What to Do a Year Before Buying Apartment
Whether it’s an investment or for you to live in, buying a unit requires more than checking out the location and price. Check out this apartment checklist courtesy of Canstar.
Apartment living has a lot going for it and with such a wide range of apartments springing up, you’re spoiled for choice. But before you jump in, think carefully about our apartment checklist here. It’s essential reading, particularly for first apartment buyers.
Here are a few apartment or unit-specific things to be mindful of before putting in an offer:
|1. Ownership costs
2. Parking arrangements
3. Noise level
4. Waste disposal
- Apartment ownership costs
If the unit you’re buying is strata title, what will the annual owners’ corporation fees and other costs be? You should be advised of all costs, but can also request to see the financials and minutes of the last few corporation meetings.
By the way, in case you’re not aware, strata title is a form of ownership that allows individual ownership of part of a property – so individual ownership of the unit you buy, even though that unit is part of a much bigger building. But having that little bit of ownership means that you also have shared ownership of the facilities such as lifts, passageways and paths. These things all need to be maintained – hence you will need to pay annual fees to help ensure there’s money available for this upkeep.
As well as the annual fees, you should also ask whether there are any upcoming capital works? If so you may be required to contribute to them! This is something that the management and owners’ corporation will be able to inform you of.
If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database with links to lenders’ websites that are available for first home buyers. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest-highest). Products shown are principal and interest home loans available for a loan amount of $350K in NSW with an LVR of 80% of the property value.
Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity.
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