Do you already have plans on buying an apartment? Here are eight questions you should ask and get answers to before signing the deed of sale.
In this article:
When buying an apartment, it's essential to ask who developed and built the building.
Knowing the builder and developer helps you look into their past projects and see whether they really deliver on their promises and deadlines. This is especially important when you're buying off-plan properties.
Ask about what other buildings the developers worked on. Look at their track record, and see if they're known to obey building and safety standards on their projects.
A Strata Inspection Report is a document that lists down specific details about the apartment building, such as:
● Current owner
● General apartment rules
● Major and minor building expenses
● Current building value
Having a copy of the building's Strata Inspection Report assures you that everything about the building---structure, wiring, permits---is legal and in order. It also gives you an understanding of the apartment building's general rules on curfew, pets, visitors, etc.
If you're planning on buying an apartment, make sure to ask how often the administrators maintain the building.
Ask how often they get the pipes and wires checked. You can even inquire about whether or not they do regular pest fumigations for the entire building.
If the building administrator actively maintains the building, you're assured that the apartment you'll be buying is also in good shape.
The building's vacancy rate is also reasonable to know regardless of whether you're buying to own or invest in the apartment.
Try to look for an apartment in a building with a low vacancy rate. Low vacancy rates mean there are more occupied apartments than empty ones. This is an indication that people want to live in the building, which is good as both an investment and a home for yourself.
Tip: It might not be easy to get your building's vacancy rate from the administrators, but its definitely worth asking!
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Before buying an apartment in a specific building, check first whether the building is a mixed-use type.
Mixed-use apartment buildings usually have commercial and residential floors. If it is, expect a lot of people moving to and from your building.
If you're not comfortable with this idea, you might want to consider other apartments instead.
In real estate, there's no denying that location is critical. If you're planning to buy an apartment, make sure it's in a place near commercial centres and other amenities.
Running errands is part of living in an apartment. So, it goes without saying that getting an apartment that's far away from the supermarket or bank is quite a hassle.
Knowing that other amenities like parks and rec centres are close by also tells you that the apartment building is in a strategic location.
When buying an apartment, you have to consider how you'll go to it from where you work or study. This makes it essential for you to know how easy it is for you to access public transportation from the building.
Asking current renters how they get to work is an excellent way to judge the accessibility of public transportation near your building. Some building administrators even offer shuttle services, but this is usually for apartment complexes that are farther from the city.
It's also good to know if you can make changes to the apartment you're eyeing, especially if its in a much older building.
Talk to the building administrator and ask if you can repaint the walls or upgrade the bathroom. If they let you make changes, inquire about the requirements and paperwork you need to submit.
Before signing your name on the dotted line and buying that apartment, do your due diligence first. Ask the building administrator any (or all!) of the eight questions we've listed in this article to help you make your final decision!
Do you have more questions about buying an apartment? Get in touch with us, and we'll help you find an apartment you can own or rent out!
A9 Property is a team of property specialists helping first-time homebuyers and property investors on their journey into the real estate market. Our weekly real estate blog touches on industry trends, market shifts, and investment strategy, providing you with valuable insight into your property purchase journey. We are experts who specialise in off the plan properties--a popular investment strategy in Brisbane and Australia. Check out our carefully selected portfolio of off-market properties for sale or contact us for an obligation-free chat to discuss the best strategy to start building your portfolio.