Buying any kind of property is a whirlwind of excitement with overwhelming choices. To help you make the process easier, here are 5 of our top tips for buying your first apartment.
- What to consider when buying off the plan
Buying off the plan gives you extra time to save money. All you need is a deposit, and you can expect to settle later may be up to 18 months. A tip for buying off the plan is to look at previous projects constructed by the development company. Research the developer’s history and visit past projects for peace of mind.
- Old vs new properties
Older properties might appear more affordable at first glance. But there are some things to consider with an ageing building. There is more coordination with renovations that need approval by the strata management company.
New developments include the latest energy-efficient technology and wiring. Also, buyer demand for amenities has increased with developers providing more lifestyle amenities. For example, gym, pool, spa, open landscaped courtyards are becoming commonplace.
- Get to know the location
The neighbourhood where you live needs to feel secure. It must meet your lifestyle needs, as does your home. Research studies show that a neighbourhood can impact your health. It pays to undertake some research about the location before you buy. As the old saying goes when buying property, location, location, location. You want to make sure your off-the-plan property increases in value over time by buying into the right location. Make the time to speak to your neighbours. Visit the local council to find out about future developments in the area.
- Ask about strata responsibilities
Buying an apartment also means buying into a shared complex – aka a strata-titled building. You own the lot, and the common areas have shared ownership with all other lots (i.e., gardens, joint facilities). The building has rules and regulations (strata responsibilities) that apply to residents. For example, some buildings don’t allow pets, and some do. Before you commit to your new place, request and read the by-laws to be sure you are happy to abide by these rules.
- Budget for your bills
You have likely budgeted for your mortgage, but what about ongoing costs? There are standard living expenses like electricity, gas, water, food and the Internet. But for property owners, there are extra costs such as the strata fees and council rates. Take the time to run a simple budget. Make sure your income covers estimated expenses before signing a sales contract. You’ll have peace of mind knowing you have enough money to enjoy a good lifestyle.
Over 30 years of expertise with Norm Carey
With more than 30 years of experience and over 100 properties successfully developed, Norm Carey is an experienced developer. Browse our previous residential projects or get in touch with the team to learn about upcoming developments.