Buying an apartment? Read this checklist first!

Buying an apartment checklist.

Before purchasing an apartment, we recommend that you follow this checklist to avoid any unwanted issues down the track…

Ask about strata fees

Buying an apartment generally means buying into a strata scheme, which is basically a system of ownership that sees individuals wholly own their apartments and share ownership of common areas. Strata charge their members annual fees, or ‘levies’, to cover the cost of repairing and maintaining an apartment block’s shared areas. These fees will depend on the size of the block and what amenities it has to offer. Modern apartments with pools, gym, lifts etc tend to charge high fees and so it’s worth finding out much these are, before you decide whether to buy a property. Capital improvements are another potential hidden cost.

Research your owners corporation

If you choose to buy a strata property, you will most likely become a member of an owners corporation. These legal entities have the power to enforce strict rules on noise, pet ownership and the use of common areas, and so it’s important to do your homework on the owners corporation to make sure their rules are a good match for your lifestyle. It’s a good idea to take a look at the minutes of recent meetings for further information.

Check out nearby facilities

In most cases, apartment living means less space, so it’s essential to consider nearby facilities before you purchase. For example if you have a dog, you will want parkland or access to an open area. You might also want to consider whether the apartment has good access to supermarkets and a gym. Apartment living can be quite stuffy, too, so it’s worth buying somewhere close to bars, cafes and restaurants. If investing, these nearby highlights will also make your property more desirable to renters.buying apprtnentbuying apartment

Look for car parking space

Car parks are often in short supply around high rises, especially those close to the CBD. Which is why it’s best to look for a unit that has a designated car space on the title – unless the added convenience adds too much onto the price tag.

Consider storage?

Apartment owners must be savvy when it comes to using space. Consider installing storage options such as built in wardrobes. Just remember, if you’re going to rent out your newly purchased apartment to tenants, any fixture you provide must be maintained and/or repaired at your own cost. Alternatively, you can get creative with some simple storage hack!  Such examples include putting the washing machine in the kitchen to open up extra space elsewhere or even creating space in walls for extra storage.

Suss out the neighbours

You can’t often control who your neighbours are in an apartment complex, but it’s important to remember that they can have a big impact on your lifestyle. After all, if you’re after a quiet life, then moving into a student-friendly apartment tower near to a university might not be right for you.

Before buying, consider;
  • Noise – Are the walls paper thin? Can you hear people in other apartments?
  • Odors – can you smell animals, dampness, or rubbish?
  • Light – will you have access to a window or balcony with natural sunlight?
  • Air – does your apartment have enough windows and free-flowing air?
Structure and layout

The structural integrity of the building and the layout of the apartment should be key considerations for any buyer. When inspecting a unit, look for red flags such as cracking, mould or broken sealants. Check whether the apartment has carpets and what the walls are made of, too, so that you can get a good idea of how the unit will insulate noise. Getting approval to renovate apartments can be difficult, especially if you are making big changes, so if you are not happy with the design, then it’s best to look elsewhere.

Low maintenance = Major benefit!

Apartment living is great for people who don’t want to maintain a garden or mow a lawn, and a smaller interior space means less time cleaning. If you have a balcony you can always create a low maintenance garden with pots of herbs and flowers to brighten up the space.

 

 

Charlotte Peterswald Sydney – Buying an apartment checklist.
If you have any questions about buying an apartment, CLICK HERE to contact us and we’ll be sure to help.

 

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