TOP 5 TIPS FOR BUYING AN APARTMENT

If you’ve decided to buy an apartment, whether as an investment or to live in, there are several factors that you need to consider to ensure you purchase the right apartment. Currently, almost half a million Victorians live in apartments, most of which are here in Melbourne. The right apartment can provide an incredible lifestyle close to the action.

1. Organise your finance first! Having your “pre-approval” from your chosen bank ahead of time will put you in a strong position when you do find your dream apartment. There is nothing more disappointing than missing out on a property because you just were not financially prepared, and another buyer was. 2. Research, Research, Research The best way to learn about a development you like is to research it online. You can find key factors such as the year it was built, the developer, how many apartments are in the development and building amenities (pool, gyms, cinemas, concierges etc). If those features are important to you, doing this simple yet effective research will fast track your knowledge when you do attend the inspections. Keep in mind, just because you see a price on Real Estate.com doesn't mean you can't negotiate with the developer. Developers are in the business of selling apartments and like the saying goes..... Everything is negotiable. 3. Refine and shortlist your criteria

Having a criteria of exactly what you want before you start inspecting properties makes the process so much easier. Clients often tell me how confusing it can be when agents send brochures and floorplans. Telling an agent exactly what you are looking for will save you time and headache. Be specific. Your criteria should include things like, size of apartment, location of bedrooms, type of kitchen etc. 4. Request the relevant documentation Once you have your shortlist of preferred properties prepared, ask the agent for a soft copy of the Contract of Sale and Vendors Statement (section 32). This is the “owner’s manual” and has everything you need to know about the property. Things like annual fees, outgoings, title details and if there are any outstanding or pending notices in the development are all very important. This can be quite overwhelming but your property conveyancer or solicitor will request them prior to making an offer. 5. Be realistic and ready to move quickly When you have satisfied all of the above and chosen your dream apartment, it’s time to start the negotiation process. The first step is to place a reservation on the apartment. This is usually a $5000 fully refundable holding deposit. This takes the apartment off the market while you make an offer and organise your finances. The best way to get an offer over the line is to sign a contract. It's very difficult for a developer to refuse a signed contract. Whilst it’s natural to want to buy as best you can, it’s not uncommon to have multiple parties interested in the one apartment. Many times, in my career, buyers have missed out to another party because they simply went in too low. It’s a decision that many regret in hindsight as they search for months to replace the one they missed.