Owning a home is one of the best life decisions you can make. If you’ve decided on buying an apartment, whether as an investment or to live in, there are several factors that you need to consider ensuring that you find your dream property.
The most recent census found that almost half a million Victorians live in apartments, most of which are here in Melbourne. The right apartment can provide an incredible lifestyle close to the action. Today our Sales Manager, Mark Sutherland shares with us his top 5 tips for buying an apartment.
1. Arrange your finance
Having your “pre-approval” from your chosen institution ahead of time will put you in a strong position when you do find your dream property. There is nothing more disappointing than missing out on a property because you just were not financially prepared, and another buyer was.
2. Do your research
The best way to learn about a development you like is to research it online. You can find key factors such as the year it was built, the developer, how many apartments are in the development and building amenities (pool, gyms, cinemas, concierges etc). If those features are important to you, doing this simple yet effective research will fast track your knowledge when you do attend the inspections.
3. Refine and shortlist your criteria
Open for inspections are a brilliant way to inspect properties, however, trying to cram too many on any given day can be counterproductive and rushed. Once your finance is pre-approved, look within that range, plan your day, and really take in the allocated time. Arrive on time and understand that the allocated time is just that. Whilst we always try and accommodate latecomers it’s not always possible as agents have a rolling timetable on the day.
4. Request the relevant documentation
Once you have your shortlist of preferred properties prepared, ask the agent for a soft copy of the Contract of Sale and Vendors Statement (section 32). This is the “owner’s manual” and has everything you need to know about the property. Things like annual fees, outgoings, title details and if there are any outstanding or pending notices in the development are all very important. This can be quite a cumbersome document and for some - overwhelming. It’s best to engage the services of a property conveyancer or solicitor to have them peruse it for you prior to making offers.
5. Be realistic
When you have satisfied all of the above and chosen your dream property, it’s time to start the negotiation process. Remember the seller wants to sell and the agent is engaged to facilitate this process. In Victoria, agents must put their opinion of value on display - known as a statement of information. Whilst it’s natural to want to buy as best you can, it’s not uncommon to have multiple interests on one property. Offer what you are prepared to pay based on research and the statement of information with the cleanest conditions (if any). Many times, in my 28-year career, buyers have missed out to another party because they simply went in too low. It’s a decision that many regret in hindsight as they search for months to replace the one they missed, only to pay for an inferior product.
