Apartment Living

Apartment living is becoming an increasingly popular option for property buyers, in fact, one in ten Australians live in an apartment! Some find the convenience of an apartment appealing, while for others it’s the location, affordability or simply because it can be a good investment and a good way to get your foot in the property market door.

In saying all that, it’s important to make sure that apartment living is going to suit you and your lifestyle because there are a number of factors you should consider. We’ve put together a few pointers to help you on your apartment buying journey whether it’s your first home, an investment or you’re simply downsizing, we’ve got you covered!

First things first, you need to ask yourself a few questions, like how long you’ll be living there and whether it’s a suitable choice both now and, in the future. Perhaps you’re planning a family? Do you have (or do you want) a pet? How important is a backyard to you?

It’s also good to have conversations with your friends and family that live in an apartment – what’s it like, are there any downsides? It’s good to hear from the other side too so ask homeowners the pro’s and con’s of living in a house (think mowing lawns, pulling weeds and structural maintenance) to see if this further cements your decision to go down the apartment living path.

Next steps – you’ve found an apartment you’re interested in. Here are the six questions you must ask that you wouldn’t have to if you were buying a home:

Strata Fees

Strata fees cover insurance, external building maintenance, common areas upkeep, etc. It’s important to ask what the annual strata fees are and ask for a breakdown of anticipated costs for the next two years. Strata fees can also vary depending on a range of factors including the size of the apartment, amenities etc. so it’s worthwhile asking to see the strata fees for the last few years to see if they have increased and if so, by how much. Always ask to see the strata minutes and the 10-year maintenance plan as any major works will be documented and this could impact the strata fees.

Conflict of interest

Check if there is a conflict of interest (some owners are the developer, builder and strata manager). It is best if each of these roles are independent in the interests of the apartment owners and to ensure a non-bias outcome.

Noise – do your homework

If you are concerned about noise, then you can ask for an acoustic report as well as the by-laws in relation to short stay accommodation. It is also worthwhile asking what the ratio of sales has been to date for owner/occupiers versus investors. The greater ratio of investors tends to indicate rental tenants and these might be noisier than owner/occupiers.

Utilities – paying for others’ usage

Ask how the electricity, gas and water meters will be read. Some meters are housed within the building and can cause access issues for the utility meter readers (they will often estimate use if not easily accessible). Older buildings may not have individual meters and you will therefore be charged a flat proportion of the whole buildings’ usage. This is great if you’re a heavy user but maybe not so great if you’re going to be living alone.

Commercial tenants

Ask if there are any commercial tenants in the building and if so, query their trading hours and delivery times. Restaurants will operate later and may be noisy and there’s cooking smells. Reversing truck beeps at 6am might not suit your schedule either.

By-laws govern cans and cannots

Ask to see a copy of the by-laws as this will outline policies regarding pets, third party service providers (Foxtel, NBN, utilities etc) and also short stay accommodation.

Once you’re done with all of the serious questions, it’s important to remember that apartment living has a lot of perks too!

Low cost: Your bills can be a lot cheaper, especially gas and electricity bills as you’re generally heating/cooling a smaller space and with so many people living in close proximity you’ll generally retain heat from other apartments. Getting an averaged utility bill might suit you too!

Low maintenance: The general building maintenance is taken care of by the Strata Manager. As for gardening, it’s usually only a small balcony to take care of so you can spend your free time doing the things you enjoy instead of weeding and mowing!

Increased safety: Most apartments have several layers of entry making it difficult for potential burglaries. There’s also the added benefit of having several neighbours under the one roof making it hard for a thief to go unnoticed.

Amenities: Apartment blocks can sometimes come with amenities you might not have if you were to live in a house, like a gym, pool, entertaining area with BBQ – not to mention a car bay… street parking isn’t always ideal, but you’re usually guaranteed your own car bay with an apartment.

House, apartment, townhouse, whatever the decision, it needs to be the right one for you and your situation. Hopefully this article has made the decision a little easier! If you have any further questions or would like to chat with a property professional, contact Summit Realty today on 9592 8188 or visit summitrealty.com.au to see how we can help.