When looking for an apartment or a unit to buy, it is important that you ensure that you select a property that is suitable for you and your lifestyle if you are planning on living there yourself. Here are a few things to consider.
Location, location, location
When looking to purchase any type of property, location is probably the most important factor to be considered. Is the unit close to your place of work, meaning a shorter commute and an increase in lifestyle benefits? Is the unit or apartment close to amenities that you require on a day-to-day basis such as shops, cafes, gyms, local parks, walking tracks and medical facilities? Is the unit located in an area of high population density leading to an increased amount of noise and pollution?
Everyday essentials
Another key thing to consider when looking to buy an apartment or a unit are the features that could potentially impact your day-to-day life, such as car parking arrangements and noise levels. Before settling on a particular apartment/unit, check whether it contains a designated secure car park, sufficient visitor parking, including any street parking surrounding the building. This is important, especially if you use your vehicle frequently. Another important factor to consider is the noise level. Is the apartment located in an area of high growth, meaning that there are construction noises throughout the day? Is the apartment located next to a busy highway? You should visit the apartment/unit that you’re interested in at different times of the day to ascertain whether the noise levels surrounding the building are manageable for you.
Ongoing costs
Owning an apartment or unit means you will be responsible for paying levies. Your levies are distributed into two funds, namely an administrative fund and a sinking fund. The administrative fund is for everyday upkeep expenses of the owners corporation, such as building and garden maintenance. A sinking fund is an emergency pool of funds to cover any future or unexpected expenditure on the apartment block, such as the replacement of roofing and guttering as well as more serious structural repairs. Both are required by law and bigger apartments/units usually pay greater levies than smaller apartments/units. You should enquire what is your contribution of levies, including any unexpected costs associated with owning that apartment. Finding out what these are could save you major monetary stress and hassle down the track.
Building inspections
This one is a given. Just like when you purchase a house or any other type of property it is imperative to get a building inspection completed by a licenced professional to ensure that you are not spending your hard-earned money on a property with hidden structural issues or defects. Regardless of whether the unit/apartment block you are looking at has a sinking fund, ensuring that the building you are looking to purchase is structurally sound will save you hassle and stress in the future.
