Buying an Apartment: Do Your Due Diligence Before Buying

Buying an Apartment: Do Your Due Diligence Before Buying

Buying an Apartment: Do Your Due Diligence Before Buying 

Apartment hunting? It can get as tedious as buying a house, no matter how smaller an apartment is. To help you with your search, here are the 3 things you need to know so you can have the apartment perfect for you:

Research is essential.

A big part of apartment hunting is research. It doesn’t start and end with the apartments you’re interested in and their costs. You have to consider the by-laws in your state and the rules by the building’s body corporate itself. For example, if you have a pet, check if the building allows pets before you add that to your list of potential apartments. That way, you can also narrow down your search.

Aside from that, you should look up people that can help you, such as a buying agent, a conveyancer, and a financial adviser. An agent can help you get the best apartment with their better knowledge of the market and their vast contacts. A conveyancer can help you with the legalese of contracts you will surely sign in the future. A financial adviser will help you devise a plan to finance your purchase with regards to your current financial situation.

Shopping around for loans is also important. Looking into what’s involved in getting a loan - comparing interest rates, how much you’ll need to pay every year, and the like. Getting pre-approval before putting down an offer for an apartment is also essential.

It’s not enough that you like an apartment’s location.

It’s a given that you want an apartment nearest to your workplace or your family. If that’s not possible, is it near to public transport, if you don’t drive?  Those are the first things buyers consider. But here are other things you should consider: 

• Local amenities

Is the apartment near amenities that you use day to day? Having a close proximity to stores, doctors, shopping centres, restaurants, and the like will make your life easier. You won’t dread shopping or having a doctor’s appointment if it’s too far. 

• Community

Is the community in the building the right fit for you and your lifestyle? Think of the demographic the building might have. Are there students that have a penchant for partying? Growing families with little kids? Retirees? It won’t hurt to check on that, since these are the people you might interact with on a daily basis once you move.

• Planned Developments

Future developments can affect the value of your unit. Drive around the neighbouring streets to see what work is currently being done. Check with the council for any approved developments or applications.

Ask yourself: can you see yourself living here for a long period of time?

While it is smaller than a house, the apartment you will move into is still your home. It’s the place where you rest after a long day. So it’s important that you feel safe and comfortable in it and see yourself living in it for a long time. Here are some factors you need to consider:

• Security

Does the building have good security measures? How do they ensure that no one unauthorized can visit? This is important to know, especially if you live alone.

• Structure

Is the building structurally sound? Have a building inspector take a look at the apartment you’re eyeing. Better safe than sorry.

• Accessibility

For those with mobility issues, health conditions, or are persons with disabilities, accessibility is essential. Are the lifts always functional? Is there an accessibility ramp for wheelchair users? In the apartment itself, is there enough space for a wheelchair? These are things you need to consider.

• Parking

Parking space is another consideration, if you’re a car owner. Is there a designated space for your car? Will there be any additional fees for it? Is there sufficient space for visitors?

• Waste Disposal

Will you need to go out of your apartment to throw the trash or is there a trash chute? If it’s the former, figure out if that’s okay with you, as it might be tedious. As for the latter, make sure that the chute won’t cause unpleasant smells in the apartment and in the whole building.

• Noise Level

This is part of why you need to find out who your potential neighbours might be. People all need quiet time, especially at night, so they could rest. Having noisy neighbours will disrupt that and the overall living experience.

 We hope this helps you in your journey of buying an apartment in Cairns! Do you need more advice or assistance in looking for apartments? Just let us know - drop us a line anytime!

CHAMPIONS IN REAL ESTATE