Are you in the market for an apartment? If you are in that happy place where you have enough money for a deposit and a credit rating that will get you a substantial loan, there are a couple of things to consider before making the jump. After all, you want to get the best outcome for your particular circumstances and to make the most of current market conditions.
When Price is the First Consideration
The first step is to decide between going all out and buying a pristine, shiny new apartment or settling for something that has been around for a couple of decades. The key ingredient here is price, so if your budget does not stretch to one of the new buildings, you will be looking in the older suburbs for pre-loved units.
Investor or Owner/Occupier?
Another consideration is whether this apartment is where you intend to live or if you plan to add it to an investment portfolio, or perhaps start one. In the latter instance, you will be looking for a property that is attractive to tenants, close to all amenities and offers rental value for money.
At Bunbury Real Estate we have multiple listings of both old and new units in good locations that would suit both owner/occupiers, as well as investors. Our experienced staff can arrange inspections of suitable units and, in the case of an investor, they can also source good, reliable applicants from our tenant database. In this way, the client purchasing the unit can have a tenant ready to pay rent on settlement.
New Apartments Should Mean Low Maintenance
Reliable tenants with a good income usually prefer new apartments over older ones, especially if there is little difference in the rental costs. For both the investor and the owner/occupier, a new apartment usually means little or no maintenance for some years. Newly developed units often include facilities such as pools, gyms, and retail outlets which also appeal to tenants and owners/occupiers.
Older Apartments Love a Renovation
Older apartments appeal to the segment of the market that is watching the budget. The body corporate fees are often cheaper, and units built in the 1980s also have large floor plans offering plenty of space for the occupiers. Units that need refurbishments are a very attractive proposition. Cheaper to purchase, they respond well to renovations which, once completed, add value and increase the equity in the property.
A Personal Choice
Whether new or old, when you are buying an apartment, follow the tried and true rules of real estate and look for a great position handy to work opportunities, shopping, leisure outlets and transport. There is no right or wrong answer. Old vs new is a personal choice.