Buying a Unit or Apartment in Australia [What to Look for] HD

Buying an apartment or unit, this video will guide you through what to look for before signing that contract! Should you consider buying a unit or a house? 00:00 Buying a Unit or Apartment in Australia [What to Look for] 00:31 1. Research The Area 00:59 2. Check The Quarterly Strata Fees 02:16 3. Check The Sinking Fund 03:19 4. Building & Pest Inspection 03:50 5. Check Surrounding Unit Prices 04:23 6. Get A Copy Of Body Corporate Minutes 04:52 7. Get Pre-Approval Tools to help with your apartment research: https://www.microburbs.com.au https://www.huntergalloway.com.au/property-market-research-process/ https://www.huntergalloway.com.au/rp-data-free/ https://www.walkscore.com Apartments can make the perfect first home or property investment, but no one should choose the high-life without first taking into consideration these important factors. Much cheaper than homes, apartments are a great alternative for those who want to live close to the city. But they vary in size and facilities, and some come with hidden costs. So discerning buyers need to look beyond the price tag and really dig into the pros and cons of each property before signing on the dotted line. Here is a checklist to help you buy an apartment that’s right for you. 1. Ask about strata fees Buying an apartment generally means buying into a strata scheme, which is basically a system of ownership that sees individuals wholly own their apartments, or ‘lots’, and share ownership of the building’s common property with their neighbours. Strata schemes charge their members annual fees, or ‘levies’, to cover the cost of repairing and maintaining an apartment block’s shared areas. These fees depend on the size of the building complex and the facilities they include. As a result, modern apartment buildings with lifts, pools and gyms tend to charge quite high fees, with individual owners usually charged an amount that’s proportionate to the size of the apartment they own. And so it’s worth finding out much these are, before you decide whether to buy a property. Capital improvements are another potential hidden cost. More likely than not, your unit will be part of an owners corporation – a committee of owners that is responsible for managing the maintenance of a building’s common areas – which means you may have to pay for renovations, should the majority of your neighbours vote to make improvements to the common property. 2. Research your owners corporation If you choose to buy a property on a strata title, you will most likely become a member of an owners corporation. These legal entities have the power to enforce strict rules on noise, pet ownership and the use of common areas, and so it’s important to do your homework on the owners corporation to make sure their rules are a good match for your lifestyle. Some owners corporation also require members to attend regular meetings, while others are much more relaxed. Check your contract of sale for details about the owners corpora