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As we all know, housing prices are increasing dramatically throughout Australia. In many cases apartment prices have not increased as dramatically due to multiple new large-scale apartment developments. It is likely that prices may continue to remain steady in comparison to the housing market, with more developments likely to continue in high growth areas such as Bowden. With these high housing prices it is not surprising that many are considering making the switch to apartment living. When you are considering buying an apartment, here’s what we would consider:
1. Ownership fees
When owning an apartment there are often additional costs unlike a house. As an owner of a small portion of the building you will likely onboard ownership over shared areas such as lifts, passageways and paths. The body corporate charges fees can vary significantly depending on the type of property and are influenced by the the age of building and the number of apartments on the block and features of the property.
2. Car parking
Whilst this may seem a small consideration, there is often limited parking around apartment complexes, particularly large ones. Whilst it is preferable to have a designated parking space, you may also want to consider whether you are likely to have frequent visitors and whether parking will be a constant hassle for them.
Buying an apartment is just like buying a house, the condition of your apartment will significantly impact it’s value. Before buying you should make sure the property is structurally sound. Jim’s Building Inspections can help with his and can check there is no termites, no moisture, quality of noise insulation, the number and placement of power points, television points and the quality of overall building workmanship.
Noise is probably the number one apprehension people have towards living in an apartment. To be safe, visit the complex during all hours of the day and look out for younger residents who may hold disruptive parties.
New and old apartment complexes have clear differences. Whilst newer apartments are likely packed with modern features and workmanship, they are often smaller and still require an apartment building inspection to assess the integrity of the build. However, older apartments may have greater up keep costs over the long term, but are often bigger and have a certain charm that comes from not being identical to the rest of the apartments in the complex. Assessing the style you are after is determinant on your own preferences and the structural integrity of potential apartments.