8 questions to ask when buying an apartment.

Stand out from the crowd and show you're a serious buyer.  Start your property research journey with these 8 questions…

1. How much are the incremental Body Corporate Levies (admin and sinking)?

2. How much are the rates and utilities (water and sewage)? Start budgeting. A good agent should have all outgoings ready for you.

3. Do the bylaws permit hotel letting and or Airbnb? If you’re going to owner occupy, you’ll be living in a hotel. If it’s an investment, this can be more lucrative than long term rentals.

4. Who owns the management rights? Management rights can be worth hundreds of thousands of dollars to the developer, so it is no wonder they sell of these rights after the project is complete. 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.  

5. Why are they selling? The answer might surprise you or highlight something you weren’t aware of.

6. How many apartments in the complex? You are buying into a community, so you need to know how many other lots you’ll be investing with.

7. How long has this property been on the market? A standard marketing campaign is around a month. If it has been on the market for a long time, why?

8. Has anyone made an offer yet? Don’t be afraid to ask this and keep going. How much did they offer…?

If you’re buying an apartment, don’t just rely on the information provided by the agent or developer, continue your research here: www.apartmentconsulting.com.au/products

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A buyer’s guide to understanding community.

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6 tips to buying an apartment off the plan.