Top 5 Apartment Buying Tips

Market Insights
7 years ago
3 minutes
Searching for and buying an apartment can be a lengthy and complex process. But, there are a few key moments along the way that can make the experience easier with a little help. Here are our top five apartment buying tips.
Pinpoint your preferred suburbs
We say suburbs, plural because it pays to have a couple of options up your sleeve when you first begin your search. This may mean suburbs that are beside each other or even suburbs on different sides of town that offer the same kind of vibe or amenities.
Whether you’re buying as an investment or to live in, the location can make all the difference to the long-term benefits and value of your property purchase. Check out our Suburb Profiles for insights.
Create your ‘deal-breaker’ checklist
This is a vital process, particularly if you’re a couple looking for a home. Things that are of no importance to one of you might be absolutely essential for the other.
Your deal-breaker items might be handy transport, a spacious balcony, two bathrooms, even something simple like being North-facing. Make a definitive list and stick to it.
To some extent, making your deal-breaker list helps to remove some of the emotion from the purchase decision. This means you are less likely to buy an apartment that you fall in love with but subsequently realise isn’t perhaps as practical or ideally located as you wanted.
Narrow your search
Start getting ruthless with that suburb checklist. If you’re buying to live in, take a trip to the location and have a wander around the neighbourhood. Really try to imagine living in the area. The buying process can be a complex one, so it pays to focus on just the options you’re truly interested in.
Get into the nitty gritty
There’s nothing worse than purchasing a property and then finding some tiny detail that ruins everything. Some of the things you may want to find out include:
How much are the Owners Corporation fees?
What brand are the kitchen appliances?
What type of air conditioning is included?
What are the car parking provisions?
All of these things could make a difference to which apartment development you choose. If you’re buying as an investment to lease out, you might also want to check the location’s average rental yield and rental demand.
Find the right lender
When the time comes to sort out your money, remember, there are many kinds of loans and mortgages, with useful add-ons like offset accounts to reduce your interest payments. Shop around to find the best deal for you, which may not be with the same bank you have your everyday banking accounts with.
Always make sure you aren’t going to overstretch yourself financially. The many benefits of buying off the plan include the requirement for just a deposit up front, with the remainder payable at settlement many months later. But it still makes no sense to buy an apartment that, once it comes time to start making the mortgage payments, will leave you with little money to manage on.
Follow the above tips and your path towards apartment ownership should be a smoother one. As always be sure to discuss your plans with your financial advisor.

Find more Apartment Buying Tips here.