We’ve recently seen a jump in the interest in unit and apartment purchases within the market, and what with shows like The Block promoting the renovation of unit blocks, we can only assume the interest will grow. This is great, but what needs to be remembered is that considerations when buying a unit are somewhat different to those when purchasing a house. So what are the important points to consider…
1. Location, location, location. Is the unit in a good part of town? Is there a lot of noise or is it close to industrial areas, which is often the case with units and apartments? Road noise? Is the unit on a main road?
2. Can you live there comfortably, not just now but in the future. Are the rooms big enough? Can you entertain with ease if your family and friends visit? Will your current furniture fit in?
3. Car Parking. Do you have a secure space to park your car. It’s not unusual to have to park your vehicle on the street when apartment living. Remember, off street parking will not only keep your car safer but can also reduce your car insurance premiums, saving you money in the long run.
4. The View. Does the unit offer a view. Are you high enough to enjoy it? Units on higher floors often cost more but you are rewarded with a better view and more often than not, a larger size unit.
5. Soundproof Walls. Are the adjoining walls solid and sound proof? Do they extend all the way up to the roof cavity?
6. Rental Demand. If you don’t intend living in the unit, will someone want to rent it from you? Circumstances can change and you may need to move at some stage. Knowing that your unit is rentable can ease this worry.
7. Are the units well maintained by the body corporate. Are the gardens tidy, is the foyer clean, does the building look maintained and tidy?
Keep these points in mind when looking at potential unit purchases and you are well on your way to making an informed decision about your unit or apartment investment.