Brisbane is currently enjoying a boom of residential apartment buildings. Areas all over the city are being rehabilitated, old building taken down and replaced with trendy residential towers. City fringes keep coming up with new communities with chic apartments among cafes, restaurants, and boutiques. With the many choices being offered in the market, how do you choose the right apartment in Brisbane?
Many factors can affect your decision. It could be the look of the building, its reputation, the location, or maybe because your friend lives in it. It could be the right age restriction for you, or because you can bring in your three cats. Buying real estate property is a huge endeavour, something that you cannot afford to make a mistake on. Below are five important factors to consider when buying an apartment in Brisbane.
The right neighbourhood – Your search will be a lot easier if you first determine the neighbourhoods you would want to move to. Would you like your new address to be in the city centre or in a more quiet suburban community? Are you looking for a home near your workplace or in a family-friendly neighbourhood? Do you have to be near a park, or a train station? Brisbane neighbourhoods have different reputation and character. Choose a location that is right for. CBD condo towers offer power addresses, city fringes are more chic and cozy, while suburban areas are considered friendlier and homier.
The right features and amenities – Make a list of the amenities and features that you need, like a gym, an indoor pool, a sauna, or that awesome city view. Apartment buildings offer different amenities, some have it all, and others come with just few select facilities. Take note that apartments with more amenities also comes with higher monthly fees, while buildings with fewer facilities have lower fees. You don’t want to be paying for something that you don’t really need.
The right management – Once you buy and move into an apartment building, you automatically become a member of the homeowners’ association. Brisbane apartment homeowners usually hire a third party manager to manage the maintenance and day-to-day affairs of the apartment. This includes setting up and collection of apartment fees, hiring and paying contractors for needed work and repairs, and managing security. A properly managed apartment means a well-maintained building and a great investment purchase.
The right price – The price is a big deciding factor for your purchase. It is deemed wise not to buy anything that is beyond your means. Coming up with a substantial down payment will lower down your monthly amortization. Add to your monthly living costs the interest expenses, and apartment fees. Consider also the investment value of the property. Was it built by a reputable developer? Is it in a good and established location? Are there any new developments in the area? Scarcity is a factor that keeps the price premium.
The right size – Lastly, consider the size of the apartment that you can afford, in the neighbourhood that you want to live in, and in a building that offers the amenities you need. If you will be moving in with your family, you will most probably need two bedrooms and enough space for everyone. Couples would perfectly fit into one-bedroom units, while lone-dwellers can choose a one-bedroom, studio, or a loft. Do not sacrifice comfort and quality of living for the price, ideal location, or building facilities. Think of your Brisbane apartment as the haven that your will go home to, every day.