People who are looking to get a foot in the market then Apartments are an exciting option, especially now as the Sydney market has softened .
Those who are trying to buy an apartment know that there is a lot of conflicting information about whether they are making a smart choice or not. It is tricky to ensure that you choose the right Apartment that will suit your own needs and offer good returns when you want to resell it. Granny Flat Solutions will help you know what you need and to make the right decision when you are finding a granny flats Sydney.
Pros And Cons Of Buying An Apartment
When you are making a decision it becomes critical to consider the risks as well as the gains. Here are a few pros and cons to think about before you decide on Apartment living.
Pros:Inner City Living Is Affordable –
This is on the top of the list for most of the people. In hot markets like Sydney a freestanding house close to the CBD is not an option for the majority. An apartment allows you to get a foot in the property market on a small budget, without commuting for hours to work everyday. The relative convenience and affordability of an apartment are unparalleled.
Con : Oversupply Of Apartments
Apartments reach a saturation point in certain areas periodically, when a lot of new apartment buildings are constructed and the abundance of choices reduce demand and price growth. So it’s important to think about oversupply issues when you are looking for an apartment block because specific areas are more prone to this than others.
Pros : Low Maintenance –
The cost of maintaining and upgrading an apartment is lower than a house, without the worry of a garden, Security System, pool and so on. Therefore it is easy to keep an apartment in pristine condition and it involves less hassle all around for both the occupier and for landlords.
Con : Inflated Per Person Rent –
One bedroom and Studio apartments require less money to buy, they can be more expensive per person to rent. They can limit the number of people who want to lease them from you.
Pros : Renovate And Update For Much Less –
An apartment can be given a facelift completely for much less than the cost of doing the same to a house. The value gets a boost with great fittings and chic finishes and it is worthwhile to do because here you have the advantage over homeowners.
The quality of Apartment’s finishings tip the balance in your favour, if the buyers or tenants are deciding between a house or a unit.
Search for locations where the supply of units on the rental market is not meeting the demand. It’s also a good idea to find a sales agent and speak to him on the ground and review that area’s demographic data. There are exceptions. Suburbs are dominated by a high number of unit blocks, but still are in demand. Single person households and students are in high percentages in the area and continue to lap up the supply. If you do your diligence, it can be a fantastic investment to get the right apartment and a great place to live. If you have decided to buy an apartment in the current market, it is important to ensure that you get the right advice, review all the data and you are well aware of the trends and trajectory of the market in the area, you have chosen. Taking the help of a qualified and experienced buyer’s agent will remove a lot of risk when it comes to making a decision.
