New apartment blocks are being built in our major cities all the time, and the idea of owning a brand new unit with a swimming pool, gym and underground parking is alluring.
For a piece of the action, though, you usually have to buy off-the-plan and then wait for construction to finish before moving in.
That means you’ll have a scale model, artist’s impression of the building and a floor plan as your principal guide to purchase.
If you’ve never bought in this way before, it’s understandable that you might be a little intimidated. After all, there are some differences between buying off-the-plan and either purchasing an existing property at auction or through private treaty.
Without the ability to walk through the property, you’ll need to pay attention to certain aspects of the building that would be obvious if construction was finished and you could make an inspection.
Here are six tips to help you make the right decision:
- Are you an early buyer in the project? If so, you’ll have a wider choice of apartments in your price bracket to choose from. Those who come later might not always get their ideal unit, but they do minimise the risk of committing to a development that ultimately doesn’t get off the ground for lack of buyer interest.
- Know how high you want to go up. Make sure you’re comfortable with the access to your apartment. When there is full occupancy, the stop-start nature of elevators can be an important consideration if ease of access is important to you.
- Can you get to the development’s facilities quickly? Easy access from your chosen apartment to the car park, gym and swimming pool will help give you a dream lifestyle. If any of these are difficult to get to, then you’ll likely be frustrated. That’ll mean you might use the gym and pool less, even though you’re strata fees are helping to pay for them.
- Do you get good views? When you’re looking at a floor plan and scale model, it is easy to forget this aspect of your property investment. Make sure you know what your windows and balcony will overlook.
- Don’t forget the sun. North-facing apartments are popular because they best capture the sun and the light. If you’re looking at south-facing units, be aware they’ll spend much of the time in shadow, which isn’t necessarily a bad thing when the mercury hits mid-30s and more.
- Be alert to noise issues. Check whether your selection of an apartment is overlooking a busy freeway, train line or bus stop. Check with the developer to ensure the building is sufficiently insulated from the traffic noise.