Are Apartments the New Hot Property? What Homebuyers Should Know Before Making the Move
In Melbourne’s ever-changing real estate market, apartments are rapidly outpacing houses as the more affordable option. With the growing gap between apartment and house prices, many buyers are turning to apartments for their lower cost and minimal upkeep. However, buying an apartment is different from purchasing a house, and there are some key factors you should consider before making the jump.
What Are You Really Buying?
When you buy a house, you’re investing in the property and the land it sits on. But with an apartment, your purchase goes beyond your individual unit—you’re also buying into the larger complex and, in a way, a community. That means shared responsibilities, from repairs to common area maintenance, fall under the Body Corporate. Make sure you dive into the strata report and check for any upcoming levies, which could mean unexpected costs down the line. At Create Real Estate, we collaborate with solicitors to ensure our buyers are fully informed before making a decision.
Age Isn’t Just a Number
The age of the building plays a significant role in the long-term value of your apartment. Older buildings may have structural issues like concrete cancer, which could affect the integrity of the building even if it doesn’t impact your specific unit. Take the time to understand how past issues have been resolved by the strata committee, and let our team at Create Real Estate help guide you through these essential questions.
Your Neighbours Matter More Than You Think
Living in an apartment means sharing walls, floors, and ceilings with your neighbours, which can be a blessing—or a curse. Having good neighbours can enhance your living experience, but inconsiderate ones can make apartment life challenging. Complexes with a higher proportion of owner-occupiers are often better maintained, as these residents tend to care more about their living environment. Our experts at Create Real Estate can review the strata report to see how community issues have been handled in the past, so you know exactly what to expect.
Location, Layout, and Light—Choose Wisely
When it comes to apartments, size, location, and aspect are key factors that will impact your day-to-day life. Make sure the layout provides ample storage and functionality, especially if this is a long-term purchase. Prime locations near public transport, cafes, and shops will always be a smart investment. Also, pay attention to the aspect of the apartment—north-to-east-facing units get better natural light, which makes a big difference in your comfort and energy bills.
Pros of Apartment Living
- Affordability: Apartments are typically more affordable than houses in the same neighbourhood, making them an attractive choice for first-home buyers.
- Low Maintenance: Say goodbye to weekends spent mowing the lawn—apartment living offers a low-maintenance lifestyle with shared services for common areas.
- City Living: Many apartments are centrally located, giving you easy access to the best cafes, shops, and public transport.
- Higher Rental Yields: For investors, apartments often offer higher rental yields than houses.
- Security: Modern apartments usually come with added security features like key card access and concierge services.
Cons of Apartment Living
- Body Corporate Rules: Renovating your unit, like installing air conditioning, often requires approval from the Body Corporate.
- Processes: Moving in or managing noise complaints can involve strict processes that homeowners don’t typically deal with.
- No Backyard: If you’ve got a green thumb or a growing family, the lack of outdoor space could be a downside.
How Create Real Estate Can Help You Decide
At Create Real Estate, we know the apartment market inside and out. We help our clients navigate every aspect of the buying process, from reviewing strata reports to advising on potential levies or issues. Whether you’re looking for your first home or a solid investment property, we’re here to guide you every step of the way.
Visit our website at Create Real Estate or give us a call to chat with one of our experienced agents. Let’s make your apartment search smooth and stress-free!