1 Vertical Communities
Apartment buildings operate as their own communities. Therefore, understanding the demographic of the building by understanding its culture and gaining a better understanding of the community vibe. This is important to decide whether it suits your lifestyle. The percentage of apartment owners that are investors versus owner occupants will have a major impact how future buyers decides to invest into a building.
The building’s facilities and shared spaces will influence the way a building is managed, so pay attention to these factors during inspections. Speaking to your agent about the Building Manager, Concierge and strata committee would be really helpful in understanding the daily life in a particular location.
2 Strata Title
Pest and building inspections are not necessary for apartments. On the other hand, a strata search is crucial. Strata title provides an individual with ownership over part of the air space within you lot and a responsibility to contribute towards the upkeep and maintenance of common areas. This is governed by the body corporate, also known as the owner’s corporation, which elects a panel of owners forming an executive committee. The role of the executive committee is to ensure the day to day running of the building for the benefit of all.
Strata laws can be difficult to understand but are vital in making apartment living easier and more affordable. Ask your agent to inform you about any upcoming special levies, if the sinking fund is healthy and what is on offer for each resident in terms of facilities.
When buying strata title be familiar with the various fees incurred, as well as the allowances for future improvements . A higher quarterly levy is not always a bad thing. This may simply mean the building has a strong capital fund plan, saving you more in the long run, so make sure you understand what the levy covers.
03 Building Management and Security
The management of a building is crucial to your comfort as an occupant. Many services for the building will be shared by residents such pools and gyms as well as basic services like garbage disposal, lobbies and mail boxes. Dirty communal areas can be a sign that the building is poorly maintained or bring into question the priorities of other residents.
It is important to research on the security and privacy measures implemented for the building. Easy factors to assess at open homes include security doors, key less entry, cameras, if walkways leading to the building are well lit, the strength of locks and if the doors are heavy and well secured to the frames. If it passes through the initial self-conducted assessment, ask a resident or security member the protocol in the building to give the most accurate picture.
These 3 factors form a solid launching pad when starting the daunting process of apartment hunting. Make sure to research any prospects thoroughly and consider the influence various factors have on the overall experience of living in an apartment.
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