TOP QUESTIONS ASKED BY APARTMENT BUYERS

01-Sep-2020

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Buyer FAQs

As Docklands continues to establish itself as a sought after destination, we're seeing a trend in the questions buyers are often asking. Whether it's about apartments specifically or purchasing a property in general, we're here to help.

Today our Senior Sales Executive, Thomas Tregonning will be covering some of the most common questions that he gets asked. Whether you're a first home buyer or a seasoned home purchaser, we hope this will help prepare you for your next purchase.


What should I prepare?
For new buyers entering the market and just beginning their search, knowledge is key. Get to know the area! Go for a walk or a drive and experience the area first hand. For example, in Docklands you'll see a difference between Victoria Harbour and NewQuay. Finding out what you prefer will help narrow your search.

Also, inspecting different buildings will help you see what each complex has to offer and what you value most in terms of facilities and location.


How can I put in an offer?
After selling almost 200 properties throughout Docklands, the greatest advice I give is that offers on contract are the best way to present your offer. Not only does it show how serious you are to the Vendor, but it also allows for a better style of negotiation. Hands down, this is the best way to secure your next property.


Why is there a price range?
The price range is there to act as a helpful guide as to where the value of the property is, as well as a guide to where the Vendor’s expectations sit. This is heavily based on historic sales of similar properties in the building and throughout the area.

A formal offer on a property is always more than just the price. In some instances, other essential items of an offer like; the settlement period, additional clauses or whether your offer is subject to finance can impact the price a Vendor may deem acceptable to them, or help your offer stand out from the others.


What is an Owners Corporation?
Owners Corporations are essential to looking after apartment complexes, especially the large towers we see through Docklands. A group of elected Owners and representatives make informed decisions to maintain and make improvements to the building.


Why do I have to pay an Owners Corporation Fee?
By contributing to the Owners Corporation, you’re actively working to maintain the value of the building, and by extension, the value of your apartment as well. Your annual contribution is roughly split into thirds being; building insurance, adding funds to the building's reserve to afford larger maintenance projects or upgrades in the future. This could be repainting the building every 15-25 years. The final third goes towards everyday operations like cleaning, operating the common facilities, smaller maintenance projects and employing Building and Facility Managers.


Should I engage a Conveyancer?
With such a large decision on the table and sale contracts often spanning hundreds of pages, it's always best to engage a local legal professional. Local conveyancers know all of the towers in Docklands extremely well and will be best placed to act on your behalf.

Jayson Sande of Anchor Conveyancing has built a strong reputation over 25 years of always looking after his clients best interests. With his deep understanding of Docklands, he is a local identity whose legal opinion is often sought after when buying or selling. There is no doubt that he is one of the most experienced legal professionals in Docklands.

Jayson Sande
Anchor Conveyancing
jayson@anchorconveyancing.com.au


What is the quickest time I can settle?
One of our most common questions from buyers relates to how quickly they can move in. In Docklands, the most common settlement period is 60 days. However, if a property is tenanted and you’d like to move in, normally around 90 days would be needed to facilitate this. Also, we wouldn’t recommend trying to settle in under 30 days with a mortgage as the banks often need time at their end as well.


How can a Mortgage Broker help?
For all buyers searching for their next property, it is often easy to overlook the work that Mortgage Brokers do. Talking about your situation with a Mortgage Broker and engaging them to find the best interest rate can be beneficial in the long run.

Josh Bartlett is our go-to. Ranked as the No.1 Broker in Australia, Josh takes an active role to understand and listen to your needs while best assessing your borrowing power.

Josh Bartlett
Mortgage Advice Bureau
jbartlett@mabbroker.com.au


Is it better to buy an older property or a new one?
At the end of the day, this is a personal choice as both options have their benefits. For around the same price point, older properties will often be slightly larger on average. However, newer complexes are constantly evolving to accommodate an urban lifestyle with state of the art facilities such as theatres and yoga studios.


Can I renovate my property?
As some buildings celebrate their 20th birthday, we are seeing more and more owners personalise their apartments. We are seeing some amazing bathroom and kitchen renovations as trends are reimagined in excitingly different and diverse ways.

The most common renovation is a fresh coat of paint and laying new carpet or floorboards, which can completely transform an apartment. With any renovation, it’s best to discuss it with your Owners Corporation as they can often make it easier by allowing exclusive lift access and trusted trade contacts.


With 17 years of local knowledge and consistently ranked as the No. 1 Agency in Docklands, no question is too big or small! Speak to our friendly team today if you have any further queries.