Real Estate

5 Things to consider before investing in an apartment

Buying an apartment can be an enticing investment opportunity but it is not a cakewalk until you are well informed about the minute details of the business. From construction to design and finish the quality of the building and the legal approvals and paperwork, everything needs to be perfect before you buy apartment in Brisbane. Buying an apartment is a huge investment that involves an exchange of a ridiculous amount of money. You need to be doubly sure of the property you are putting your money on. Most people consider hiring an agent to ensure the best possible deal. However, you can also decide to go solo and make the deal on your own. In such cases, the pressure of keeping your focus on everything is important. Here is a checklist of things that you should consider but often overlook before investing in an apartment.

  • Learn the laws

Many builders generally do not monitor by-laws or tend to bend them for a little more earning. This is more likely in the case of rental apartments and short-stay lettings. If you fall prey to any such property, you may end up paying much more than you might have thought of as a liability. It can also strain your mental peace, creating more trouble for you. For that reason, it is important to go through the laws/by-laws and ensure that the property you are buying adheres to them.

  • Get the strata management budget forecast

You can ask for a strata management budget forecast for the property you are buying without any hesitation from the builder. Mostly the cost in the first year is managed by the builder as it is covered under the defects warranty. However, this cost increases many times in the subsequent years which is why you should ask for a three-year forecast and plan your budget.

  • Check for proposed updates

If the apartment you are buying is located in an older building, you should always check the major proposed updates and their cost. Older buildings may be planning to change the building lift or the pipelining. You may be asked to contribute to the payment which can elevate your expenses considerably.

  • Check the availability and accessibility of visitors’ bays

Parking is a common issue for the people living in the apartment. Many buildings have slots for each apartment as well as for visitors. Although every apartment is given its individual spot, some people may need to have more vehicles and need more parking spots. In such cases, they tend to use the visitors’ bays leaving insufficient space for visitors’ parking. This can create trouble if you are expecting frequent guests or even intend to resell the property.

  • Enquire area development plans

The view you get from your apartment is a major contributor to the cost of the apartment. You or the potential buyer, while you would resell the apartment, would willingly pay more for a river or water view. However, the whole purpose is spoiled if someone builds right in front of you and blocks the view. This emphasizes the need for inquiring about the area development plans to ensure you can enjoy what you have paid for.

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