Last Updated on February 15, 2024 by Nasir Hanif
Buying a property is one of the biggest single expenses anyone will ever incur in their lifetime. While purchasing a property is often a daunting task, it’s also an exciting time and you should try to enjoy the process as much as possible. Many first-time buyers nowadays are opting to buy an apartment as their first family home. Apartments are a great option as they are generally much cheaper than houses and they are typically located closer to the CBD. However, there is huge variety in the different apartments on the market, so it’s important to know what you are looking for.
Before you sign on the dotted line and commit to buying a property, there are some things that you need to consider. Taking the time to evaluate the property itself might seem like a no-brainer but there are other commitments attached to property ownership that could sway your decision. You should also look into the area that you are buying into, enquire about the schools, assess the local transport network and pay attention to anything that you might need to live comfortably in your new area. You may even want to enquire about your neighbors before you sign any contracts to make sure you are not buying next to party-central. Allowing time to consider everything before committing to the sale will ensure you find an apartment that you can enjoy peacefully for many years to come.
Let’s take a look at just a few things that you need to consider when you are purchasing an apartment.
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Enquire About Strata Fees
When you buy an apartment, you are typically entering into a strata scheme managed by a strata management company. Basically, this means there is a system of ownership in the building whereby apartment owners owned their ‘lot’ but also contribute to the upkeep and maintenance of common areas of the complex. Strata schemes charge their members an annual fee, which can vary depending on the size of the apartment complex, and the facilities it offers. Be sure to check what the fees are so there are no hidden surprises down the line. Firms that specialise in strata title management in Melbourne can be a huge help when you’re getting started and as you move forward.
Look At The Surrounding Facilities
Buying an apartment means investing in living in an area. Imagine yourself living at the apartment you are viewing and consider how you spend your time and what facilities you would like to have near you. Shopping malls, schools, medical facilities, gyms, sporting grounds, beaches and anything else you enjoy should be considered. Knowing that the area you are moving into can cater to your lifestyle should be an important part of the decision-making process.
Consider Car Parking
Car parking spaces can often be in short supply, especially in the CBD where many apartment buildings tend to be located. Knowing what to expect when it comes to parking is important when you are buying an apartment. Apartments that have a designated car space on the title do tend to cost more. Visit the parking lots in person and do some internet research, using the city as an example, like monthly parking San Francisco, to get a better idea of parking options and monthly parking prices you have. On the other hand, if you don’t have a vehicle, you should check out the public transport in the area and find out if there are car parking spaces nearby that any guests you have might be able to use.
Be Storage Savvy
Apartments are notoriously limited when it comes to storage. While many apartments come with an additional storage space located in the garage, a basement or somewhere else nearby on the complex, others do not. It’s important to be realistic about your storage requirements to ensure that your new apartment can cater to your needs. If you are fixed on the apartment but need additional storage, there might be a storage facility in the area that you can use.
Suss Out The Neighbours
Like it or not, who you live next to can have a major impact on your lifestyle. If you like the quiet life, the last thing you want is to move in next to an apartment filled with partying students. Make sure you ask the letting agent about the other tenants in the building. It’s also a good idea to set up as many walk-throughs as you can and at different times of the day to get an idea of the neighbour’s habits.
Ask About Security
As you might expect, apartment buildings have more people coming and going from them than other housing developments. Because of this, it’s important to know what safety and security measures are in place in the building. Different apartment buildings will have different levels of security ranging from simple CCTV cameras to a guard on duty 24/7. Knowing what security is in place in your potential new home is always worth asking about.
Find The Perfect Apartment For Your Needs
Searching for the right apartment can take time so don’t get discouraged if you don’t find your dream home right away. Keep the tips outlined above in mind when you are buying your apartment. With the right approach, you can be sure that you will sign on the dotted line for a home that is perfect for you and will meet your needs for many years to come.