There are some great techniques you can apply when searching for a new apartment that will help you make a more confident decision about the right one to buy.
Whether you’re planning to live in the apartment or acquire it as an investment property, an intelligent purchase requires a slightly different approach than the one you might use when buying a house.
Experienced buyers go beyond the asking price and pay detailed attention to the quality of the location, the floor-level of the apartment, the amenities available in the complex and the body corporate fees that go with them.
As a local real estate agent, I can help you navigate all of these challenges so that you make your perfect choice of apartment.
Here’s a quick checklist that you should use at every viewing.
- The design – The layout and structural integrity of both the building and your apartment are primary considerations. When viewing, watch-out for broken seals, cracks and mold. Is the apartment well-insulated from noise from the street and neighbors above, below and next door? Remember, you’ll need permission to make changes and improvements to your apartment, which can get tricky if the body corporate objects.
- Check the body corporate fees – These pay for the building’s maintenance, including amenities such as a swimming pool or gym. Be confident you will use these amenities to get value from them.
- Capital expenses – Ensure you’re aware of any capital expenditure committed to improving the building before signing on the dotted line. Once you become an owner, you’ll be responsible for your share of these costs.
- Parking – If you don’t have a reserved space, be confident you’ll be able to park near the building and walk home safely. If you’re planning to buy an apartment in the heart of the city, it’s best to dig deeper into your pocket and buy a parking space. This will help with your resale value later.
- Ask about security – Good security is an advantage that apartments hold over houses. Make sure you’re happy with how your block is secured.
- Storage options – Some complexes will have cages in the car park for storage use. It’s easy to dismiss this item as a minor issue, but it can become an irritant once you’ve settled in.
- Check the neighborhood – Ensure the apartment is within easy walking distance to local shops, cafes and restaurants. A local park, especially if you have a dog, can be essential. The great joy of an apartment lifestyle should be living in the middle of urban activity.
- The neighbors – It’s a good idea to undertake multiple walk-throughs of your favorite apartments before deciding on a purchase. Try to get a handle on your neighbors. Are you buying into a quiet residential block, or is it full of student renters and Airbnb tourists? Use your agent for some local knowledge on this one.