The 7 Step Guide to Finding the Perfect Apartment

If you’re on the hunt for a property, an apartment may be a great option for you. With soaring house prices and booming populations in our major cities, apartments are springing up in the parts of our cities that are most in demand. We’re all after a place where the lifestyle is busy, vibrant, or exciting. Not to mention one that is well connected with transport, shopping, healthcare and schools.

So what should you be looking for in an apartment? One of the key things to keep in mind is the fact that you might want to rent it out later on – even if you initially plan on living in it. Apartments make for great, long-term investments, because they do tend to be located in high demand areas. With that in mind, you should keep an eye out for properties that have the kind of features that you want for both yourself, and that will make it easier to find a tenant down the track.

Here are some of the top features to consider when looking for the perfect apartment.

1. Location

Location is critical. When choosing to live in an apartment, there are aspects of home ownership that you (or your tenants) are giving up, such as a backyard space. A good location can compensate this so consider the proximity of the apartment to shopping centres, restaurants, schools, hospitals, workplaces, etc.

Also try to avoid apartments that face busy roads. The noise and pollution can be a nuisance, and really hurt the value of the apartment. An apartment facing a courtyard or quieter roads behind the building will provide better living conditions for you or your tenant.

2. Scarcity

The more apartments in a building, the lower the demand will be for each individual apartment. In turn, buildings that have a lot of apartments tend to appreciate in value more slowly than others.

There’s a lifestyle aspect to this too – apartment blocks that are smaller tend to have a better sense of community, whereas bigger properties with more residents can mean many residents are strangers.

3. Security

The better secured an apartment is, the greater its perceived worth. A security gate is essential, as is off-street parking. Also look for quality security cameras in the strata‘s in key locations. If the property has additional amenities, such as a gym or pool, this should be secured for access only by tenants.

4. Building quality

When you?re buying an apartment take the time to arrange a strata report before you sign the dotted line. This report will involve an expect taking a close look at the strata records and accounts. They?ll keep an eye out for pending building works, disputes with other owners, and any additional expenses that are required in owning an apartment in the building. In other words, by the end of the report you?ll have a sense of the health of the building, and the kind of additional costs that you might be hit with after you’ve moved in (or moved your tenants in).

5. Check your rights and responsibilities with the owners corporation

Most apartment buildings in Australia are administered by an owners corporation, and you need to know what your lot entitlements (such as voting rights) and liabilities (your contribution to the owners corporation) are. This is effectively a contract you are bound to when purchasing an apartment, so make sure the terms and conditions are clear and agreeable.

6. Is there a dedicated car parking space?

It might be that you don?t need a car park for yourself or your prospective tenant. But, you should nevertheless make sure that there is a car park included in the purchase. Why? If down the track you do purchase a car, it can be a nightmare trying to find a place to park if your apartment block is located in a busy area with limited street parking.

If you’re looking to rent the apartment, the lack of a parking space can turn away a number of prospective tenants, which will push down the rent you may be able to ask for the apartment or, worse, leave it unoccupied for a longer period of time.

7. How good is the apartment at blocking out noise?

One of the most common complaints about apartments is noise from neighbours or the street. Newer buildings tend to have sound proofing built in, but not always, and older apartments often leak noise quite badly. From a lifestyle point of view a quiet apartment is ideal and if you want to retain tenants over the longer term, you probably don’t want them exposed to significant noise either.

All in all an apartment can be a great living option, or investment, for many people. In order to ensure you are getting value for your money and a pleasant lifestyle, make sure to follow these tips when apartment hunting.