Apartments offer convenient, low maintenance living. They can also be more affordable than buying a house. Whatever your reason for buying an apartment may be, here are a few pitfalls that many make when buying their first apartment and how you can avoid them.
Not concerning yourself with who built it
This is a key point that many buyers overlook. Research into the developer’s previous developments can give you a good indication of the quality of the apartment block.
Not asking about parking
Lack of parking can be a headache to owners – but it can also affect the resale value of your apartment. Have you asked if there is off-street parking – and if there isn’t, is there on-street parking which you can apply for?
Not budgeting for body corporate fees
Buying into an apartment block will mean that you will become a member of the body corporate – and as such be required to pay ongoing fees and charges. These are for the maintenance and upkeep of your building and common areas – and are over above your usual utility costs of water, electricity and gas.
Forgetting to ask about the other neighbours
Living in an apartment block will mean having lots of neighbours – there will always be the danger of having a bad one. If there is a higher proportion of owner-occupied apartments, then it may be a very good sign. Signs to look out for include an apartment block with a higher proportion of holiday let units or short term let apartments – you may be stuck with a new neighbour every weekend or louder than usual late-night parties from time to time.
