What Steps Are Involved in Buying a Luxury Apartment?

Mar
13
2019

Do you have your eye on a luxury apartment for sale in Sydney? Whether this is your first property purchase or a new addition to your investment portfolio, there are several important steps to ensure you’re finding good value. We’ve outlined the steps below to finding the right premium property.

dining area in a luxury apartment

Arranging your finances

While the financing process for a luxury apartment may be similar to any other property, there can be several ways to maximise the returns on your hard-earned funds. Buying an off the plan property (that is, a property that is yet to be built) allows you to lock in a purchase price with a 10% deposit and is likely to save you significantly in stamp duty concessions. Getting in early on a new apartment project can also give you greater choice in apartment configurations and designs.

Inspecting the property or display property

There’s no strict definition of what constitutes a luxury property, so it’s wise to pay attention to what you’ll actually be receiving for your purchase price. For example:

  • Are there services in the high-rise property such as swimming pools, a gym, restaurants and bars?
  • Is the property conveniently close to central services?
  • Are the apartment inclusions truly reflective of a luxurious resort or hotel?

The ‘luxury’ label can automatically mean a high price point, but the key is to look for true value. It’s worth every cent if you’re investing in features and services that will actively enrich your life or boost the rental appeal of your investment property in Sydney.

If you are visiting a display property to buy an apartment off the plan, pay close attention to the details. A genuinely luxurious property will show true craftsmanship underneath those stone countertops. Look for precise lines, consistent surfaces and quality in the details such as taps and door handles. The same of course goes for existing properties.

Carrying out due diligence and checking the strata report

Before you buy, it’s important to carry out your research on the developer, the area and the strata property you plan to buy into.

You’ll be paying body corporate fees within any strata property to cover the costs of shared areas, such as gardens and barbecue spaces, swimming pools and typically also the corridors and external walls of the building. You’ll also become part of the owners corporation, which makes collective decisions about how to manage shared property.

Prior to purchasing a luxury apartment off the plan, it’s wise to check the proposed levies to see whether payments are likely to be in line with your expectations. If you’re buying an existing property, ask to see the pre-purchase strata report and pay attention to any planned works. The great news is that with a new property you probably won’t be contributing towards any major repairs any time soon.

Location is also a vital consideration for your luxury property purchase. An apartment should be located close to retail hubs, offices and nightlife as well as easy transport options. A home at the heart of a vibrant cultural centre will be appealing both for your own way of life and for tenants should you choose to rent your property out. Before you sign it’s also worth checking with the local council so you’ll be informed about planned developments in the area, as this will give you a clear idea of how the neighbourhood will grow and evolve in the future.

Agreeing upon a price and signing the contract of sale

Once you’ve agreed upon a purchase price you’ll be supplied with a contract of sale as with any property purchase. Take care to look over this documentation closely with your settlement agent before signing, and ensure you’re satisfied with conditions such as the proposed settlement date, title and plan and any special conditions. Your unconditional finance will also be finalised by this stage.

Awaiting settlement date

As soon as your contract is signed and finance is confirmed, all that’s left to do is wait for your date of settlement. You’ll be registered as the new owner of your premium property and payments will begin as per your contract of sale. Most importantly, you’ll be able to open the door to your brand new apartment and take in the exquisite quality, architecturally-designed spaces and stunning views before going for a dip in your building’s rooftop swimming pool. Welcome to your new luxurious lifestyle!

Crown Group has a number of current luxury apartments in Sydney under development, including Waterloo, Eastlakes, Green Square and Parramatta opportunities. We’d love to help you find the perfect investment, so contact the team today.

 

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