Five Things to Consider When Buying an Apartment

Buying an apartment is different to buying a house, which is why some may find the process confusing. But the good news is Ayre is here to help! So, if you’re in the market for an apartment in 2020 we recommend you take a look at our list of the top five things you should keep in mind before you dive into the world of skyline properties.

1. Location

The building’s location as well as its proximity to amenities such as shops, transport, beaches, parks, libraries and open space are factors that should be high on your shopping list. Also essential is the location of the apartment within the building. Consider the way it faces, whether it’s near the elevator or garage doors and where the parking and bins are. Is there thoroughfare near your bedroom? Is it a three-story walk-up block? These are just a few of the questions you should ask yourself before committing to an apartment. All the above should be considered as part of the overall proposition and used to help determine the value of the property.

2. Aspect and Layout

There’s no denying the appeal of a great view but sometimes choosing the right aspect is even more important. Think about the light in winter and the sun in summer, cross ventilation and breeze, and the orientation of the bedrooms to common areas, neighbours and living spaces. Always refer to the floorplan as it should indicate its relation to north – helping you to work out where the sun will rise and set in relation to any openings. Aspects are subjective to personal preferences. If access is possible, a handy tip is to visit the property at the time of day you’ll normally be home to see what the natural lighting is like. This is a great way to avoid any surprises when you move in.

3. Vertical Communities

Many apartment buildings operate as their own communities. Make sure to get an understanding of the demographic of the building. By understanding its culture and gaining insight into its community vibe you can determine 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. This is where research can help; speak to your agent about the building manager, concierge and strata committee, and take the time to understand the by-laws, the requirements of owners as well as any rules in place for noise, pets and communal areas.

4. Strata Title

Strata laws can be difficult to understand but are vital in making apartment living easier and more affordable. Instruct a strata search agent to conduct a report informing you about any upcoming special levies, if the sinking fund is healthy and other information on the building. Be familiar with the various fees incurred, as well as the allowances for future improvements when buying into such schemes. Don’t be turned off by the annual levy, when factoring in the costs of maintenance, insurance, security and services for a single dwelling, they can often represent great value. And remember, all buildings require maintenance from time to time, so try to ascertain how the body corporate is managing issues as this is more important than the issue itself.

5. Building Amenities

Pools, saunas, gyms, and basic services such as garbage disposal, lobbies and mailboxes are often shared in apartment buildings. Watch out for unkempt communal areas – which can be a sign that the building is poorly maintained or is lacking the appropriate funds to manage the upkeep of the common areas. Investigate the security and privacy measures at open homes such as its security doors, cameras, any key-less entry, lighting in walkways, and the strength of locks and door frames. First impressions count.

We are for apartments.

If you are considering buying or selling your apartment in Sydney city or its surrounds, we would love to help you. Ayre Real Estate are specialists in apartment living and ready to help find your ideal property. Talk with us today to find out more.