Buying a new property is an extremely exciting experience. And it’s easy to get carried away and distracted by the amazing features, especially when looking at luxury apartments. But like any property investment, there are some important factors to consider before you buy an apartment.
So let’s look at some of the vital things you should consider when looking at an apartment for sale in Sydney.
Luxury apartments in Sydney are not cheap and buying any property comes with a lot of different costs. From stamp duty and mortgage establishment fees to transfer fees and inspection costs, you should do your research and make sure you know exactly how much money the entire process is going to cost you before you start looking at properties.
Whether you’re buying luxury apartments off-the-plan or an established dwelling, make sure you understand all the legal fees. And remember to ask plenty of questions to uncover any hidden or additional costs such as property management fees which are particularly common with luxury apartments.
One major difference between luxury apartments and your average rental properties are the onsite facilities. When looking at an apartment for sale in Sydney, whether that’s in the CBD, in Parramatta or Waterloo, make sure you find out exactly what facilities they have and what you will have access to.
From rooftop infinity pools, tranquil water gardens, gyms and recreational decks to onsite high-end retail stores and world class restaurants, these facilities can make all the difference. Knowing what’s on offer is important not only for your comfort and enjoyment of the apartment but it’s also a huge selling point should you wish to rent it out or sell in future. People will pay extra for a bit more luxury!
Ensure that you have access to high-speed and reliable internet connection by checking that your new apartment is ready for the National Broadband Network. Most buildings in Australia will have to switch to the NBN by the end of 2020 so make sure the building is either already connected or ready to switch over before making your purchase.
Checking the building’s policy on pets is obviously vital if you own a pet or plan to have one in the future. But it’s also an extremely important question to ask if you plan on renting the apartment out as it could give you a huge advantage in the rental market.
When viewing a luxury apartment make sure to ask about parking and nearby public transport options. Accessibility to public transport is linked to real estate value. Buying a luxury apartment within easy reach to train stations or bus stops and a reasonable commute from the city is a sound investment when buying to let or planning a resale.
Finding out about future development plans in the area or in the building will help you determine whether the property is likely to increase in value. For example, construction projects like the Sydney Light Rail in areas like Eastlakes or major developments to an entire area like Green Square will increase the value of apartments once complete.
Viewing a luxury apartment is a fantastic opportunity to envisage your life there. And by all means, take notice of the wonderful view, the luxurious finishings and all the fantastic mod-cons in the kitchen. But don’t forget to ask about other factors that will not only make your day-to-day life easier in the apartment but will also contribute towards its resale value further down the track.