The benefits of buying into apartment living
It’s fair to say that the national housing market is steadily peaking this year, hot on the heels of unprecedented price hikes in 2021.
But 2022 is signalling a turnaround in the unit rental markets and unit price growth could outperform that of houses, according to the SQM Housing Boom and Bust Report 2022.
“With houses being overvalued, apartments are relatively affordable and are expected to be in greater demand from an expected rise in net migration from interstate and overseas with many borders now open,” says Louis Christopher, the managing director of SQM Research.
In addition to the resurgence in apartment living that is trending in industry circles this year, there is another benefit of owning or investing in an apartment. That is the appeal of low-maintenance lifestyles.
Remember the joy of cleaning gutters? Or mowing the lawn on a hot afternoon at your family home?
Unlike a house that requires regular maintenance, apartments are a far cry from your weekend being replaced by a never-ending list of chores.
Your apartment list might only be a fraction of what it once was, but it’s still vitally important for your property’s long-term value not to neglect regular checks.
Maintenance diary helps to track ongoing needs
Create a maintenance diary so most of the work can be completed on one day of the month, freeing up the rest of your time for what you prefer.
It’s recommended, for example, that painting should be refreshed every five to eight years. And it’s best for longevity if three coats are applied to each repainting project.
The good news is that apartments are generally more compact (i.e. manageable) than a full-sized house and thus are designed to halve the painting time.
Carpet cleaning is another, together with window cleaning and ensuring your window furnishings and flyscreens remain in good order.
Balconies are one of the biggest sources of leaks, so keeping yours tidy can prevent major issues in the longer term.
If the budget is tight, consider defraying costs by pooling resources with neighbours and booking tradies for consecutive jobs. Who knows? You may even gain a discount.
Checklist for buying apartments
The Apartment Buyers and Owners education kit, produced by the Australian Apartment Advocacy, is a great place to start when considering an apartment for investment or personal lifestyle choice.
The kit covers what questions to ask when looking to buy, information about the sales contract, a pre-settlement checklist, details about defects and how your rights are protected.