The Pros and Cons of Apartment Living

Are you considering buying an apartment? Have you considered the advantages and disadvantages of this decision?

One of the benefits of purchasing an apartment is the convenience it offers. With a unit, you can enjoy a low-maintenance lifestyle, as the body corporate takes care of the building's upkeep and maintenance.

Another positive, is with a smaller living space, you'll spend less time and effort on cleaning, and there will be no gardening and maintenance compared to a traditional house. Furthermore, apartments often come with shared amenities such as swimming pools, gyms, and communal spaces, providing a sense of community and access to facilities that may be otherwise unaffordable.

It's crucial to thoroughly research and understand all the associated costs before making a decision. Owning and living in an apartment has your normal costs associated with home ownership such as utilities, content insurance and council rates, but you also need to investigate any special levies for unexpected repairs or renovations.

One of the key factors to take into account is the body corporate fees. The body corporate fees, which are shared among all the apartment owners, cover expenses such as building insurance, common area maintenance, repair costs, and management fees.

While body corporate fees contribute to the overall upkeep and value of the property, these fees can vary greatly depending on the size and location, amenities provided, age and quality of the building/s and how many units are in the apartment complex.

This convenience of apartment living comes at a cost; therefore, it is essential to thoroughly review the body corporate fees and understand what they cover to ensure they align with your budget and expectations. Additionally, it’s equally important to inquire about the maintenance schedule, sinking fund and understand the potential costs involved to avoid any surprises down the line.