As the population grows and housing prices rise, apartments have become an increasingly popular option for developers and buyers alike.
But newly built apartments have been given a bad rep recently, with stories of structural defects and mass evacuations becoming all too common.
It’s no surprise that buyers are now hesitant to buy an apartment despite their affordability and practical benefits.
By asking these questions, you can ease some of that worry.
1. Who developed the apartment block?
It’s important to look into who developed the property when buying an apartment. Not only should you take note of their level of experience, but also look at their processes for quality control and their management practices. This will give you an idea of how conscientious the developer really is, because often this will reflect the quality of their work.
2. Does the developer have a good reputation?
If the apartment you’re interested in was developed by someone with a history of sub–par craftsmanship, it’s probably best to stay away. Any problems with previous developments will be a red flag and, if you are dealing with a first–time developer you should be weary then too.
3. What area is the apartment in?
Waking up to the sound of a passing train, heavy traffic or feeling unsafe on your commute home is not exactly a lifestyle to desire. Consider the location of the apartment and it’s proximity to things such as housing commission developments, train lines, power plants and landfills.
4. What is the quality of the internal fittings and fixtures like?
It’s a good idea to closely examine the apartment before you invest. Keep your eye out for cracks in internal walls, water damage or wonky doors. While they might seem like minor inconveniences, often their presence is an indication of the lack of upkeep in the apartment.
5. What is the parking situation like?
Apartments don’t usually enjoy the luxury of spacious driveways and garages that a house would have. Apartment blocks are usually concentrated around inner city areas, and we’re all familiar on how much of a headache parking can be in these areas. If the apartment you’re looking at has features such as secure undercover parking, then that is a huge bonus.
6. What is the position of the apartment?
Think about what level the apartment you are looking at is on. Different positions in an apartment reap different benefits. Living on the top level will mean you have a better view but the unit will be more expensive and harder to access. Lower level apartments might have the downside of street noise and pests, but your apartment will be naturally cooler and you’ll find yourself forking out less money on AC bills.
7. What is the owner’s corporation like?
When you buy an apartment you might also be buying into a strata scheme. This will mean that you will become part of an owner’s corporation, which is a legal entity made up of all the lot owners in the strata scheme. Your strata manager will often enforce rules that owners must follow. These include noise and pet restrictions – aspects which will have a large impact on your lifestyle.
If you’re thinking of investing in an apartment and you need more help, contact eChoice to start planning your future today.
Words by Vidya Kathirgamalingam