Watch out for the Pitfalls in Apartments

Apartment

Apartment

The popularity in apartment living is growing in regional and country areas as many homebuyers look for more affordable options.

But buyers and owners must understand the potential pitfalls, as well as the benefits.

Australia has almost three million apartment owners, and many live in country and coastal areas.

I’ve noticed a change in attitude in regional areas.

The pandemic has also sparked an exodus of city dwellers seeking a lifestyle change in the country and on the coast.

Homeowners, particularly downsizers, are ready to embrace apartments.

The changing nature of work and the rise of telecommuters who can work remotely makes regional living attractive.

But buying a defective apartment can leave you hundreds of thousands of dollars out of pocket.

From water damage and cracking to structural issues, some newly built apartments are riddled with defects that make them a no-go zone for buyers.

Research by the AAA identified a lack of information for buyers and owners about buying an apartment.

It’s important you know what you are looking for during the purchase phase and how your apartment building is actually managed.

Apartment offers seem “easy and breezy” but only if they are built correctly and properly managed.

Too many Australians are suffering emotional and financial distress due to rogue developers building poor-quality apartments.

Unlike buying a home, when there is a defect in an apartment it can have huge ramifications for the entire block and it involves a number of parties including the certifier, developer, builder, strata manager, body corporate and the owners themselves.

There are three major types of building issues faced by apartment owners: structural defects, fire issues and water problems.

If you are new to apartment living there are a number of factors to consider:

  • Have you done a pre-settlement checklist?
  • Have you got the strata report?
  • Have you carried out an acoustic test?
  • Check reports on previous developments by the same developer and builder
  • Check for common defects
  • What to do when purchasing off the plan
  • Sales contract information and insurance considerations
  • Complaints and conciliation advice

You wouldn’t travel without travel insurance, so why risk buying an apartment without checks.

Every state government has a duty to look after the growing number of homeowners in regional and country areas enjoying apartment living.

 

Guest Blog – This article was written by Samantha Reece for Australian Apartment Advocacy and published here with permission.

aaadvocacy.net.au

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