Buyer's Guide: 5 Tips for Finding the Perfect Apartment to Buy in Australia
Whether you’re looking at brand-new Yves Mermaid Beach Apartments or loft-style condos in the Melbourne CBD, hunting for a property in Australia can be an exciting but challenging time. With so many options on the market, and the economy sending mixed signals, the whole process can feel overwhelming and excessively complicated.
Thankfully, with the right amount of research and planning, you can find the perfect apartment to support your lifestyle and match your budget. For this article, we spoke to top Aussie real estate agents and gathered their best tips for finding an apartment that ticks all your boxes. We’ve condensed their advice into the five core tips below:
1. Set your budget
You need to set a realistic budget before you start looking at apartments. That way, you won’t be swayed by offers that will put you in dangerous financial territory down the line. Instead, you’ll have a safe price range to guide you in your search.
To determine how much you can afford to spend, it’s crucial to factor in more than just the asking price for the apartment. Be sure to include stamp duty, legal fees, strata fees, and other relevant expenses.
2. Scout locations
The location of your new apartment is an essential factor to consider, as it will determine the lifestyle you get to lead and the level of safety and security you get to enjoy. How close do you need to be to public transportation, shops, schools, and other amenities? What about work, friends, family, and other social factors?
You should also be honest with yourself about the style of living that makes you happy. It may be easier to find apartments within your budget in tiny towns, but if you crave the vibrant, bustling energy of CBD living, how happy would you be in a quiet rural area?
3. Explore floor plans
Even if you find a perfectly located apartment that matches your budget, that doesn’t mean it’s an instant winner. If the floor plan doesn’t suit your lifestyle, it could prove disastrous. For example, if you have kids or work from home, a small two-bedroom apartment might end up driving you crazy. Similarly, if you love to entertain, a spacious floor plan with a large balcony may be a must.
4. Know your must-have features and amenities
Some apartment buildings are pretty barebones in terms of amenities, while others offer pools, saunas, gyms, green spaces, rooftop terraces, and coworking areas. So, before you commit to one, explore the different features and amenities, and decide on your must-haves. Note that the more amenities an apartment building has, the higher your strata fees may be, so keep this in mind as you explore your options.
5. Seek professional guidance
As you’ve probably gathered by now, apartment hunting involves a host of different metrics and considerations. The wrong decision can end up costing you a fortune, so if you’re at all uncertain, don’t hesitate to seek professional advice. A real estate agent who specialises in apartments can help you navigate every step, from narrowing down suitable options to signing on the dotted line. A local lawyer can also help you with the contractual side of things, ensuring you don’t get locked into any problematic clauses.
Finding the perfect apartment in Australia requires a fair bit of research and planning. However, you can simplify the steps by establishing a budget and knowing what you want in terms of the location, size, and layout of your apartment. Following the tips above, you should soon be nestling into an apartment that suits your lifestyle and delivers an excellent return on investment.
Daily Bulletin