Tips for buyers looking at purchasing an apartment or unit
They are usually cheaper than suburban housing, more centrally located and offer many advantages but here are a few things to look out for and inquire about first:
- If there is a price indication, how does that compare with other units in the building and vicinity?
- Read the body corporate information: what are the annual fees, rules, responsibilities with ownership?
- If the unit is in an older or heritage block, is that block up to 34% of New Building Standard? Tough new seismic rules mean thousands of apartments need millions of dollars spent on them.
- If the block was built in the late 1990s or this century, are there weathertightness issues? Read the body corporate meeting documents and talk to your lawyer
- Nightclubs, 24-hour businesses (nice waterfront, busy port) or even airconditioning units atop nearby buildings can keep residents awake and make going outside unpleasant.
- What areas are common ground: courtyards, rooftops, lobbies? What are the rules and how do you let guests in, get your newspaper, pick up your mail? Do you have a carpark, where do guests park?
- Is the block on leasehold land? If it leasehold, what is the ground rent review period?
- Is DIY possible? What additions and alterations can be made? Far stricter rules apply to apartments