- Posted By Prince Lakshman
Don’t just take the glossy marketing brochures and presentations that showcase new developments at face value.
It’s also imperative to know what you actually need to have in your new apartment before sealing a deal in an off-the-plan purchase.
FOR OWNER-OCCUPIER VS INVESTOR
Buying off-the-plan was once the specialty of investors, however there’s been an increase of owner-occupiers seizing these projects in the market recently, including a large number of downsizers on the hunt for larger apartments.
For the owner-occupiers, the size of the property is a top priority, so as the presence of higher-end fixtures and fittings in it.
On the other hand, investors should speak with local property managers to learn what the rental market wants or demands.
You have to find out who are the likely renters in an area and what configuration is the most in demand.
ON SIZE AND FLOORPLAN
The proposed floorplan details the layout and sizes of individual rooms, and buyers need to be familiar with the typical sizes of units in their chosen location.
The sizes of units in Sydney will be different from those in Melbourne.
You should also look out for the ceiling height, which is mostly overlooked on the floor plan. There are some developers who drop the ceiling height to house more apartments into a development. The higher the ceiling, the better.
It is encouraged that buyers must take a close inspection at the room’s shape. Rooms should have enough space to be able to walk around a queen-sized bed.
An apartment with a better resale value must be flexible enough to accommodate a couple or a single person of any age.
Functionality is a key component in a floorplan. If a floor plan is well-thought out, it won’t have a lot of wasted space.
ON THE ASPECT OF OUTDOOR SPACE
It’s still ideal if the development has balconies or courtyards large enough to accommodate friends and family.
It’s also recommended to look at what type of landscaping is part of the design, and whether there will be a tap and gas points.
Views are always in demand, and having views to the ocean or park can likely increase the asking price. A pleasant view over the neighborhood will even deliver more potential buyers or tenants.
FOR PARKING SPACES
New developments are usually in areas where there is access to public transport. Hence, buyers can easily commute rather than drive their private vehicles. Nevertheless, most people prefer at least one car space.
If you’re living in a busy metropolitan without street parking, it can be very critical.
Buyers who are looking to downsize often come and bring their accumulated belongings with them.
It’s then essential that there must be ample storage both inside the apartment and alongside parking. There’s even a growing trend towards walk-in pantries and large linen cupboards.
Engineered floorboards, large-format tiles, stone benchtops and European appliances still headline many off-the-plan offerings.
Experts agree that these finishes appeal to both owner-occupiers and investors and tend to stand up well to wear and tear, helping a property to maintain value over the long term.
Pools and gyms in small developments will add substantially to strata levies. In larger developments, it’s best to discuss with local property managers the likely demand for these features.
An exception is the rooftop garden which is proving increasingly popular as an extension of private living space with the potential of an elevated outlook.
OTHER VALUABLE APARTMENT INCLUSIONS
- Adequate sound-proofing between apartments
- Double-glazed windows, particularly if a development is close to a busy road
- Attractive, functional lobbies in higher-end developments
- Car washing and car charging bays
- Security features including video-intercom, retina security, number plate recognition
- Broadband access
Not sure what you’re looking for? NDL REALTY can guide you in choosing the right features according to your needs and desires. With decades of experience, we’re the property experts that you can trust. Contact us today!