Whether it’s to add to your investment portfolio or you’re looking for your first home, apartments are the ideal choice for low maintenance living at a more affordable entry point. When looking for an apartment to buy in Melbourne, we encourage you to look beyond your emotional investment, and consider these 5 things before you sign that dotted line!
- Assess the structure and condition
One of the most important things to look out for when viewing a potential apartment to buy is the structural integrity and overall condition of the building. Look for red flags such as cracking, mould, leaks and defects. The last thing you want is to have to go into a legal battle with the builders – which can be costly
- Location, Location, Location
Location should be at the top of your priority list when purchasing a Melbourne apartment, as you’ll most likely want to be in an area that is central and growing fast. Locations such as Brunswick, Ascot Vale and Fitzroy are great starting point for your search as they provide that desirable Melbourne lifestyle – offering an array of bars, cafes and shops.
- Get an Owner’s Corporation Search Report
It is essential that as a potential buyer you are informed of the governance and operation of the owner’s corporation, to allow you to understand your role and responsibility as a member of the owner’s corporation which is effective as soon as settlement takes place. This report arms you with the knowledge and power to manage the entire purchase process and negotiate on a suitable purchase price.
Take a thorough investigation for your own peace of mind. Pay close attention to security around the entrance- doors, keys, passcodes, tags etc. If you’re on the bottom floor of an apartment complex – are there suitable security measures in place?
- Consider the future
Speak to your local agent and research any future developments planned in the surrounding area. If possible, try and buy an apartment that faces a park or quiet residential road to ensure you never lose your view.
If you are looking at purchasing a property within an Owners Corporation, contact us today and we can prepare a Strata Inspection Report promptly and help you understand the findings.