Five Things to Consider When Buying an Apartment

  Georgie  Hawthorne     November 22, 2021    4

 

Buying an apartment is a big decision. It's not something that should be done without considering all of the factors. There are many things to think about before you buy, and even more after you've bought one.

 

One thing to consider is the quality of the building. As soon as you buy an apartment, it becomes your new home, and having a poor one can affect your happiness greatly. You should check for any maintenance issues with appliances or other problems before signing off on anything. It's also good to find out if there has been any major work done recently that could impact future costs associated with living in this property, such as renovations or re-wiring etc. If possible, ask about what plans are being made for later down the track so you're not surprised by extra expenses after moving in. You can find out all these issues by getting a building inspection in Sydney or even a strata inspection in Sydney, which will give you details regarding the condition of the building.

 

However, before you buy an apartment, some of the main things you need to check are:

  1. Location

The location of the apartment is of the utmost importance because this is where you're going to be living for a while. Whether the location is close to schools, shops, public transport & other amenities will, of course, depend on your situation and personal preferences. If you have kids, school is obviously a key consideration when choosing an apartment location.

 

If the building isn't close to any major bus routes or train stations then having a car may be necessary for everyday use and this should be considered before buying because it could become expensive with paying for petrol etc every week. Another important thing to consider about the location is how far it is from your workplace if you're thinking of buying in order to live closer to it.

 

If possible, ask if any local licenses have been issued recently that may affect future plans with parking etc., such as new roadways being put through nearby streets which could restrict access or planning changes to public transportation routes which would mean more people using buses/trains closer to home. You will also need to know about the crime rate in the area and what safety precautions they take in the building such as security guards or swipe cards.

 

  1. Size

The size of the unit you are hoping to buy is an important consideration. You will need to know how much room you have in terms of square metres of living space, number of rooms and what size is the balcony. These are all important factors that can affect your personal happiness with a unit, so it's worth taking some time out to measure up before committing yourself to buying anything without knowing if its suitable for your needs or not.

 

Checking whether there are any planning restrictions on future renovations may be also be necessary depending on where you live as this could stop major changes being made which would impact your experience in your new home, especially handy when considering renting something short term while looking around rather than making an expensive commitment without being sure about what might happen down the line.

 

  1. Amenities

What kind of amenities does the apartment building offer? Is there a pool, guest parking spaces or is the building close to amenities such as shops and dining options? This may be something you take for granted in your old place but it’s important you consider what sort of things will make up daily life when buying an apartment.

 

  1. Price

The price of the apartment you intend to invest in should be according to your budget. If you are thinking of buying an apartment, make sure it falls within your budget. Check whether the price is reasonable or not compared to other similar properties nearby for sale. If you are hoping to get a mortgage, then you will need to make sure that your income is sufficient to pay the loan back. Other than that, you should also take into account the other costs such as maintenance fees and council rates when considering how much to spend on an apartment or strata unit.

 

Apartments and strata units can also have additional expenses and levies, which you will need to know about so that you can budget for them in your monthly expenses. You can find out about these things easily by getting a strata report in Sydney or any other area you intend to buy.

 

In order to get an idea of how much it will cost you when buying an apartment or strata unit, then getting a strata inspection in Sydney through professionals can be helpful. The inspector should go through all aspects of the building and let you know exactly what condition everything is in so that these things don't come back to bite later on down the track. They will also check whether anything needs immediate attention before future damage occurs due to neglecting problems now which could lead into expensive repairs later on down the line.

 

  1. Furnishings and appliances that come with the apartment you're considering to buy

Some apartments may include furnishings and appliances, but some may not. Hence it is vital that you know clearly what is included in the purchase price. You should also check if there are any additional costs for these things, such as rent or monthly fees. It will be beneficial to know this before buying an apartment so that they do not get surprised when moving into their new home later on down the track with extra bills coming in unexpectedly which could cause financial problems.

 

If you are thinking of buying an apartment, make sure to get a building inspection done, this is especially important if it’s your first time investing in property. An inspector will inspect all aspects of the unit including; roof, walls, drainage etc., inside of units should be checked for dampness which can lead to mould growth and also check appliances like microwaves ovens etc., also look out for deterioration on structures around windows/doorways that could mean there have been water leaks from windows above at some point.

 

When going through with purchasing pay attention to any notifications regarding by-laws within the block which could affect you as a resident. It is important to know if there are any by-laws in the building regulating pets, this could be anything from number of dogs allowed per unit or type of pet which can be kept etc., it’s better knowing now so that there won’t be any conflict later on down the track with your neighbours.


 Article keywords:
Building Inspection Sydney, Strata Reports Sydney ,Strata Inspections Sydney

 


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