Daily Bulletin


Real Estate

  • Written by News Company


Buying an apartment in a large complex is a thing that many people who are getting onto the property ladder will do at some stage in their lives. Perhaps it is a place for you to live or perhaps it is an investment purchase that you will look to rent out. Whatever the reason for buying an apartment might be, there are a few things that you need to consider before shelling out your savings or taking a large mortgage from the bank. Because the reality is that buying an apartment is very different to buying a freestanding house – living in close confines with others has its up and down sides, so these are a few things that should be looked into first.

Who else lives there

This is not actually a discussion about the people residing in the complex but rather about smaller inhabitants who find their way in and never leave. This is a particularly important consideration if the block is old. Do not be shy to find somebody who can check out the situation for you. A quick search on the internet for something like ‘pest inspection Adelaide’ should give you the results that you need. Make contact with somebody and ask them to come and check things out. They will be looking for infestations of things like rats and roaches and even termites because the last thing that you want to do is buy into a place where the pests are out of control.

Meet the neighbours

You might think that you like keeping to yourself and avoiding others, but sometimes, in the confines of an apartment complex this is very hard to do. Even if you are a stay-at-home type your neighbours can be loud with a penchant for late night parties. Do they drink lots and fight? Are they very particular about certain things? Find out all the relevant information by meeting them and asking the right questions. And don’t expect them to reveal all about themselves, the real truth comes from what your neighbours say about the other people in the building.

Common areas

In an apartment complex you have your own space, but there is also the small matter of the common property that is shared by everyone. This is not just an area to which you have access, it is also an area for which you as an owner and member of the body corporate are financially responsible. If the flat that you are looking to purchase is in top shape, but the complex grounds and common areas are in need of a coat of paint and some serious work you will need to factor this into your thinking. Special levies will need to be raised to cover these repairs and they can be horribly expensive. In short, you need to look at the whole package that you are buying into, not just the individual unit that you will be living in or renting out. Failure to look at the whole picture can have very dire financial consequences.

 

 

Writers Wanted

VIDEO: Michelle Grattan on the upcoming budget, government reform, and the NBN

arrow_forward

You wouldn't hit a dog, so why kill one in Minecraft? Why violence against virtual animals is an ethical issue

arrow_forward

Australia's natural history and native species should be on the citizenship test

arrow_forward

The Conversation
INTERWEBS DIGITAL AGENCY

Politics

Did BLM Really Change the US Police Work?

The Black Lives Matter (BLM) movement has proven that the power of the state rests in the hands of the people it governs. Following the death of 46-year-old black American George Floyd in a case of ...

a Guest Writer - avatar a Guest Writer

Scott Morrison: the right man at the right time

Australia is not at war with another nation or ideology in August 2020 but the nation is in conflict. There are serious threats from China and there are many challenges flowing from the pandemic tha...

Greg Rogers - avatar Greg Rogers

Prime Minister National Cabinet Statement

The National Cabinet met today to discuss Australia’s COVID-19 response, the Victoria outbreak, easing restrictions, helping Australians prepare to go back to work in a COVID-safe environment an...

Scott Morrison - avatar Scott Morrison

Business News

5 Essential Tools for Working Remotely in 2020

The average, modern office worker spends 8 hours a day, 5 days a week in a company building. Since the start of COVID, however, many of these companies have allowed workers to work from home due...

News Company - avatar News Company

What happens to all those pallets?

Pallets — they're not something everyday people often give much thought to. But they're an integral part of any business which receives or distributes large quantities of goods. But once the goo...

News Company - avatar News Company

Ten tips for landing a freelance transcription job

Transcription jobs are known to be popular in the field of freelancing. They offer fantastic job opportunities to a lot of people, but there are some scammers who wait to cheat the freelancers. ...

News Company - avatar News Company



News Company Media Core

Content & Technology Connecting Global Audiences

More Information - Less Opinion