Buying an apartment is often considered a safer, more affordable option for those just entering the property market or seasoned investors looking for a simple purchase. Apartments come in all shapes and sizes, and are no longer poky investments for a single or couple – they can easily span the size of a free-standing home. New apartment buildings and developments are going up across Perth every week, and it’s a great time to buy – but there are a few critical factors to consider before you make the investment.
Try not to limit yourself to just one or two suburbs when researching a new apartment – it’s important to broaden your horizons and view apartments or plans in areas that you may not have considered or that you may think are out of your price range – you may be pleasantly surprised! Look into all of your options, and get expert advice on areas that show a strong trend in capital growth: ensure you are making a safe investment. Consider what amenities are close by, how accessible the apartment and surrounding schools, transport and shops are, and if parking is included.
Consider including a renovation and repairs fund in your budget planning. Apartments are often easier to renovate and ‘do up’ than standalone homes, and can maximise your return on investment by a huge margin. Many experts recommend renovating or refreshing an apartment where possible, particularly older properties or those that could do with a makeover.
Do your research
When you have settled on a few different areas to focus on according to your needs and budget, do some direct research on suburbs you might like to invest in. Find out how much apartments in the area have been selling for, if their asking price has been met, and what type of buildings they are located in. Ensure you take parking and accessibility into account: are you fine with a few stairs leading to your apartment, or do you want direct lift access? Are you happy to park on the street or do you require secure underground parking? Consider traffic noise and accessibility to main roads, and find out how the age and condition of specific buildings. Consider security provided, and any renovations you may want to make to increase security.
Want some help along the way, and need a bit of insider knowledge on buying an apartment in Perth? Speak to one of the experienced team members at ACTON Real Estate today to ensure you are making the right investment.