Purchasing an apartment
If you are considering purchasing an apartment, you likely have a lot of choice in front of you. Apartments are often readily available in major cities, but there are plenty of variants that can help to inform your purchasing decision. Here’s a handy guide to support you along the way.
1. Consider off-the-plan
Buying off-the-plan means purchasing a property that hasn’t yet been built. You’ll be making a purchasing decision based on the location of the development site and usually artists impressions and plans of what the property will look like. But this also means you’ll have a chance to customise your new home to suit your needs, tastes, and budgets. This spans from your kitchen facilities to how many bedrooms your new home has. We encourage people to think deeply about their needs both now and in the future – if you rarely have people over, you might not need that second bedroom, but if you’re thinking of starting a family, it’s something you may want to consider!
2. Flexible spaces
In apartment living, you want to make sure you have flexible spaces. If an apartment you are looking at has small or awkward layouts where the furniture can only fit in one particular space, it might not be right for you in the medium to long term. If you’re looking at an apartment and you can identify areas where you might be able to fit a workstation, to move around your room layouts, to create multifunctional areas, then you are more likely to be able to adapt the space to fit into your lifestyle for longer.
3. Energy efficiency
A great thing about apartments – particularly new build apartments – is that they are often built to high energy efficiency standards. You should be asking about insulation, glazing, and efficiency ratings at the very least, which is good for the planet and good for keeping your utility bills down. You may even find that some new apartments offer renewable energy sources such as solar. It could be a little more money upfront but will mean that your home is working harder for you in the long run.
4. A great walk-score
We talk about walk-scores at Reventon for any property purchase, and apartments aren’t any different. If you’ve fallen in love with a beautiful home and you’re imagining how you’re going to arrange your couch, you absolutely need to consider the local area. For a property to have a great walk score, it should have at least some facilities in a reasonable walkable distance (we think around 15–20 minutes). Depending on your lifestyle, this could be the nearest public transport for commuting, schools for the children, or cafes and restaurants if entertainment is your thing. A good walk score is not only good for you when living in the property, it’s great to ensure your apartment is attractive for future buyers.
5. Extra facilities
A big perk of living in an apartment is the potential for extra facilities. Some high-end apartment buildings offer gym facilities, a pool, or even a communal rooftop space. These facilities can make a huge difference to your lifestyle going forward (maybe having a treadmill mere seconds away from your front door will motivate you to work out for example) so they are worth considering, even if these spaces come with a slightly higher price. You might also want to consider laundry facilities, parking, or any other communal spaces on offer.
6. Grants and discounts
In most cases, when you buy an apartment off the plan, you can make big savings on your stamp duty. When buying a house and land package off the plan, stamp duty is calculated on land value, not the house and land. This means that your deposit can be lower than if you were to buy an established property. You may also be eligible for a first home owners grant, which can be around $10,000 depending on your state or territory. It’s well worth doing your research when it comes to what you may be eligible for, as it can take thousands off your home-buying expenses.
Get expert advice to help you purchase an apartment
Buying an apartment could be the route to owning your first home, you could be downsizing, buying an investment property, or just moving from an apartment you have grown out of. Apartments offer the flexibility and affordability to suit a range of home-buyers. Hopefully you now have a better idea of what to look out for to inform your decision. Reventon has supported thousands of clients to purchase their own apartment – and we can support you to do the same. All it takes is an initial chat with one of our expert advisers, to discuss your circumstances. To discover how Reventon can help, get in touch for a free consultation.