Buying a Unit or Apartment in Australia [What to Look for]

Buying an apartment or unit, this video will guide you through what to look for before signing that contract! Should you consider buying a unit or a house?

00:00 Buying a Unit or Apartment in Australia [What to Look for]
00:31 1. Research The Area
00:59 2. Check The Quarterly Strata Fees
02:16 3. Check The Sinking Fund
03:19 4. Building & Pest Inspection
03:50 5. Check Surrounding Unit Prices
04:23 6. Get A Copy Of Body Corporate Minutes
04:52 7. Get Pre-Approval

Tools to help with your apartment research:
https://www.microburbs.com.au
https://www.huntergalloway.com.au/property-market-research-process/
https://www.huntergalloway.com.au/rp-data-free/
https://www.walkscore.com

Apartments can make the perfect first home or property investment, but no one should choose the high-life without first taking into consideration these important factors.

Much cheaper than homes, apartments are a great alternative for those who want to live close to the city. But they vary in size and facilities, and some come with hidden costs.

So discerning buyers need to look beyond the price tag and really dig into the pros and cons of each property before signing on the dotted line.

Here is a checklist to help you buy an apartment that’s right for you.

1. 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, or ‘lots’, and share ownership of the building’s common property with their neighbours.

Strata schemes charge their members annual fees, or ‘levies’, to cover the cost of repairing and maintaining an apartment block’s shared areas. These fees depend on the size of the building complex and the facilities they include.

As a result, modern apartment buildings with lifts, pools and gyms tend to charge quite high fees, with individual owners usually charged an amount that’s proportionate to the size of the apartment they own. 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.

More likely than not, your unit will be part of an owners corporation – a committee of owners that is responsible for managing the maintenance of a building’s common areas – which means you may have to pay for renovations, should the majority of your neighbours vote to make improvements to the common property.

2. Research your owners corporation
If you choose to buy a property on a strata title, 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.

Some owners corporation also require members to attend regular meetings, while others are much more relaxed.

Check your contract of sale for details about the owners corporation, ask the agent what they’re like, and, if you can, take a look at the minutes of recent meetings for further information.

3. 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. And then you might 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.

4. 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.

If you don’t have a car, then check out what public transport is available and familiarise yourself with the parking situation, so that you can guide any visitors in the right direction whenever they come to stay.

5. Consider storage
Apartment owners must be savvy when it comes to using space.

Many large complexes offer access to storage cages in the car park, but if you don’t have added space available on your title, make sure to investigate nearby storage facilities.
6. 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.

Ask the agent about other tenants in the building, and set up as many walkthroughs as possible before signing the contract. That way, you’ll have a much better chance of working out how your neighbours’ lifestyles might affect yours.

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.

Видео Buying a Unit or Apartment in Australia [What to Look for] канала Mortgage Broker Brisbane - Hunter Galloway