5 Essential Apartment Features to Consider Before You Buy

Apartments come with plenty of possibilities and spark up new ideas to add new features once you move in. Location aside, they tend to be far more affordable than bungalows and villa-type homes, ask for less maintenance and complements to diverse lifestyle for almost anyone who moves in. Despite the rise of community developments, apartments promise healthy rental yields which is rather good news for the investors.

The wide variety of apartments to choose from however raises some challenges in choosing the best from the ordinary. Priority though is given to capital growth potential, stronger tenant appeal and comparably low cost which is something you’re unlikely to find in villas and other such home establishments. Here’s what to look for;

1. The element of scarcity & micro-apartments:-

Scarcity occurs when the demand is higher and supply is lesser which compromises the property value. Whereas investing in a multi-storey high rise complex where each apartment is nearly the same also restricts price appreciation in the long run.

If your budget permits, go for a low-rise elite developments boasting small number of apartments or even micro-apartments which are rising in fast developing countries. Such constructions offer sense of exclusiveness which is likely to appeal both renters and buyers while giving you an upper edge at the sales.

2. An enticing location:-

Convenient lifestyle with close proximity to public amenities such as schools, shops, cafes, restaurants, healthcare and recreational facilities are a few reasons making apartments more appealing. Choose a unit which is centrally located to communal facilities yet, away from the rush of the main roads where row upon row or apartment blocks and houses spread. Choose an apartment building which faces north for most of the natural lighting or, west for pleasant breeze.

3. Off-the-street parking:-

Car is perhaps the most valuable asset after property investment which is why off-the-street parking can be a deal clinching feature. That being said; sheltered and locked car spaces add more value due to extra safety and double storage space.

4. The kerb appeal:-

Would you consider a residential block lined with garbage bins at the entrance with a spilling mailbox at the doorway? The very feel of living in such a place raises goose bumps whereas the location is downright uninviting to both the tenants and buyers. In fact, value of such neighbourhood declines along with the quality of living which means you should take a pro-active approach to building maintenance.

Carefully eye for apartments that caters to well-maintained outdoor areas and gardens thus complementing to the curb appeal and also inviting prospect renters, buyers alike! Superior maintenance asks for a higher cost which however is balanced in the long run and significantly lower vacancy rates.

5. Pre-inspection of the unit:-

Always consider a complete inspection of the apartment unit before you invest for extra safety, cleanliness and a standard lifestyle. Arrange for a strata records and accounts that are managed by the building owners’ association. The report would clearly tell the issues that may be resolved or still under consideration.