Apartment living is an increasingly appealing option for owner-occupiers and investors. If you’re in the market for a unit, here’s what you need to know.

The body corporate A body corporate is created to manage common ownership of property when a plan of subdivision is registered at the Land Registry. The body corporate oversee the collective responsibility and decision making in relation to the use and maintenance of the common property in your building, such as gardens, parking lots, the pool and gym.

Coughing up

As an owner in the complex, you have to make regular financial contributions to the body corporate, so it’s important you know how much you’ll be paying and for what. If there are shared facilities (such as lifts, pool or gym) these will add to the cost of contributing to the body corporate. You may also be liable to contribute to a reserve or sinking fund to cover anticipated costs of repairs to the building or replacement of essential items.

Good management

When looking at buying into a building, speak to the neighbours in the complex or ask your agent to provide you with the minutes of the last general meeting of the body corporate. This will show you whether the body corporate has a complaints mechanism or a policy in place for disputes between owners and tenants.

Do your research

How many units are included in your body corporate?
It is important to consider how many are owned by individuals or organisations and how many are owner-occupied or rented to see if the set-up fits in with your plans. Ask around – how long have the owners or tenants lived in the complex? Are they happy with the level of service provided? If many of residents have lived there for a long time, it is generally a good sign.

Restrictions apply

While apartment living requires much less maintenance than owning a house, there are pros and cons – some restrictions will apply. You will need to consider parking – how many parks are provided and is there ample visitor parking? Can you keep a pet? Most buildings have rules about pet ownership, so if you simply cannot give up your mate, an apartment may not be for you.

Noisy neighbours

Noise is commonplace in unit blocks as there is very little space between you and your neighbour. If you are sensitive to noise, do your research when looking at buying a unit. Find out if your potential new neighbours are tenants or owners and if you’ll be compatible. If the unit is in a busy neighbourhood, you may have to contend with external noise such as roads, cafes and schools.

Unit utilities

As an owner of an apartment or unit, you may be required to pay local council rates, although this
is not always the case. You will be liable for utilities such as water, gas, electricity and telephone charges. Be aware that these charges are not necessarily less for a unit than a house.

Checks for children If the unit, flat or apartment is near a main road, are there safe places for children to play nearby, such as a public park? Will it be safe for your children to cross the roads by themselves? Children require space to run around, so apartment living may not be suitable unless your outdoor area (courtyard or deck) offers ample room for them to safely play.

Facilities please One of the benefits of living in an apartment complex, especially a newer complex, is access to the building’s facilities. If your potential home has facilities like a pool and a spa, ask lots of questions before making an offer. Do the hours of operation suit your lifestyle? Are there additional costs associated with these facilities? Are they well maintained? Are they new or likely to cost you money to repair or replace?

Play it safe

You’ll want to know that the building is secure, so ask yourself how safe the car park is and if the neighbours can see your entrance from their homes. Are there signs of previous break-ins or vandalism? Are there security intercoms and doors, and a security company on patrol? How safe do you feel at night compared with during the day? It’s important to know what measures are in place when it comes to security, especially if you live alone.

Run a report

Although potentially costly, a building inspection and thorough engineer’s report should be considered a wise investment. These reports will identify any issues in the building itself, and in your apartment or unit.