Whether you’re a First Home Buyer, First Time Investor, Seasoned Investor, Down-sizer, Up-sizer or Owner Occupier, you will have a long list of questions, requirements and ideals when it comes to looking for your property and navigating the buying process.
We’ve compiled a short-list of questions & answers that may assist you along the way.
What are the ownership costs?
Make sure you find out what the owner’s corporation and other costs will be. This includes Body Corporate Fees, Council Rates, Water, Gas and are these individually metered? Request a copy of the Body Corporate Budget Report, to ensure you’re getting the facts no just a sales spiel.
Who is the developer and builder?
Potential buyers need to look at the record of the developer and whether they deliver. This is a big issue as many people now buy off the plan and the person they buy from is not the person who is developing it. You should also ask the same question about the builder. Who are they and do they deliver on time?
What’s the parking situation?
With car spaces at a premium, there will be buyers that don’t end up getting one. Be aware if you don’t get a space then you do not get the right to a council car-parking permit. This information is not always readily disclosed. Technically it’s supposed to be advertised in the display suite but is rarely seen.
What developments are being built nearby?
Any future developments in the area need to be checked out. Find out if you may suffer from a loss of views or amenities. Any new work may also involve road closures, so you need to get an understanding of what the effects of any developments will be.
What are the vacancy rates?
Vacancy rates are interesting whether you are buying as an owner-occupier or investor. If buying as an owner-occupier, it will affect your capital gain if vacancy rates are high. If you’re an investor and there are high vacancy rates then the market is saying it’s not a building for you.
How close is it to public transport?
Access to public transport is important for apartment owners, as residents are unlikely to have multiple car-park spaces. Therefore it’s important train and bus stations are nearby.
What local amenities are nearby?
Location is key, especially a location that offers amenity and access to public transport. Schools, universities, healthcare, shopping and entertainment are all highly sought after requirements for both investors and owner occupiers and will heavily impact your future capital growth potential.
What is the quality of the internal fittings and fixtures?
Check what the final finishings will look like, don’t just rely on the word of a sales agent. Will the wardrobes have drawers? Many developers will attempt to cut corners when it comes to wardrobes & storage. How many power points will there be in the apartment/house? There’s usually never enough, so make sure you ask for additional if required.