3 Things to Consider When Buying an Apartment
While most home buyers acknowledge the differences in living styles between apartments and houses many forget to assess the way buying these types of properties differ.
The good news is, we’re for apartments and we are here to help you navigate the buying process. Here are three important things to consider on your search for the perfect sky home.
01 Vertical Communities
Some apartment buildings operate as their own communities. Therefore, understanding the demographic of the building is vital in understanding its culture and gaining a better understanding of the community vibe and whether it suits your lifestyle. The percentage of apartment owners that are investors versus owner occupants can also impact how future buyers may assess their investment into a building.
The building’s facilities and shared spaces can influence the way a building is managed, as can an the onsite team (if there is one) so pay attention to these factors during inspections. Speaking to your agent about the Building Manager, Concierge and/or strata committee could also be helpful in painting a picture of daily life in a particular location.
Take time to understand the by-laws and their requirements of owners and the rules that they have in place for noise, pets and communal areas. You can request a copy of the minutes from a recent owners’ corporation meeting too, to help you identify any red flags.
02 Strata Title
Pest and building inspections are not necessary for apartments. However, it’s highly recommended that a strata search is conducted.Strata title provides an individual with ownership over part of the air space within you lot and a responsibility to contribute towards the upkeep and maintenance of common areas. This is governed by the body corporate, also known as the owner’s corporation, which elects a panel of owners forming an executive committee. The role of the executive committee is to ensure the day to day running of the building for the benefit of all.
Strata laws can be difficult to understand but are vital in making apartment living easier and more affordable. Ask your agent to inform you about any upcoming special levies, if the sinking fund is healthy and what is on offer for each resident in terms of facilities.
When buying strata title be familiar with the various fees incurred, as well as the allowances for future improvements . Don’t be turned off by the annual levy, when factoring in the costs of maintenance, insurance, security and services they can represent great value. A higher quarterly levy is not always a bad thing. This may simply mean the building has a strong capital fund plan, saving you more in the long run, so make sure you understand what the levy covers. The best way to do this is conduct a strata search.
03 Building Management and Security
The management of a building can be crucial to your comfort as an occupant – depending on your priorities. Many services for the building will be shared by residents such pools, saunas and gyms as well as basic services like garbage disposal, lobbies and mail boxes. Unkept communal areas can be a sign that the building is poorly maintained or bring into question the priorities of other residents – something to be aware of if this is important to you.
It is advisable to investigate the security and privacy measures implemented at the property too. Easy factors to assess at open homes include security doors, key less entry, cameras, if walkways leading to the building are well lit, the strength of locks and if the doors are heavy and well secured to the frames. If it passes through the initial self-conducted assessment, ask a resident or security member the protocol in the building to give the most accurate picture.
These 3 considerations form a solid launching pad when delving into the daunting process of apartment hunting. Make sure to research any prospects thoroughly and consider the influence various factors have on the overall experience of living in an apartment.
