Before You Buy: 5 Things to Consider Before Purchasing an Apartment

An apartment in Australia can be a great investment, whether you plan to live in it yourself or rent it out. Before you leap in and start browsing listings, however, there are a few things you need to consider. In this article, we will take you through five essential factors to think about before committing to an apartment in Australia. When you reach the end, you’ll have a clearer understanding of how to conduct your property search. 

1. The true meaning behind “location, location, location”

There’s a reason this saying has become such a cliché. Whether you’re hunting for apartments for sale in Mermaid Beach, Australia, or more modest flats in Cairns or Townsville, location is crucial in determining the price of a property. It will also have a significant impact on your lifestyle. 

For example, a Mermaid Beach apartment may cost more than one in Townsville, but if it places you close to the job opportunities, public transportation, schools, shops, and other amenities you seek, it may end up being a better personal investment. 

Crime rates and the overall safety of the area should also factor into your decision. Generally, the idea here is to balance your desire to get a good price against the benefits and drawbacks of an apartment’s location.

2. Size and layout

Think about your lifestyle and how much space you need. If you have a family or plan on starting one, a larger apartment might be the way to go. If you work from home, ensure you’ll have a dedicated office space. Trust us when we say working from your kitchen gets old quickly. 

The layout of the apartment is almost as important as the overall size. Does it have an open-plan living area, or are the rooms more closed off? The layout can have a significant impact on the flow and feel of the apartment. In turn, this can greatly impact your mental health. So, spend some time in the space and get a feel for how it affects you and whether it matches your lifestyle. 

3. Amenities offered by the building

Building amenities can make a significant difference to your quality of life. If you have a pool, gym, and communal outdoor spaces, you can look forward to a more enjoyable time and better property value. Just be sure to balance the benefits against the cost of these amenities. 

4. Strata fees and levies

Strata fees cover the cost of maintaining those common areas and amenities we were just discussing. Though you certainly want impressive amenities, be aware that you will have to pay fees to cover the cost of repairs or maintenance. These costs can impact your monthly expenses, so be sure to get them all laid out before committing to an apartment. 

5. Building quality and maintenance

Before purchasing an apartment, look for signs of wear and tear, such as dampness, rust, and cracks in walls or ceilings. Check the building’s maintenance records to see if any repairs or renovations are planned or underway. You should also consider the age of the building and whether it meets modern building standards.

It’s easy to get blinded by excitement when looking at apartments in Australia. However, you don’t want to be blindsided with unexpected fees or stuck with a layout that doesn’t suit your lifestyle. So, work through the considerations listed above, do plenty of research, and spend some time in each apartment. It may take some time, but if you’re methodical and logical, you’ll find one that suits your lifestyle and budget and provides an excellent return on investment. Happy hunting!

You may be interested in: 5 Tips for Finding the Best Office Spaces to Rent