Apartments are the ideal first home or property investment but they also have challenges, says Mike Greeff, chief executive of Greeff Christie’s International Real Estate.
Buyers need to look beyond the price tag and really assess the pros and cons before signing on the dotted line. The monthly levy is one vial aspect to consider when buying.
“It is important to know what your monthly levies cover. Levies often cover necessary expenses incurred by the body corporate such as upkeep, the running and repair of the property, rates and water. They also tend to cover insurance, sewerage and security for the block.”
He says buyers should consider asking these questions to gain a better understanding of the rules and regulations relating to the property:
◆Is the apartment block pet-friendly? If so, which pets are or are not allowed?
◆ Are you permitted to paint/renovate your unit?
◆ What maintenance are you, as the owner, liable for and what will be covered by the body corporate?
◆ How often is maintenance done?