Buying an apartment is a big deal. You want to make sure you’re making the right decision and that all your questions are answered before signing.
You don’t want to end up regretting your purchase or make any costly mistakes. We’re here to help you navigate the process with our guide on what you need to know when buying an apartment.
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Our goal is to provide all the knowledge needed so that you can confidently buy an apartment without any worries.
Enlist The Help of a Property Conveyancing Firm
A property conveyancer is an expert in the field of real estate law. They specialize in assisting clients with all aspects of buying and selling property, including negotiating contracts, drafting deeds and mortgages, and handling legal disputes.
They will help you navigate the paperwork involved in these transactions and ensure your transaction goes smoothly from start to finish.
Get a Strata Inspection Report
A Strata Inspection Report can help protect your investment by revealing any major issues with the building, like water damage or mold growth. With this report, you’ll be able to see if any hidden problems could cost you time and money down the road.
Once you have this information, it’ll help make your decision easier because now you know exactly what condition the property is in before committing to buying it. You can then decide whether or not the cost of repairs would be worth it for you or not.
Ensure Strata Fees Aren’t Through The Roof
Strata fees are an ongoing cost that can make a seemingly affordable apartment out of reach. Strata fees cover garden upkeep, building maintenance, and other expenses related to living in a strata scheme. They’re usually paid monthly or annually by all residents within the body corporate.
It’s important to find out about these upfront costs before signing any contracts so that they don’t come back to bite you later on.
Check The By-Laws
Apartment by-laws are a set of rules that govern how people live in an apartment. They may include things like noise levels, pet ownership, and parking. If you have a pet, for example, be mindful that not every building will allow pets.
The more informed you are about what to expect when buying a Strata-titled property, the less likely it is that anything will surprise or disappoint you later down the track.
Do Your Homework On The Body Corporate
Find out everything you need by checking out the body corporate records at your local government office (or online). You’ll learn about any disputes between neighbors, maintenance issues that have been raised with management, as well as financial information such as budgets and annual reports. This will give you valuable insight into whether this community would be right for you.
Ensure The Property Has Been Properly Maintained
One of the most important things to consider before buying an apartment is whether or not its current owner has well maintained it. This means checking out the exterior, looking at any common areas like hallways and lobbies, and seeing what kind of repairs are needed on apartments inside the building. If there are significant problems with these areas, then this could mean more costly repairs down the line for you as a new owner.
Make Sure The Facilities That Matter Are Close By
Consider your lifestyle and what facilities and amenities you will need easy access to. Pets are going to need to be exercised, children will need schools, and public transport will be essential if you don’t drive. You will also need to consider dining options, entertainment, and any other facilities you want easy access to. You don’t want to be living too far from the things you want and need.
Check The Car Parking Situation
One of the most important factors in choosing an apartment should be how easy it will be to park your car when you move in. If you plan on having visitors like friends or family, you should also investigate how easy it is to find parking close to the complex.
