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Colin Hill | 01 May 2018 | Advice

The Pros and Cons of Buying an Apartment

Colin Hill | 01 May 2018 | Advice

The Pros and Cons of Buying an Apartment

The Pros and Cons of Buying an Apartment

In an Auckland housing market that is incredibly fierce and often hard to enter, purchasing an apartment could be a good option for first-time buyers. Apartment living may not be for everyone but, for people wanting a taste of city living or looking for a more affordable entry into the property market, buying an apartment is an exciting option.

As with any large purchase, it’s important to weigh up the pros and cons. If you want to talk about the options available in more detail, don’t hesitate to contact us today!

Pros of buying an apartment

From being more affordable to increased security, there are a number of benefits to buying an apartment, including.

Cost

From the initial price of purchase to your utility bills, living in an apartment is generally a lot cheaper. Even though the average price for an apartment in Auckland is rising steadily, on average buying an apartment is still more affordable than buying a house.

Apartments generally cover less square footage than houses which means less square footage to heat. Utility bills are usually less in an apartment, and it’s also important to understand that water is often included in the body corporate fees.

Maintenance

We understand that not everyone wants to grow or maintain a lush garden or spend their weekends fixing the gutters, for those individuals, apartments are perfect. With almost all maintenance being looked after by the body corporate (at a cost, outlined in your contract), you’ll be able to enjoy the aspects of city living, instead of mowing the lawn each Sunday.

Amenities

In most cases, living in an apartment affords you the benefits of living close to the centre of the city. This gives you access to many of the benefits that are often not accessible when living further out, including diverse food and entertainment options, close proximity to transport routes and exciting shopping. For many people, especially young professionals, this is the big drawcard of buying an apartment.

In addition to the access to exciting amenities of living close to the city, living in an apartment also provides many extra amenities within the building. Most modern apartments come fully equipped with gym facilities, a pool and shared garden or outdoor area.  

Security

Apartments usually offer a number of additional layers of security including secure parking facilities, doormen and receptionists.

Cons of buying an apartment

For the many positives that living in an apartment has, there are still several downsides that you should consider when investigating the option.

Body corporate  

The major consideration to factor in will be the body corporate rules and regulations, and fees associated with living in a shared environment. In most cases, you will be required to pay an annual levy to cover the day-to-day running of the apartment building. This will include all maintenance, insurance, administration and utility costs for shared spaces. You may also be required to pay occasional one-off fees if there is something that wasn’t covered by the general fees or if you are responsible for any damage to the property.

On top of the body corporate fees, you will need to abide by the rules set by the body corporate. This could include no hanging of clothes out the window to no use of shared spaces after a certain time. Be mindful that if caught breaking these rules, you could be forced to pay reparations or face more serious consequences.   

Less space

This may be an obvious one but living in an apartment means you’ll have less space to call your own. While this does mean less area to clean, it may not be the ideal option for families or people with four-legged friends.

Noise and privacy

Lack of privacy and excess noise can be a turnoff for some people. Although, many body corporates will have rules regarding privacy and noise level, don’t be surprised if you can still hear your neighbours signing in the shower or jumping around. While a lot of modern apartments provide a certain level of soundproofing, you will still be exposed to more noise then you would if living in a house.

In a housing market that is highly competitive, it’s important you consider all options available. If buying an apartment is the best way for you to enter the housing market, grab it with two hands.

If you would like to investigate every option available, contact us today and we’ll be happy to guide you through the process.

 

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