Investing in a property tops the list of decisions that you can make in your lifetime. The excitement, thrill and risk of buying a new apartment can be pretty overwhelming. Irrespective of whether it’s your first home or you are buying it for the second or third time. The real estate market is rapidly evolving; it’s especially so in cities where getting your hands on the perfect apartment can be difficult.
The price of the average Melbourne apartment continues to increase by 7.9 percent annually. If you are looking at apartments for sale in Melbourne, continue reading to ensure you check all the right boxes while making your choice.
To ensure that you find a suitable apartment, you need to be vigilant and consider every possible scenario – or else you may risk having to choose a less than ideal home. Whether you’re looking for a skyscraper residence, a city centre residence or a garden residence, the choice is yours.
Top 5 things to consider when you are searching for an ideal apartment
1. Location
The very first aspect that you need to finalise is a locality that is suitable for your everyday commute as well as your needs. It could be a tedious task. However, rest assured the reward is well worth the risk. Suitable is a relative term depending on individual threshold. Hence primarily consider the amenities offered within the locality. Look for essential amenities for the smooth functioning of your everyday life. Such as grocery shops, banks, gyms, restaurants, local pubs, etc.
2. Budget
According to the recent growth cycle, Melbourne’s apartment value will grow by 21 per cent. Following an upper budget limit when you are on an apartment hunt is best, as things could quickly spiral out of control. To finalise your budget, you need to ask yourself how much money you have. What are your savings? How will this investment affect your lifestyle and cash flow?
Shortlist the top 3 apartments within your budget. Compare their asking prices and the pros and cons of every residency, including convenience, amenities and other factors. Investing in apartments that offer most of what you need is a wise move. It’s important to include other expenses in your budget, so use sites like Muval to find affordable local removalists.
3. Amenities
Amenities are worth considering as you spend a reasonable amount of time within your residency. Most upcoming residences offer a wide range of facilities that add value to your apartment.
Some of the apartments for sale in Melbourne offer luxurious amenities such as a heated pool on higher floors, Private dining rooms, lounge, sky gardens, gym, private cinema and an innovative golf simulator. They add a sense of style that speaks volumes about your lifestyle.
4. Neighbourhood
Evaluate the safety of the surrounding area using search engines and localised apps that can highlight problem areas. Discover zones that are more prone to theft through on user reviews. Consider the view from the apartments and noise levels you wouldn’t like your sleep disturbed on a regular basis by a rowdy neighbourhood.
5. Possession
Construction of buildings by inexperienced builders can cause delays in taking possession, leading to problems such as spiralling expenses, stress and much more. Hence, invest with renowned builders or developments that are at least 90% complete. With both scenarios, the odds are you take possession nearest to the date promised.
Bottom line
Big decisions in life often require careful consideration as the ramifications of such choices are often long-lasting and directly affect your family too. Prioritise what you need from cost to convenience. The average price of one unit, approximately 970sq ft, is $468,400 in Melbourne.
Once you’re clear on your parameters, you can subject your short-listed apartments to the test and zero in on the one that’s a perfect match. Hopefully, the above points have nudged you in the right direction. If you choose a suitable apartment based on the above variables, you will own it with pride.
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