Things to consider before purchasing your next apartment

What are tenancy agreements?
November 12, 2019
Investing in a dual income property
November 12, 2019
Show all

Things to consider before purchasing your next apartment

With the increased number of residential towers popping up across Adelaide, more and more people are likely to consider an apartment as their dwelling of choice making it an ideal property to invest in.

Here are Rosie & Rosie’s tips to consider before purchasing an apartment.

With the increased number of residential towers popping up across Adelaide, more and more people are likely to consider an apartment as their dwelling of choice making it an ideal property to invest in.

Here are Rosie & Rosie's tips to consider before purchasing an apartment.

Fees and Charges

One of the most important aspects of apartment living is the ongoing fees and charges. As well as paying off a mortgage and utilities you will also be required to pay strata fees for the upkeep of items such as gardening, lifts, swimming pools and security. It is important that you are aware of what your strata fees will be as well who will be responsible to pay for major repairs in the unlikely event of a storm or other event resulting in structural damage to the apartment block. You may have to make contingency plans to cover unexpected scenarios.

Space and Storage

Compared to living in a freestanding house, apartment living can often mean a reduced amount of storage space. In some cases, it won’t come with a garage or exterior storage space. So, before settling on an apartment, consider how much storage space you really need for your clothes, shoes, kitchenware, linen and other household items. As well as the storage of items within your apartment, if you own one or more cars, it is vital to consider parking. This includes ascertaining whether there is secure parking within the apartment block and whether it comes at an extra cost.

Proximity to Amenities

Proximity to amenities is particularly important when you’re in the market for a new apartment as you are likely to be without your own outdoor space. Consider what amenities you require in your day-to-day life such as schools, doctors, work and shopping, as well as lifestyle choices such as cafes, gyms and parks. Purchasing an apartment with access to these facilities may save you time and money and enable you to enjoy the lifestyle of your choice.

Safety and Security

Take the time to do some research into the safety and security features of any new apartment building, the same way you would as if you were buying a house. Take note of the age of the building, whether it has fire-sprinklers installed and plenty of clearly marked exits to allow you to make a safe exit in the event of a fire. Also take note of the security measures in place throughout the interior and exterior of the building. Does it include adequate security cameras and entry system? You will sleep better at night knowing that strangers can not come in.

Restrictions and Limitations

Before settling on an apartment, it is crucial that you make yourself aware of any restrictions and limitations that the body corporate may impose on its owners. Remember, all apartment blocks are unique, some won’t allow pets, others won’t allow social gatherings such as parties. Rules imposed by the body corporate may also hinder any future renovation projects you wish to undertake.

Let Rosie & Rosie's knowledge and experience in the Adelaide apartment market guide your investment decisions with confidence. For further details, contact Rosie & Rosie at http://rosieandrosie.com.au/contact/ 

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the Latest Investment News & Advice

Please leave your details below to subscribe.

 

BONUS: Have your property managed by Rosie & Rosie and receive a $450 voucher to put towards the maintenance of your investment. Conditions apply.