What to expect when buying an established apartment
In choosing to purchase a property, you are investing in one of the biggest purchases in your lifetime. It is important when outlaying considerable finance for an essential purchase that you look for a property that will suit your needs.
While some buyers will look for a house or townhouse, or house and land packages to build or purchase an apartment off the plan, the other option to consider is buying a property that is established.
Many styles of established apartments are in high demand in some areas such as heritage or art deco properties however in purchasing properties like these, you will need to consider potential repairs, renovations and improvements that may be needed.
Property features and conditions
In recent years there have been trends to renovate older apartments which may mean that you can walk into a home without needing to carry out any work. It is important to still check these improvements to identify issues that may have occurred with budget DIY work and may lead you to spend on repairs faster than you plan.
Check the features of the property and if they check all the boxes that you need and want when purchasing a property or if is there a possibility to modify some of the rooms or fixtures affordably to refurbish the home to your requirements.
Layout and space
Will the floorplan of the home lend to the interior design and space that you need? Many older apartments will have a more spacious layout with larger room sizes than more modern or new build apartments and the opportunity to adapt rooms to suit your design and living requirements.
Appeal and character
An older apartment may have more character and appeal for buyers, especially if it has been restored and maintained over the years.
One consideration when purchasing an older apartment is the strata levies and potential capital works and it is important to investigate any restorative work that may need to be carried out on the property due to the age and possibility of challenges such as rising damp.
Additional features and amenities
Established apartments are less likely to have the amenities that newer builds will have and when looking to buy, check for additional inclusions like storage options, gardens and common areas, parking, internal laundries and the structural integrity of the building and balconies.
If items like storage or internal laundries are not on the property, can they be installed or added to rooms in the property and are gardens and commons areas maintained through a body corporate employed gardener and cleaner?
If you would like to know more about these options when purchasing a property, chat with one of our sales team and they can walk you through the property and talk about potential options that will help you make your decision.