So you're keen to buy an apartment? Good on ya, mate! Whether you're a first-time buyer or an experienced investor, this guide will help you make a savvy choice. Let's unpack the essential steps you need to follow and questions you should answer before taking the plunge.
1. Your Starting Line: Setting Priorities
Before you dive headlong into apartment hunting, jot down what you're looking for. Are you after a one-bedroom unit, or does your lifestyle require something more spacious? Understanding your needs will help you make a more targeted search.
2. Budget Breakdown: What's In Your Wallet?
The next thing to ponder is your budget. Get a mortgage pre-approval to figure out how much you can borrow, and remember to factor in other costs like stamp duty, legal fees, and strata costs. Keep in mind that stretching yourself too thin can lead to financial woes down the line.
3. Location, Location, Location: The Perfect Spot
Choosing the right location is more than just picking a trendy neighbourhood. Consider factors like proximity to work, public transport, local amenities, and the general vibe of the area. Are you happy to sacrifice space for a prime location, or would you prefer a quieter suburb with more square metres?
4. The Age-Old Debate: New Vs. Established Apartments
New apartments often come with modern designs, amenities, and possibly even tax benefits. However, they can also be pricier and smaller in size. Established apartments, on the other hand, might offer more room and character but may require some renovations. Weigh the pros and cons before making a decision.
5. Due Diligence: Roll Up Your Sleeves and Research
Don't forget to dig deep before finalising your purchase. Check the property's history, the developer's reputation, and any legal issues tied to the apartment or building. Seek advice from real estate agents, conduct property valuations, and even consider getting a building inspection.
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Don't miss out on your dream apartment. Start your search today!