If your finances are in order and you’ve saved up an adequate deposit, it might be time that you explored your options for buying an apartment. Whether it be your first home, or, as an investment property, you should always do your due diligence and research before buying an apartment.
To help you make an informed choice, we’ve highlighted some essential things you might want to consider.
Key factors to consider before buying an apartment
Choosing an attractive location for your apartment might seem like an obvious choice, but, there’s a little more to this than you may think. While the price of an apartment is typically measured by square footage, choosing the right location can have a big impact on future pricing. Try to think about what kind of shops, schools, facilities and transport options are nearby. Additionally, investigate if there’s any kind of local property, commercial or industrial developments on the horizon as these may potentially increase or reduce property value and quality of living.
Parking and storage
If you don’t own car or motorcycle at present, there’s always the chance that you might have one in the future. Settling for an apartment that has a parking bay might save you trouble in the long run and provide you with transport convenience and flexibility, especially if you plan on staying there for some time.
Having adequate storage capacity is always handy. Check to make sure the apartment you’re looking at has storage in the form of built-in wardrobes, cupboards, utility rooms, and kitchen cabinetry.
Apartments can boast a wide range of facilities that are available for residents of the building to use. This could be a fully-equipped gym or a well-maintained pool, but, there’s often a cost here to consider. Maintaining these facilities comes in the form of a levy and this may be higher if you have more shared facilities to take care of.
Look into futureproofing your apartment
It’s also important to determine the suitability of any apartment for existing and future technologies. Think about how you currently use technology and how you might use it in the future. For example, induction cooktops, built-in home automation control tablets and water saving fixtures can all add value and appeal.
Consider Loan Protection Plan
If you’re happy with the location, facilities, adaptability, and ongoing costs of your apartment, it’s time to weigh up the pros and cons. If you decide to buy, it’s risky if you don’t keep yourself financially protected in the case of a serious life event.
Taking the leap forward in life to buy a property is extremely important and that’s why we’re here to help. An ALI Loan Protection Plan could be the difference between you and your family losing your home or remaining financially secure during a serious life event that prevents you from working or results in your death. Our Loan Protection Plan pays you or your estate the entire benefit you’re eligible to receive so that you can choose how to spend that money.
To learn more, please contact your local ALI-authorised mortgage broker today.
Loan Protection Plan is jointly issued by Hannover Life Re of Australasia Ltd ABN 37 062 395 484 (Death, Terminal Illness, Living and Accidental Injury Benefits) and QBE Insurance (Australia) Limited ABN 78 003 191 035 AFSL 239545 (Involuntary Unemployment Benefit). It is distributed by Australian Life Insurance Distribution Pty Ltd ABN 31 103 157 811 AFSG 226403 (ALI). ALI receives commission for each policy sold. Any advice provided is of a general nature only and does not take into consideration your personal objectives, financial situation or needs. You should consider the Product Disclosure Statement when deciding if this product is appropriate for you.