Buying an Apartment?
The Teneriffe/New Farm area is a popular destination for upmarket apartment living and this type of lifestyle attracts a variety of people. Whether you’re a young professional or empty nester, we offer some important things to consider when purchasing an apartment.
- How many units comprise the development? Smaller boutique developments can seem more favourable, but larger complexes may have more amenities.
- Are they free standing or do they share walls? How thick are the walls?
- Check the layout of the adjoining units. You do not want to have your bedroom below the neighbours living area?
- Are they owner-occupied or rented and what is the age group/mix of the tenants? Ensure you suit a community that suits your lifestyle.
- What are the rules of the body corporate (for example, no pets, car parking restrictions, use of public spaces)?
- What are your rights and obligations as a member of the body corporate? (This includes fees, attendance at meetings, voting, cost of maintenance etc)
- How much do the body corporate fees and levies, water and council rates add to the annual cost of the property?
- Is the body corporate fund flush? A healthy fund enables regular maintenance and upgrades to occur without a fuss. Are there any legal/insurance claims pending against the property or outstanding levies due?
- Is there a clear procedure to follow regarding maintenance problems?
- Have any building works been undertaken on the unit and completed within the last six years and six months? If so, is there a warranty insurance policy or guarantee in place?
- Is there a person responsible for maintenance that is paid by the body corporate?
- How often is maintenance carried out?
- Is there a complaints’ mechanism for disputes between owners or tenants?
- Is parking readily available?
Apartment living can be a wonderfully care-free lifestyle, but a few pertinent questions asked up-front will ensure you find both the apartment and the complex that is perfect for your needs.
