5 things to avoid when buying an apartment.

Look past the marble “style” benchtops and the designer doughnut shop downstairs, here’s a quick list of things to avoid when buying an apartment.

1)      Breathtaking views into your neighbour’s apartment.

Well that depends on your neighbour, but your investment apartment is probably not going to exceed market expectations with views of the neighbouring building or the Dan Murphy’s car park. This is not only aesthetically displeasing; it limits privacy and natural light while increasing noise.

2)      Exposed garbage chute.

What’s that smell – Cost cutting! A good cost cutting measure is to put the garbage chute exposed in the hallway instead of putting it into its own small room with a full door. If you live in a large complex with exposed chutes, the shaft will get blocked and the common areas will smell like a garbage dump.  That first impression of your trendy apartment will be diminished before your guests walk in the door.

3)      Below average floor sizes.

In Brisbane a typical size of a 2 bedroom apartment is approximately 80m2 of living and 20m2 of balcony. If it comes in under 70m2 of living, beware! Any apartment under 50m2 (1 bedroom etc) will raise alarm bells at the bank and you may not qualify for mortgage insurance.  A common way for developers to divert the eye from small floor areas is offer highlights such as Miele appliances, timber floors or marble look benchtops. These glossy additions will soon be forgotten when you realise you need to move the couch each time you visit the toilet. 

4)      A low walkability score.

An experienced developer or knowledgeable investor will always factor a walkability score into their decision. What is a walkability score? Just use this before you sign your next contract: www.walkscore.com

5)      Sold management rights.

Management rights can be worth hundreds of thousands of dollars to the developer, so it is no wonder why they sell off these rights after the completion of the complex. A good developer will retain management rights to ensure the building is well maintained, reduce underperforming management, ensure the occupant is satisfied with the brand and use that feedback for continual improvement and innovations on future developments.