209 - 10 Things to Know When Buying an Apartment

This episode provides invaluable insights for young individuals or anyone looking to invest in an apartment. With the rising cost of freestanding houses, owning an apartment can offer greater control and autonomy over your living situation. Bernadette shares 10 essential factors to consider when purchasing an apartment, regardless of its size.

She advises favoring older buildings that have stood the test of time, as some newer constructions have shown major defects. Smaller buildings, preferably under three stories, offer a more intimate community feel and are less prone to construction issues. Avoid buying off the plan, as it often results in delayed appreciation and inflated prices.

Bernadette recommends stretching for a two-bedroom apartment for added versatility and potential income generation. A dedicated parking space is also advantageous in areas where parking is scarce. Outdoor areas and a desirable orientation (preferably north-facing) contribute to the property's value and appeal.

She emphasizes the importance of subscribing to a data service, such as RP Data, to make informed purchase decisions based on market information. Negotiating cheeky offers and thoroughly examining exclusive use spaces are also wise strategies. Additionally, conducting a thorough strata report and assessing levies, plumbing, lift condition, and fire safety are crucial steps to ensure a sound investment.

Whether you're a young buyer or simply considering apartment living, this episode equips you with the knowledge to make a well-informed decision and secure a valuable property.

Tune in and gain insights from Bernadette's experience in the field of property renovation and investment.

“Buying a freestanding house or even a house or a semi, would be preferable, but not everyone has the budget for that. And so the way I look at this is a young person in particular, paying rent for years and years and years. If they can manage to get over the hump of pulling together deposit and actually buying a property, I definitely feel that it is a good move.” - Bernadette Janson

EPISODE HIGHLIGHTS:

00:00 - Introduction
00:50 - The importance of buying a property for young people
02:40 - Addressing the misconception about apartments not being a good investment
4:30 - Potential risks and challenges with owning property
6:36 - Buying off the plan may result in overpaying for the property
8:40 - Owning a carpark in inner suburbs adds value and desirability
10:12 - Orientation preference: North, East, West, and South
13:10 - Importance of getting a strata report to identify building issues
16:40 - Considering plumbing, lifts, and fire safety in due diligence
19:17 - Talking to neighbors to gather information about the building and community

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