Guidelines to looking at apartments?

[scientist]

I'm somewhat experienced when it comes to looking at established houses with land, and I know what to look for when assessing these, but now I'm in a position to look at apartments / units, and I've got no idea what I'm doing.

Can someone, off the top of their heads, write a list of things to seek / avoid when assessing units / apartments?

Also what do you think of my current preferences? My current preference for apartment / unit selection are:

• older units represent better value for money generally, and foundations have settled
• complexes with as few total residences as possible (better land content ratio)
• low body corp fees (avoid ones with lifts and pools)
• walking distance to train station

What else should I consider and what is wrong with the existing list?

 

[bashworth]

Here are things that are important to us

Does the apartment face the road or a quiet street.
Car parking.
Direction it faces. (East best unless good shading then north would be better)
Do rooms get natural daylight.
View from balcony.
Storage, both in flat and next to car park.
A good bus can be as handy as the train. (we live close to the station but sometimes the bus is better)

No lift and we aren't interested! Preferably 2 lifts (I often use the stairs but still think lift is very important)

 

[Jake Milne]

The most important things to get right are those that you can't change:

1. Location
2. Orientation/Aspect
3. Size

Location ideally to be:
Residential Zoning (R1Z in Vic)
Quiet Street
Close to shops, transport, amenities

Orientation/Aspect ideally to be:
North facing living
East or West as secondary orientation
Aspects with a view (water, parks, trees or street frontage)
A good orientation within the block/development i.e top floor front for an apartment or rear for a villa unit.

Size ideally to be:
Larger than the comparable units in the area.
60's and 70's blocks typically had larger internal spaces
Minimum size
1 bed 50sqm+
2 bed 65sqm+
3bed 100sqm+

 

[The Y-man]

Just remember a low body corp fund might mean it is underfunded for maintenance works, underinsured, etc.

The Y-man

 

[ndonnelly]

I reckon privacy is an important one also
I think there is nothing worse than when every room looks directly into other peoples living rooms/dining rooms/balconies etc. It can be hard to avoid in apartment blocks but I think it is just a case if minimisation.
Also natural light and aspect. I lived in a south facing ground floor apartment and the place got zero light. It was frankly depressing especially when mould started accumulating in the wardrobes.

 

[Propertunity]

Add to all that:
Internal laundry (or separate laundry OK as long as not shared).
No current court cases with builders (the BC may win BUT strata levies are likely to be high to fund the case).
Cash in the sinking and admin funds that will cover any upcoming works.
No history of raising special levies.
Harmony in the building.
Insurances are all in place.
- read the strata search you or your solicitor commissions.
Low turnover of units - i.e. long term stayers indicate people like living there.

 

[vbplease]

On top of the core requirements listed above I look for something that sets it apart from other units. This could be either an exclusive use courtyard on ground floor. If it's pet friendly this could get a further $25/wk in rent.
Or an oversize balcony.
Or a second bathroom.. can be hard to find in the older style buildings with low bc fees.
Or the last unit I bought had great city views, where not many other nearby units had the same.

 

[Pixie]

my list of preferences in apartments:
- lots of natural light
- laundry facilities
- gas cooking preferred
- on site parking
- no lifts (usually older style buildings do not have more than 3 stories high)
- a good maintanence and sinking fund in place (my place is crap so currently do not have that)
- transport
- in built wardrobes
- make sure ur place is well away from government housing (my experience is that some are very very trouble makers)

but i wan to hijack this thread a little, how un-rent-able is an apartment that is on the dark side (lack of natural light)????

 

[ndonnelly]

my list of preferences in apartments:
- lots of natural light
- laundry facilities
- gas cooking preferred
- on site parking
- no lifts (usually older style buildings do not have more than 3 stories high)
- a good maintanence and sinking fund in place (my place is crap so currently do not have that)
- transport
- in built wardrobes
- make sure ur place is well away from government housing (my experience is that some are very very trouble makers)

but i wan to hijack this thread a little, how un-rent-able is an apartment that is on the dark side (lack of natural light)????

Just my $0.02 from a personal point of view and considering I lived in south facing apartment I would NEVER live in one under any circumstances.
I went into it blind (i.e. did not consider it at all) and I guess I would not be the only one. An apt might rent out quickly as the tenant might have not thought it through but you are surely going to have higher turnover.

 

[scientist]

Excellent replies, thank you everyone for your input, some new things for me to consider.

 

[Bentley]

Just my $0.02 from a personal point of view and considering I lived in south facing apartment I would NEVER live in one under any circumstances.
I went into it blind (i.e. did not consider it at all) and I guess I would not be the only one. An apt might rent out quickly as the tenant might have not thought it through but you are surely going to have higher turnover.

What about an apartment which has a south west aspect? Unit is on the 8th floor.

 

[Tom_84]

Interesting post as I am currently searching for an apartment.
My list is pretty simple:
1. Older block of apartments, less than 22 apartments in total
2. North facing if possible
3. Apartment located on top or middle floor (this may depend on your suburb)
4. Balcony or courtyard
5. 50sqm or close enough to as possible if a 1 bedder
6. Seperate non ensuite bathroom if possible
7. WC facilities
8. Owners corp fees etc

Pretty basic but hope it helps

 

[Deltaberry]

Guidelines depend on which city.

In some cities, I wouldn't even consider it.

Generally I wouldn't consider it period. We have many prime CBD block where we once thought about building 50 storey+ apartments, but I've convinced the folks to not do that in an apartment market that'll probably stagnate/fall in next few years.

 

[ndonnelly]

What about an apartment which has a south west aspect? Unit is on the 8th floor.

Yep prob would make a difference being up high. As I said mine was ground floor, 100% south with trees also blocking any natural light.
Best thing you could do is visit the place, ideally over a few different times i.e. morn, arvo etc