What you need to know when purchasing an apartment

Not sure what to look for when purchasing an apartment? We’ve got you covered.

If you’re looking to purchase or sell an apartment on the Gold Coast, it’s important to work with a team of professionals who specialise in residential conveyancing. Gold Coast City Solicitors are experts in conveyancing on the Gold Coast and will complete your settlement in a timely and efficient manner. We have extensive experience in the legal system and residential conveyancing both in Queensland and New South Wales, with the goal of building quality client relationships, and providing a consistent professional standard of work. We are here to help with all your purchasing and selling needs.

What you need to know

We understand that the process of purchasing property can be complex, but don’t worry – we’re here to guide you every step of the way. Before embarking on your strata property journey, we want to share a few things you should know.

Strata properties are subject to specific rules and regulations governed by a body corporate, and all apartment owners are required to contribute financially. This fee varies from building to building and is in addition to land rates and other utilities. It’s important to keep in mind that you’re not actually buying the building itself, as it’s owned collectively by all the apartment owners, with administration handled by the body corporate. As such, purchasing an apartment means becoming a part of a community and adhering to the building’s rules and regulations. While this may come with limitations, it also provides a greater level of security.

At Gold Coast City Solicitors, we’re experts in apartment conveyancing, and we’re here to provide you with all the information and advice you need to make an informed decision. We’ll take care of all the legal affairs related to your purchase to ensure a smooth settlement process. In the meantime, we recommend reviewing our 5 key considerations below.

Key Considerations
  1. Location

    When selecting an apartment, it’s crucial to consider its location. Is it conveniently located near amenities such as shops, public transport, beaches, parks, libraries, and open spaces? Does your apartment face a busy thoroughfare? Is it a three-story walk-up, and does it have an elevator for accessibility? These are vital questions to ask yourself as they can determine the value of the property. Additionally, consider your daily work commute and whether the location is close to a busy road that could limit your access during peak hours.

  2. Aspect

    While ocean views are highly desirable, the aspect of your apartment is even more important. Take into account the direction of the wind, light and sun, cross ventilation, orientation of bedrooms to common areas, neighbours, and living spaces. Reviewing the floorplan can help you determine the apartment’s positioning in relation to the north, which can help you figure out where the sun will rise and set in relation to any openings. Visit the property at the time of day you would normally be at home to assess the natural lighting and make an informed decision.

  3. Community

    Apartment buildings are vertical communities, so it’s important to find one that suits you. Research the building’s history and culture, and speak to your agent about the building manager, concierge, and Body Corporate. Make sure you understand the rules imposed by the Body Corporate, including any pet and noise restrictions that you or your tenants need to be aware of.

  4. Strata Title

    In Australia, strata title allows individuals to own a lot within a larger property or building. As a strata title owner, you own your lot as well as share in the common property. Strata laws can be complicated, so it is essential to understand them to make apartment living easier and more affordable. During your purchase process, Gold Coast City Solicitors will conduct a report that provides vital building information such as any upcoming special levies, and the health of the sinking fund. Make sure to factor in various fees and allowances for future improvements when buying into a strata scheme.

  5. Building Amenities

    Apartment buildings often have shared amenities such as pools, saunas, gyms, garbage disposal, lobbies, and mailboxes. Ensure that the communal areas are well-maintained, as they can be an indicator of the overall building maintenance, cleanliness of neighbouring tenants, and appropriate funds to manage the building’s upkeep. Investigate the security and privacy measures of the building, including its security doors, cameras, key-less entry, lighting in walkways, and the strength of locks and door frames. Remember that first impressions matter.

If you are considering buying or selling your apartment in Gold Coast City or its surrounds, we would love to help you. Talk with us today to find out more.

Most Popular

Subscribe To Our Quarterly Newsletter