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5 Things to Consider Before Purchasing an Apartment

There’s no doubt that many people are attracted by the idea of apartment living. Before buying an apartment, however, it’s essential to know what factors to consider. Below are 5 points to consider before acquiring an apartment.

Location

Location plays a key role when it comes to the long term rental incomes as well as capital growth of an apartment. Select the location carefully before deciding to buy. For instance, in inner city locations, apartments that are near the CBD and social amenities like restaurants and shops are usually in great demand.

It is also wise to consider an apartment in a neighborhood that’s generally good. Across the country, several state governments are building urban renewal centers, which often offer amazing investment opportunities.

Know about ongoing costs

When looking for an apartment, cost could be your most critical factor. As units and apartments are normally cheaper than land packages and houses, they can be an amazing investment. However, apartments usually have ongoing costs, so you need to factor that in your budget. Many apartments will attract strata fees, which may vary in cost between buildings.

These fees will go toward covering communal expenses, including repairs in communal sections of the complex and lighting. This may be a vital factor in your decision to buy property, thus it is definitely important to find out what will be the ongoing costs from the building’s real estate agent.

Ownership

Apartment ownership is under strata title in most cases. In other words, each individual owns a single unit in a multi-unit complex. Once you have your own apartment, you also own the complex jointly with other owners in the building.

Depending on a strata scheme, areas like the roof, floor, and external walls can be considered common property which doesn’t belong to you. So, you may not be allowed to renovate or alter these areas.

Find out their pets policy

Some apartment complexes allow pets while others do not. It’s vital to know this prior to purchasing an apartment if you intend to keep a pet.

Think about apartment views

Does the apartment come with any special features that’ll boost its resale value like views? It’s vital that your apartment comes with views. If you have identified an apartment with amazing views, make sure that nothing will restrict the views later on, like the building of a new apartment block near your apartment. In addition, large courtyards or balconies can attract buyers when you opt to sell.

When choosing the right apartment, you should remember that buildings are different, from how much they charge for levies to how they’re maintained. To avoid any surprises in the future, be sure to carry out studies and finalize reports.
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