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Things to Consider Before Buying an Apartment

Before you put in an offer on one of the units for sale Wollongong, there are some important factors to take into consideration.  You want to make sure you are getting an apartment that is worth what the seller is asking, what the location is to where you work, neighborhood, and more.  Buying an apartment is a huge investment so do your research before signing the mortgage.

Hidden fees

A strata fee is what you would pay for a share of the ownership of the apartment building, but the apartment would be solely yours.  There would be an annual fee to help cover the cost of maintaining and having any repairs done.  Everyone would also share a common area, like a pool.  What the fees would be will depend on the facilities they include and the size of the building complex.  The more amenities, like a pool or gym, the higher the fees.

Another fee you may have to pay for an apartment for sale Kiama would be capital improvements.  Most units for sale are part of an owner’s corporation.  This would be a committee of owners that are responsible for maintaining the building’s common areas.  This fee you pay would be for any renovations on these areas if the majority of the neighbors vote to make any improvements on the common areas.

There could also be insurance for the building that is paid monthly or annually.  Find out about all these hidden fees before you sign the papers to become the owner of an apartment.

Research the owner’s corporation

If you purchase one of the units for sale Wollongong, you will most likely become a member of the owner’s corporation.  They are the ones that have the power to enforce strict rules on whether pets are allowed, the use of common areas, when it is quiet time, and more.  Do your research to make sure that their rules will fit your lifestyle.  You may also have to attend regular meetings.

Parking space

If the apartment for sale Kiama is a high-rise, the parking spaces around the building could be in short supply and on a first-come-first-served basis. Look for apartments that offer a designated parking space along with how many spaces you are allowed.  The designated parking space should be on the title.  If you have no car or prefer to depend on public transportation, check to make sure that is available and how far from your apartment you need to go to use public transportation.

Neighbors

You want to make sure that the apartment you are buying suits your lifestyle.  For example, if you are single or a couple who want to live in a complex with no children, make sure that those in the complex have no children.  If you are seeking a quiet life or need quiet if you work at home, you do not want neighbors that like to party all night.  You also want to be sure you cannot hear the neighbors through your apartment walls.

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