Whether buying an apartment to live in, or as an investment, there are several key factors to consider to make sure the apartment you purchase meets your needs, and the needs of potential future tenants.
Here are our top five tips for things to consider when buying an apartment.
Research the local area to discover what facilities are within easy walking or driving distance. Essential services such as medical centres, supermarkets and schools are important, but also consider lifestyle facilities such as cafes, restaurants and takeaway options, parks and sports facilities, community centres, libraries, gyms, and churches.
Easy access to these types of facilities will benefit you as a resident, and will make the apartment more appealing to potential tenants if you decide to rent it out.
Access to transport
In Adelaide, the proportion of households with no motor vehicle is slowly increasing. More people are choosing to lessen their environmental impact by either not owning a car, or by using it less frequently.
This means that proximity to public transport options has become a bigger decision factor in many property purchases and increases the appeal of a property for renters.
A lack of car parking is becoming a problem in many suburbs, particularly in areas where high density housing is a focus of development activity.
Buying an apartment with an on-site car parking space is an ideal option, and another feature which will increase the appeal of the home for potential tenants.
Even those who don’t have a car will find this handy for visitors.
Apartments are generally safer than houses as far as home security is concerned.
There are usually more people around, making it harder for burglars to lurk unnoticed. An apartment block also has fewer entry points than a house, making it easier to monitor who is coming and going from the building.
The most secure apartments also offer security fobs to enable entry and exit into the building and car park. Remote control access to the car park is another popular security option, while audio intercom systems enable visitors to announce themselves to the appropriate apartment.
Also look for fire-rated entry doors, lockable windows and balcony doors, and whether there is a secure bicycle parking rack on site for residents.
If you have never lived in an apartment before, you may be wary about strata fees and how much they will cost you.
Strata fees usually cover things like building insurance, exterior building maintenance and general garden maintenance but check with the agent to confirm the strata arrangements for the apartment you are considering purchasing. This will help you compare apples with apples when making a purchase decision.
If you would like to ask any questions about these or other aspects of purchasing an URB4N Apartment, please contact Constantine Pappas on 0423 047 020 or email firstname.lastname@example.org.