Buying an apartment can often be a lifestyle rather than an investment choice. Living and owning your apartment may have certain restrictions that you are not normally used to as an experienced or first home owner. Here are 4 helpful suggestions to help you plan head correctly for your first apartment purchase...
Get all the information you can regarding the rules and laws in the locality of purchase. In different states of Australia the rules and laws related to purchasing land are very different. In South Australia for example, one real estate agent will handle the sale of your property. This also means that one agent will handle the property if you are purchasing, and you should be able to rely on the single agent to give you all information regarding the title of the property. In other states such as Queensland, a single property maybe in the hands of several agents and it is more important that you make sure your conveyancing is done correctly. Gather as much information from as many different parties and do some research to make sure you have a reputable and reliable conveyancer.
Understanding what you own. The major difference between owning a house and owning an apartment is the title. With an apartment you are buying into a strata scheme managed by the body corporate. Usually the external walls the floor and the roof do not usually belong to you. Often they are common areas and you cannot alter or renovate these areas without the permission of the body corporate. Essentially you are owning airspace and you should thoroughly research where that extends such as to balconies and courtyards. Other common areas are the responsibility of the body corporate.
Background check the body corporate. As your apartment and living conditions will be subject to the rulings of a body corporate, it is a good idea to understand the nature of the body corporate managing the property that you will be living in. Body corporate will be responsible for physical property issues and issues related to all the people living together. Each body corporate will have its own personality if you will. Do some background research on the nature of the body corporate in concern to you. The style of the existing occupants and the existing decisions may not be suitable for your living style. It is also highly suggested that you participate in these meetings and even become a member and make sure your voice is heard and you are sure of where those expensive levies that you pay are going. Furthermore it is important you check the body corporate has sufficient funds for the future and emergency repairs. Check the strata roll, general documents particularly relating disputes and litigation.
Know the additional costs and maintenance cost of buying and living in your apartment. Remember the price advertised for the property is the price of the title alone. It is important to understand the extra costs such as the cost of researching the title and the body corporate. You can do this yourself at cost or you can engage specialist agents or solicitors. Understand what you are getting for your conveyancing fees. You will need to understand the limits of the insurance on the physical property managed by the body corporate funded through your annual or weekly fees. Know the extra fees such as stamp duty and other costs you may not have considered when transferring title of the property.
Buying any property can be an exciting time of life, but it is important to keep a cool head particularly when we are buying into a strata scheme as their may be many hidden stories to uncover. A good conveyancer is extremely important to helping you investigate all you will need to know about the property. Back this up with your own research because this is something that you cannot get wrong.
4 Helpful Tips For First Time Apartment Buyers by Jerremy Morrison is licensed under a Creative Commons Attribution 3.0 Unported License.
Based on a work at financialideas-problems-solutions.blogspot.in.
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