AUGUST
2019
LAURUS
LAURUS ADVICE: HOW TO FEEL CONFIDENT BUYING YOUR NEW APARTMENT www.laurusprojects.com.au
AUGUST 2019
HOW TO FEEL CONFIDENT BUYING YOUR NEW APARTMENT WE’VE PUT TOGETHER SOME TIPS TO HELP YOU FEEL CONFIDENT TO GO SEARCHING TO A NEW APARTMENT TO LIVE OR INVEST IN.
Buying a new home can bring with it a range
Recent issues both here in Australia and
of emotions, from excitement about the
overseas, have exposed some of the flaws in the
prospect of moving into a new home, to fear
construction industry, bringing a sense of doubt
about how to deal with maintenance and
to unit buyers. So, with these issues occurring in
other repair issues. With how expensive
the construction of new buildings, how can you
property has become, more and more people
feel confident in buying an apartment?
are looking into buying apartments – and why not, new apartments offer the lifestyle
We’ve put together some tips to help you feel
features of living close to the city and close to
confident to go searching to a new apartment
work, while being more affordable.
to live or invest in.
AUGUST 2019
Who is the Builder?
get the strata disclosure statement as part of your contract. This disclosure statement should
Finding out who the builder is or was, and their
list any defects or major repairs that have
track record is really important. If you are
happened. All strata buildings should have a
buying off the plan or into a relatively new
budget set out for proposed future works, and
apartment, you should be able to track these
the sinking fund should be relatively high. If you
details down really easily. Once you have the
find the sinking fund is low, make sure you ask
details, hop online and find out what other
why.
projects they have done. From here, you’ll be able to do a search for that building and see if any issues have been reported in the news or
Get a Building Report Done
the like. Alternatively, you may be able to contact the builder and ask for references and
Many unit buyers tend to skip out on a building
reviews from their builds.
and pest report thinking that the strata or insurance will cover any works that need to be
Who is the Developer?
done. This isn’t always the case and having a building report done will give you some
Finding out who the developer is an important
reassurance on what is happening inside the
factor as well. The developer will be the one
apartment you are looking to purchase. While a
who initially developed the land, laid down the
building report won’t cover the common areas,
essential services like sewer, water and electrics.
it will cover the internal and accessible external
Again, if it is a relatively new build or an off the
of the apartment. When combined with the
plan, it should be easy enough to find details on
disclosure statement from strata, you will be
other buildings they have worked on and if
able to decide whether to go ahead with the
there have been previous or current issues.
purchase.
For both the builder and developer, you may
Doing some research into apartments before
find that the sales agent has worked with these
you buy is essential; you don’t want to be left
businesses before and will be able to provide
with repairs that insurance won’t cover, and you
some information on their previous work.
certainly don’t want to be left without a home. Spend the time before you spend your money
Get Your Strata Reports
to be more confident in what you are purchasing.
Whatever state you’re in and however old the apartment that you are buying, it is essential to