Brand new apartments in Sydney come in all shapes and sizes. From lofts and studios to a garden apartment, condo, high-rise, walk-up, duplex and triplex location, buyers can have their pick depending on their budget and long-term property objectives.
With so much at stake for the client given the size of the purchase, it pays to be strategic with these listings. It is easy to be seduced by the aesthetics but there is so much more in play that will dictate how much value participants will enjoy.
We will examine the key points to check for investors who want to make a savvy selection from new apartment developments in Sydney.
Location of the Apartment
The first port of call for those investors looking at brand new apartments in Sydney is to ensure that they are aware of the location and the surroundings. From the CBD to the Eastern Suburbs, the Northern Beaches, the Inner West and the Hills District, there are various components in play that dictate their value. This will include their proximity to public amenities like public transport hubs, schools, shopping centres and beyond.
Survey Recent Sales From The Developer & In The Area
When participants are examining brand new apartments in Sydney to buy, they should take note of the developer’s track record, their relationships to builders and community members, and to see what average prices are listed for within that region of the city. This is essential information that offers context to the investment, ensuring that they are opting into an agreement that is in their long-term interests and in line with industry standards.
The Strata Fees & Provisions
Buyers of brand new apartments in Sydney will be opting into a strata system where individual participants join into a collective program. It will require administrative fees before giving the client a say in the process. Men and women who want to invest in these properties are advised to take a closer look at this part of the equation because these fees and provisions will vary from one domain to the next.
Building Inspection Report
Even though they are fresh off the production line, it is still important to acquire a building inspection report before buying brand new apartments in Sydney. Opting for this course of action will give members some peace of mind and remove any liability that they could face for future repairs down the line. Specialists who run these inspection programs will be able to detail any structural issues with concrete, with cracking, with plumbing irregularities, with tiling deficiencies, with heating system faults and anything else that could be signaled ahead of time.
Room for Growth/Development
While brand new apartments in Sydney might be hot property in 2021, those same locations won’t be as viable in 15-20 years time without some degree of reinvention. This is where clients will study these locations to see if they have flexibility with the design and identify any room for growth. It won’t always be possible given the limited space capacity of some units, but others will offer room to breathe once the owners decide to get creative.
Have a Legal Representative on Hand to Examine Contract Details
Buying Sydney apartments can be a complicated process without any sort of legal guidance along the way. In many cases, clients will bring a lawyer into the picture to ensure that they look over all of the details and see that it is up to code and in the interests of their community member. Yet there will also be conveyance specialists who are able to hit that sweet spot between property expertise and legal diligence. Whoever is selective, it is a valuable exercise to have their input if they match legal skills with an understanding of property law provisions.