Apartment buying has recently become increasingly popular in Sydney due to population growth and affordability of apartments. It means some people can afford to live in their desired suburb, with good access to work and all amenities to suit their lifestyle.
When looking to purchase an apartment, it's always important to look out for the following:
- The location. This will contribute to the apartments' resale value. It's always important to ask yourself: Is it near reliable transport? Can you access a supermarket and shops easily? Is it located right near a main road and will be noisy?
- The features. Does it have an internal laundry? A balcony? Or even a lock-up storeroom? Does the block offer good security?
- Proximity of Neighbours. That is, the layout of adjoining apartments to determine noise levels. For instance, it would be noisy if the bedroom of your unit is directly below of above someone else's kitchen or living room.
- Car space. Always make sure you confirm that there is a car space registered on the title of the property and whether it is a lock-up garage, or a carport. Don't assume that apartment numbers correspond to car spaces or garage numbers. Also check the visitor parking and how many spaces for your visitors.
- The Body Corporate. The individual owners in a block of strata title units are compelled by law to form a body corporate, which controls the general administration and necessary funding for common property.
- Strata Report or Strata Title Search. Before purchasing any strata title or company title apartments, always have your solicitor or conveyancer to conduct what is called a 'Strata Title Search', which will outline how healthy the sinking fund is, and will provide copy of all body corporate meetings that have been recently held.
For more information on what to look out for or if you need independent advice on an apartment of interest, please contact our team today on 02 9960 1066 or enquiries@pkproperty.com.au.