Are you dreaming about buying your first home, but feel daunted by house prices? Before you opt out, consider getting your foot on the property ladder with a small apartment.
As the Ai Group reported earlier this year, apartment construction is booming in Australia.
Generally speaking, a small apartment is less expensive than a stand alone house in the same area. Furthermore, some analysts predict that apartment prices might be sliding. Capital Economics analyst Paul Dales tips that unit prices may fall as much as 4-7 percent before the end of the year in some capital cities.
To help you get the most out of your tight space, we’ve put together some suggestions for living well in a small apartment.
- Smart colour
Colour can be used effectively to create an illusion of more space. Paint entrances and walkways in neutral colours, then consider using a complementary colour that pops on one wall at the end of the space. Your eye travels down the walkway towards the feature wall, making you believe the space is longer than it is.
Avoid overdoing the colour scheme. Stick to one or two wall colours at the most. Too many colours can make a space feel cluttered. Lighter tones like whites and creams will help make the space appear larger.
- Smart light
Use lighting to enhance a small space, and create warmth. Because of limited wall space, avoid too many light fixtures and fittings. Instead, install well-positioned ambient lighting which fills as much space as possible.
- Less is more
In a small space, less is always more. Be ruthless when it comes to choosing furniture and pieces for the home. Include the bare essentials. Keep tables and couches small, so they don’t dominate the space.
- Modules are your friend
Modular design is popular in small spaces. One item of furniture, like a TV cabinet, can be divided into modules, which can be used for book storage and even linen cupboards. The top of the cabinet may also be used for storage.
Modular design works well in a kitchen. Benches on wheels can be wheeled in and out, whenever needed. Kitchen appliances, like a dishwasher and fridge, and even laundry appliances can be installed under bench tops, behind plain cupboards to give the illusion of more space. Talk to an architect or designer about possibilities.
- Think up
Consider using high spaces, like a loft space, to maximise room in the living areas of your apartment. A loft can be used as a bedroom, or maybe storage.
- No smoke, but mirrors
Mirrors enhance the space by reflecting back the room. Hang mirrors instead of paintings to help make a space look larger.
To chat about steps you can take to buy your first apartment, book a chat with one of your Smartline Adviser, Wiley Sims.