Top 10 tips for buying an apartment in Perth
There are great buying opportunities for astute property investors in the Perth apartment market during 2017. A wide choice of apartments for sale combined with very competitive pricing makes it a prime time to buy an apartment especially in prime near city locations.
Astute property investors who buy now will only reap the benefits of their decision during coming years when the Perth property market rebounds with a resulting upward pressure on apartment prices as well as rental returns.
1. Take your time in buying an apartment. Don’t buy on emotion. If you buy the right apartment, it can deliver high rates of capital growth which can be equal or even surpass a larger family home in the outer suburbs.
2. Apartments which have larger balconies are becoming more popular because of lifestyle factors. A balcony with an attractive outlook can enhance the resale value of the property. North facing aspect and corner units with less common walls are also features that add a point of difference.
3. Check the floor size of the apartments because you are paying by the square metre for this type of property. Always refer to the “internal living” area and check that you are being quoted on the actual “strata area” as opposed to the architectural sizes.
4. If you are buying off the plan, check previous developments which have been undertaken by the builder to determine their ability to deliver what they are promising.
5. Always check the small print of the contract to before signing any document to purchase an apartment off the plan.
6. If you are buying an new apartment through a real estate agency check their past experience. If they have specialised in this sector of the market over a long period of time, it is more likely the property will be correctly priced.
7. Quality fittings and overall appearance are now a key issue so for resale purposes make sure you buy an apartment that is constructed to a high quality.
8. Make sure that the apartment has dedicated parking as parking is a key issue in the inner city area.
9. If you are buying an older apartment, check if the complex plans any upgrades such as security parking. This could enhance the future value of the property. Also ask to see the minutes of the last AGM which may disclose any future planned works and special levies which will add to future costs.
10. Try to purchase an apartment in a complex with a high number of owner-occupiers rather than renters. The more owners who live in the complex generally means that it is better maintained.
