4 Things to Consider When Buying an Apartment

Whether you’re buying an apartment as an investment property or you’re looking to own your own place, there are some key considerations that should be made before committing to a purchase.

Of course, when it comes to your mortgage and payment options, the best thing to do is contact us directly. Our brokers can help with any questions you may have, and the flexibility of our home loans means that we’ll have the perfect package for you. Click here to speak to us.

But assuming you haven’t actually picked an apartment yet, here are some things to think about when you’re searching:

Location

You don’t want to buy an apartment in an area you’re not intimately familiar with. Imagine reading a handful of reviews on a suburb only to find out (after you’ve bought) that you completely disagree with the common assessment of the area?

It’s a good idea to have several promising options shortlisted in a variety of locations you know and like. Having too many good options is a good problem to have.

Proximity

What facilities do you require in your day-to-day regime? Before committing to a purchase, figure out how you’re going to get to the nearest grocery store, laundromat, gym and anything else that applies to your lifestyle.

It’d be an oversight to commit to a purchase without first having a decent sense of what your day-to-day life is going to look like once moved in.

Condition

This applies more to investment property buyers but is also a factor for people looking for apartments to call their home.

Is the building going to need repairs soon? Will it need to be rebuilt within the next decade? Make sure you have a full understanding of the condition of the property before committing to a purchase so that you’re aware and prepared when it comes to the future.

Noise

Is the area noisy? Does the apartment block out noise well? Be weary of inspecting during quieter periods.

It’d be a shame to move in during the winter when it’s dead quiet only to find that the apartment doesn’t block out the noise so well when summer comes and the pubs and streets start to fill up.

Mortgage House

At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.

But don’t worry, we can help with that.

If you’re thinking of buying an apartment, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.

Click here to speak to us!