Things to Consider When Buying an Apartment
August 14 2023
The decision to downsize or upgrade to a new apartment is an exciting process that allows you to choose a product that best meets your needs.
With an endless array of projects and apartments to choose from, having a clear list of your non-negotiables helps to narrow down the options.
Here are some things you may wish to consider before you embark on your search.
Location is perhaps the first and most important consideration for new apartment buyers.
Your lifestyle experience will be influenced by the proximity of the project to beaches, dining and retail precincts, public transport, schools and other conveniences.
The ability to surf before work, grab your morning coffee from the local cafe, or ride the Light Rail have the power to enhance your happiness and quality of life. Decide how your ideal day will play out and whether the location meets your needs, now and into the future.
Your home is also your greatest asset, and the location of a project will have implications for the capital growth or rental yield of your investment post-purchase.
Considering how you plan to use your new apartment will add a few more requirements to that wish-list.
If your family is growing, or you want to have the option to accommodate guests, it’s important to consider how many bedrooms you will really need.
For those who enjoy entertaining, a well-equipped kitchen, a large balcony, or open plan living areas will likely be among your must-haves.
For those who enjoy tech-based creature comforts, home automation features in many new projects, alongside special inclusions such as EV charging stations and dog wash bays.
For those downsizing from a larger family home, storage is a somewhat dull yet essential component to consider when searching for your new dream abode.
Those with a taste for fine wine and art should consider adding open white wall space and wine storage to the wish-list, while those with a shoe or handbag fetish will want a decent walk-in robe.
Basement storage and car parking are another practical consideration. Some apartments will come with a secure storage cage or room, while side-by-side parking is a common must-have for many seasoned apartment buyers.
Amenities have the potential to really elevate the apartment living experience, with a wide variance between new projects.
The ability to relax, entertain, and enjoy recreation within your own building has major benefits.
Consider which amenities are most important to you when shopping around developments.
Resort-style amenities can extend to swimming pools and spas, saunas and steam rooms, hot and cold therapy, yoga and Pilates facilities, resident lounges, and even business centres.
When buying into a new development, it is important to consider your personal timeline and how that sits against the estimated completion time for each project.
If you are working on a shorter timeline, consider projects that are nearing completion or boutique developments with a shorter build program.
Most mid to high rise projects will take years to construct, which may be ideal for those looking to wind down larger estates, ease into retirement, and not be rushed in the relocation.
A longer timeline will also allow sufficient lead time to prepare your current home for sale and choose the most favourable cycle in which to come to market.
View a luxurious selection of new projects now selling on the Gold Coast.