The decision to purchase an apartment can often seem overwhelming, with the sheer number on offer and often little discernible difference between different properties. These handy points will help you find ‘The One’ once you have established an ideal budget and preferred location.
The size of any apartment is an important consideration when buying due to the restrictions imposed by banks when seeking a mortgage. First-home buyers should read the fine print on their pre-approval as to the minimum size required and whether this includes or excludes balconies and/or car spaces. Once these terms are met, the interior design and ultimately the usability of the apartment space on offer will be essential to the liveability of your new home.
Orientation & Views
A sunny northern living orientation is preferable for many potential purchasers, but in an apartment the view on offer is just as important. When buying an apartment you are also effectively buying the airspace - you will pay a premium for a view, with the type of view dictating what that price will be.
High on the wish-list for many buyers, and a great distinguishing feature between apartments, is the outdoor living on offer. The size and type of outdoor living not only extends the living area of the apartment, but also adds to its buyer appeal, both now and into the future.
Whilst the vast majority of modern apartments in Inner City Melbourne are on a Strata title, it’s always pertinent to double check and to also confirm that any car parking or storage spaces are also on title - this can be confirmed in the Contract of Sale by your legal representative. These details can not only affect your financial ability to finalise the sale, but also the value of the property when it comes time to sell again!
Whilst a great range of facilities within an apartment complex is often highly desirable, this generally equates to higher Owners’ Corporation Fees and therefore higher home ownership costs. Buyers on a budget would be well versed to avoid paying extra for features they may not take advantage of.
As Melbourne’s vertical living experts, Lucas have a fantastic array of different apartment options available to buy. For personalised assistance with all of your apartment living needs, contact our award-winning team on 9091 1400.