Dec 3, 2012
Apartments for sale Sydney seems to be picking up, as there is more demand for apartments compared to individual dwellings, according to data gathered by Australia Bureau of Statistics. Last year November inSydney, approval was given for building 1805 apartments, which were thrice the approvals given in October. People now prefer apartments in the inner suburbs compared to detached dwellings, because of their proximity to the beaches, as well as the city that has good amenities. Apartments also need much less maintenance, and provide all the main comforts that people want.
Why buy an Apartment in Sydney?
If you want to escape increasing rents, check out apartment for sale Sydney, as they provide a sustainable solution for reducing your living costs. Apartments are also a good alternative if you need to downsize your dwellings after your children have grown. Such a step would reduce your mortgage considerably, and you could choose an area that has the best amenities, for your age group. If you were looking for an investment opportunity, then buying an apartment in Sydney would be quite lucrative, considering the rising rents. However, you need to check the vacancy rates of a particular area before investing.
Apartment Ownership Titles
While shopping for apartments in Sydney, it is important to consider the type of ownership titles, which are usually strata or company title. A strata title is much more flexible, gives you much more freedom as an owner, and you can rent the apartment out without any restrictions. Whereas, in a company title, there can be certain limitations, which can curtail your freedom as an owner. There might be restrictions as to whom you can sell or rent the apartment, and even conditions under which you can only rent the place. Secondly, mortgage providers usually have a different set of rules and regulations for apartments with company titles.
How to Choose an Apartment
The choice of the location and the type of apartment will mainly depend on whether you are going to rent it out, or stay there yourself. If you are planning to live in the apartment, then you need to consider your preferences and the amenities that are available. Choosing a locality will depend on your preference to the proximity to your workplace, schools, or medical centers and so on. The style of the building and the amenities provided therein will again depend on your preferences. However, you should note that buildings in the inner-city area with green landscaping, and having amenities like a pool and gym will cost more.
If you are looking to purchase an apartment as an investment, then you should consider the type of tenant you want to target. Location near beaches, are great for attracting tourists, and people seeking a family vacation. Inner-city locations are ideal for professionals or students. The inside of the apartment should be modern and comfortable, but do not invest in top furnishings, and fancy countertops, as you may not be able to get a higher rent, and that would mean a lower return on your investments. Secondly, amenities like a gym, pool and having a concierge attract levies, and these expenses could be hard to cover in the rent. If you are considering holiday rentals, work out the management fees, and estimated occupancy rates.
Apartments for sale Sydney are listed in local media, as well as online. However, it is wise to hire an estate agent to find you the right apartment, as they have the latest data about the availability in different areas.