Whether you’re buying an Apartment to live in, rent out or trade there are some considerations that are unique to this type of property. Apartments will have a Body Corporate with rules that need to be adhered to and the Unit Titles Act is the law governing buildings with multiple owners each holding a unit title on their apartment.
Therefore it’s worthwhile becoming familiar with the Unit Titles Act. The frequently asked questions (FAQs) is the best starting point. Learn what a ‘unit title’ is, and the meaning of ‘common property’.
In the FAQ section you can even find out what you need to present to a prospective buyer. Body Corporates are covered in this Act so you can become familiar with their workings too.
Finding out an apartment’s value can be a lot easier than standalone homes. In many suburbs ‘anything goes’ with building designs and quality. A premium home can be next to a rundown bach making it very hard to guess the value of the home you’re interested in. Whereas apartments in the same building will be of a similar value. Variation in values usually comes down to the quality of the furnishings, layout and size of the apartment. A newly refurbished apartment will obtain a higher value.
Grant Hoey is an Auckland apartment investor and mentor. Grant is an old hand at buying apartments. Next month Grant’s annual Cashflow Apartments Seminar is on at the Viaduct. It may be an opportune time to attend this event, to find out firsthand how to purchase, renovate and sell apartments in Auckland.
This blog article was written for PropertyBlogs by Mobilize Mail.