8 Things You Should Know Before Buying An Apartment | Century 21

Apartment living may not be for everyone but does have lots of appeal in terms of convenience and minimal maintenance.  Unless you are looking at a luxury penthouse, buying an apartment can also be more affordable than buying a house. 

There are big differences between buying a house and buying an apartment however. For one thing, the neighbours will be much closer and they also own the building. When you buy an apartment, you effectively buy the airspace inside it plus a part ownership of the building as a whole.  So here are a few things you need to know before you go apartment hunting:

1. Check the by-laws

When buying a strata title property, such an apartment or townhouse, make sure you are fully up-to-date with all the by-laws applicable, both the state-based by-laws and those imposed by the building’s body corporate. If you have a beloved pet, for example, you will need to check that the building is pet-friendly before you go ahead with any purchase. 

2. Get a Strata Inspection Report

Just as you would get building and pest reports done if you were buying a house, if you are buying and apartment it’s recommended you get a Strata Inspection Report to ensure that the wiring, building structure etc are in good order. 

3. Check the strata fees

As a member of the body corporate you will be required to pay ongoing fees for garden upkeep, building maintenance etc. Strata fees can vary from quite reasonable to stratospheric and it’s these ongoing costs that could make an apartment that appears to be within your budget suddenly out of the question. 

4. Check the body corporate records

Ask to see the body corporate records to see if you are likely to fit in with everyone else in the building. A lot of disputes recorded will likely be a red flag, while a friendly communication style could signal a more harmonious community.

5. Check how well the property is maintained

A well-maintained property is indicative of a pro-active body corporate, a neglected property could mean serious problems or costs down the track.

6. Is the complex mixed-use?

Check if the apartment complex includes holiday lettings or Airbnb style short-term accommodation if all the to-ing and fro-ing could be a problem for you. 

7. Weigh up the additional perks

When comparing apartments to weigh up which is the best value for you, consider factors such as the thickness of internal walls for sound suppression, size and aspect of balconies, built-in storage, car parking and security facilities, any additional storage area included and shared amenities such as a swimming pool, gym or barbecue facilities. 

8. Find out what changes you can make

Older apartments can be great value as they tend to be more soundproof, with bigger rooms and higher ceilings than new apartments. However, an older apartment may be a little tired and in need of a fresh coat of paint and kitchen and bathroom upgrades. If you are considering buying an apartment that needs a refresh, check with the body corporate first to make sure you will be able to complete the work you want done and find out what the process is to get permission to go ahead. 

If you are looking to buy an apartment, check in first with the Century 21 real estate team in the area you are looking in. They’ll know the local apartment buildings well and will be able to advise you on which are the best maintained, have the least disputes, the best facilities or the lowest strata fees. You’ll find their inside knowledge and advice invaluable. 

Posted by Administrator on 14/06/2017 at 3:49 PM | Categories:

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