Posted on January 5, 2016
Many buyers are looking at units nowadays rather than a house, especially when purchasing property for the first time. Units are generally a more affordable purchase in places like Sydney and Melbourne, where the property market is highly competitive. However, not all units make for an excellent first home or investment property purchase. Here are the top things to look for when buying a unit:
Choose a block with a high percentage of owner-occupiers
Whether you’re looking to purchase a unit to live in or as an investment, it’s important to look for a building that has a higher percentage of owners living in their units rather than tenants living in investor units. This is because unit blocks are often far better maintained when the owners are living there to oversee the upkeep of the place. When a block is well-maintained, it translates to higher demand.
Choose a block with a good location and streetscape
Potential tenants want to live somewhere that is within walking distance to amenities and public transport, and there’s no doubt you’re going to want this too if you’ll be buying the unit to reside in. Units located in areas with a nice streetscape, such as a quiet street near nice-looking homes and leafy parks are also highly sought after by buyers and tenants.
Choose a unit located on a lower level
The position of the unit within the block you’re looking to purchase is important to consider. Buying a top-level unit may have nicer views, but you risk the chance of excluding potential tenants, such as older people or young families who may not wish to walk up six flights of stairs every day. Aim for a unit located on the ground level, as you can appeal to everyone.
Choose a well-built unit
During the inspection of the unit, take the time to check out every nook and cranny in the place to ensure it has been built to a high standard. You may wish to hire the services of a professional building inspector to come and take a look with you, as any hidden damage could end up costing you a lot in the future should you proceed with purchase.
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