Buying a home is a big life moment and one that you should relish. Moving into your own space, putting your stamp on it and settling into your own slice of paradise is exciting. Buying a new apartment is the start of an exciting journey, full of endless possibilities. You might be here for a few years before you upgrade, you may decide to rent the apartment out or perhaps you have finally found your ‘forever home’. Whatever the case may be, you need to ensure to take steps to maximise your return on your new space.
For many people, buying an apartment is one of the biggest single expenses they will ever have. This is an investment that you want to protect and ensure you get the maximum value from. Whether you will be living in the apartment yourself or you will be renting it to tenants, there are a number of things that you can do to ensure you get the very most out of buying your new apartment.
Following these tips will help to ensure that your home is comfortable, peaceful, well maintained and functional so you and your family, or your tenants, enjoy your home to its full potential.
Effective Property Management
When you are buying an apartment in Australia, it will typically be part of a larger piece of land that has been divided into individual homes. In this instance, a body corporate will be formed by whoever owns the land, typically the developer. As the owner of an apartment, you are a member of the Body Corporate. The Body Corporate exists to manage the upkeep and maintenance of common areas of the property such as gardens, hallways, lifts and entryways. It’s crucial that your Body Corporate is effective in managing your property so that you have more peace f mind around your investment. If you are unsure about your current Body Corporate management, you should consider changing the Body Corporate management to ensure that your property is looked after, well maintained and that everything is in line with local laws, rules and regulations.
Location, Location, Location
Choosing the right location for your apartment will help to ensure you get the most out of your new property. If you will be living here, you will want to ensure that there are adequate amenities nearby such as schools, parks, supermarkets, gyms and other facilities that you will need to live comfortably. Consider your interests and look for an apartment in a location that will allow you to enjoy your hobbies and strike the right work-life balance. These key location factors will also attract higher rental rates for your apartment if you decide to get tenants in.
Choosing The Right Apartment
To get the most out of your apartment, you need to ensure that it meets your needs. First of all, you will need enough space for you and your family, roommates or tenants to live comfortably. If you enjoy cooking, make sure that the kitchen is spacious and well equipped. Perhaps you’ve always dreamed of an apartment with a view? Then be sure to look for an apartment on a higher floor with a balcony. Whatever your needs are, if your new apartment meets those requirements, you will get more out of the space.
Inclusions In The Sale
Remember that when you are buying an apartment, that there is more involved in the final sale price than just the apartment itself. Ask about what else is included, or can be included in the price so that you can budget accordingly. For example, is the kitchen fit-out included or will that be at your own cost? Do the apartments come with a dedicated car space? Or, will painting and flooring be included? Understanding what is, and what is not included in the sale will help you to determine how much additional money you will need to invest in the property going forward. With this information, you can make the right decision for your budget.
Get The Most Out Of Buying Your Apartment
Buying a new apartment can be daunting but with the right approach, you can ensure that everything goes as smoothly as possible. Find a property that is well-managed, that is in a good location and that meets your needs. Once you have found the right property, you can start working out the financing and start finalising the sale on an apartment that you can enjoy for many years to come.