Five Tips From Auckland Apartment Expert, City Sales

Scott Dunn of City Sales provides his five tips for first home buyers considering apartments as their first home, and says they can make apartment living a fantastic option by considering a few simple tips, such as, “size matters.”

Unless you’re a cashed up buyer, look for apartments which are over 40m2, your bank manager will generally be happier with these. Set your TradeMe parameters for minimum two bedrooms to filter your results to larger units.

Secondly, “Fringe is the new Central.” You’ll find larger apartments in the City Fringe; your bank manager will also prefer fringe apartment to CBD, and Scott’s pick for hot spots to look out for is Eden Terrace, Grafton and Freeman’s Bay. Thirdly, Scott says, tenure is important. Leasehold is a great option for some people and in some circumstances – leasehold is NOT a great option for you as a first home buyer – stick with freehold.

Fourthly, you need to get your head around outgoings, they’re different to houses – the main difference is the Body Corporate which you can think of as a Personal Assistant to the building and owners. This PA takes care of communal facilities, maintenance, insurance etc. Your main outgoings with a freehold apartment are rates and body corporate levy – your agent will be straight up with you about what these costs are.

And, finally, is the building sound? This is a super important question. It’s a question you don’t need to actually ask – more like check. Ask the agent for a PRE CONTRACT DISCLOSURE STATEMENT (PCDS for short) and jump to point 10 which will confirm if the building/unit is or has ever been subject to a weather tightness claim. You’ll need to review the whole PCDS and also previous AGM minutes, but start with point 10.

Once you’ve got your head around these and you’ve spoken to a good broker or lender, you can take a look at some options with Scott, who is currently working with a fantastic property for First Home Buyers, a massive 77m2, freehold two bedroom with a car park in Eden Terrace.

For more information on selling apartments Auckland, selling apartments and property managers Auckland please go to http://www.citysales.co.nz .