a property conveyancer check over the sale documents before you sign them to ensure you know every part of the legal requirements of living in the building. Jim’s Property Conveyancing Melbourne and  Property Conveyancing Brisbane and can provide you with comprehensive advice and assistance moving through your property transaction. Please get in touch with our friendly and experienced staff on 13 15 46.