The Australian property market is a colourful place. Filled with homes of all shapes and sizes, first home buyers might be forgiven for being a bit overwhelmed by all the choices on offer.
One of the options available to you is an apartment. In fact, with your first home loan, buying this category of property could be an inspired decision. It can be a great way to get your foot in the door and secure an affordable home, closer to the the beating hearts of our biggest cities.
So, what are some things to look out for when buying this kind of property? Here are some tips to get you started.
Check out the neighbourhood
We’ve all heard it before – location is key, and buying an apartment is no exception. Be on the look out for buildings that are close to amenities, like shops or public transport links. Is the apartment block located in an attractive area? Parks and leafy trees can make a neighbourhood feel welcoming, and even help your cause if you sell further done the line.
At face value
It’s also worth having a think about the outlook from the building. While being close to the best bars and restaurants is one things, will the unit be facing onto an adjacent building – or looking over the garbage disposal area?
Light is also important when you’re buying an apartment. Wide windows and plenty of natural illumination can make the home feel much more inviting. After all, you aren’t likely to want to spend a lot of time in a dark, compact unit.
The quality of the building itself also comes into play. You don’t want all the hard work and dedication saving towards a deposit to go to waste, so be aware of any obvious structural issues or problems with ventilation. It’s often a good idea to have an inspection done, if only to give you peace of mind before you buy.
You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.