Five essential considerations when buying an apartment
Buying an apartment has become a popular choice for many individuals, families and investors. Apartments offer convenience, security, and often a sense of community. However, navigating the real estate market can be daunting. To ensure you make an informed decision, here are five key considerations to keep in mind when buying an apartment:
1. Location, location, location!
The first rule of real estate holds true when it comes to buying an apartment – location matters. Before diving into the specifics of a particular unit, evaluate the neighbourhood it’s in. Consider factors such as proximity to your workplace, access to public transport, and nearby amenities like supermarkets, schools and parks. Additionally, assess the safety and overall ambiance of the neighbourhood. A well-chosen location can not only enhance your quality of life, but also increase the property’s value over time.
2. Amenities
One of the perks of apartment living is access to amenities and facilities that enhance your lifestyle. When looking at potential apartment complexes, take note of the amenities offered such as gyms, communal spaces, parking, and security features.
3. Size and layout
Assessing the size and layout of the apartment is key to ensure it meets your current and future needs. Consider things like the number of bedrooms and bathrooms, storage space, kitchen layout, and overall living area. Think about how you intend to use the space and whether it can accommodate your lifestyle. Do you anticipate working from home, having a family or entertaining? It’s important to consider what your situation is now, and what it may be like in the near future.
4. Budget and affordability
Establishing a clear budget is essential before embarking on your apartment hunt. Consider all costs associated with buying an property, including the deposit, mortgage payments, body corporate fees, insurance, and utilities. Ensure that your budget not only covers the purchase price but also allows for unexpected expenses and emergencies.
5. Resale potential
Even if you’re not planning to sell the apartment immediately, considering its resale potential is a wise move. Research current market trends in the area and assess factors that could impact the property’s value over time, such as upcoming developments, infrastructure projects, and changes in demographics. Opting for a property in a desirable location with strong demand can increase its resale value and provide better long-term investment potential.
Buying an apartment is a major decision that requires careful consideration of various factors. By prioritising location, amenities, size, layout, budget, and resale potential, you can make an informed choice that aligns with your lifestyle and financial goals. Remember to seek guidance from professionals and conduct thorough due diligence before making a final decision. With proper planning and research, you’ll be able to find a new home that you love.
Thinking about buying an apartment?
We have two Auckland properties that you may be interested in:
The Residences at Central Park
20 Park Avenue, Ellerslie
Located in the new commercial precinct of Central Park, The Residences is a boutique collection of studio, one bedroom, two bedroom and dual key apartments that offers amenities such as a rooftop garden and onsite gym.
For more information, click here: LQ Ellerslie – The Residences | Now Selling | Safari Group
Augustus Park
2B Augustus Terrace, Parnell
Located in the desirable inner-city suburb that includes the Double Grammar Zone, Augustus Park offers studio, one bedroom and two-bedroom apartments with incredible views out to the Auckland Harbour and the Hauraki Gulf.
For more information, click here: Living At Augustus Park – Augustus Park by Safari Group
Learn more
Want to learn more about the amazing new build investments that are under construction with Safari Group? Take a look at our Ellerslie, and Parnell opportunities, and then give us a call on 0800 790 790, or email us on sales@safarigroup.co.nz