What to Look For When Purchasing an Apartment

Well-configured floor plan

Choose an apartment that has a well-configured floor plan. There are many apartments out there that really waste all the square meterage inside the apartment. They say it’s 80 sqm, but the liveable area is more like 65 or 70; hallways stay clear, study nooks stay clear. Choose an apartment where every sqm is being utilised.

Owner corporation fees

Keep an eye out for the owner’s corporation fees. This is an ongoing expense that you’re going to be paying throughout the ownership of the property. Make sure it’s as little as possible in the beginning because it will increase over time.

Related: 6 Essential Steps Buyers Should Take Prior to Purchasing a Property

Tenant-to-owner ratio

Take into consideration the owner-to-tenant ratio. Ideally, you are moving into a building that has more owners than tenants. That way, you get to know exactly who you’re living around and limit the chances of “noisy” neighbours.

Building Composition

Make sure when you’re buying an apartment, you check the section 32 for cladding. Cladding has become a massive drawback in buying an apartment as of the last five to seven years and frankly, it’s just unsafe. If there’s cladding, steer away.

Posted in Blogs on 25th May, 2021