Moving on up
Buying an apartment? Rachael Cone of Total Realty in Christchurch has some words of wisdom.
Apartment and townhouse living is certainly becoming more common these days. It can be a great option for those looking to downsize, enter the property market for the first time or change their lifestyle.
With an increasing number of apartments being built in Ōtautahi Christchurch, we’re often asked if they’re a good investment and what potential buyers should keep in mind. As with any property purchase, it’s essential to consider your priorities: the amount of space you need, the location, and your preferred proximity to neighbours.
If you purchase an apartment you’ll usually be part of a body corporate that manages and maintains the building and property, which comes with ongoing costs. We always recommend seeking legal advice before and during the purchase. Your solicitor will help you understand the body corporate’s rules, which outline your obligations as well as what you can and cannot do with your property.
SOME ADDITIONAL POINTS WE ALWAYS RECOMMEND BUYERS TO CONSIDER:
• Soundproofing. While apartments can offer affordable living in sought-after areas where standalone houses
are expensive, living so close to neighbours can be noisy and sometimes challenging for those who prefer their privacy. It’s wise to check if the building has long- or short-term rentals, as temporary residents may not always be considerate neighbours.
• Confirm with the agent whether your apartment includes a parking spot or if it needs to be purchased separately. Also, check the availability of visitor parking and any rules regarding the off-street parking available.
• Review the body corporate meeting minutes from the past 12 months to understand any key issues or concerns.
• Ask questions about the financial health of the body corporate, including whether all owners’ levies are up to date. Also, make sure you understand the details of the insurance policy. Inquire about whether there are
any weather-tightness issues with the building.
If you’ve found an apartment that ticks all your boxes and passes the checks above, there’s no reason not to dive into apartment life. A lot of apartment owners comment on how much safer they feel with their neighbours so close by and that they love how low-maintenance it is. Plus, having shops and amenities close at hand makes life much easier. With less time spent on chores, you have more time to enjoy what you love. So, if it feels right for you, it could be the perfect place to call home.
If you have any further questions about real estate matters, our friendly team will be happy to help.
