Apartment buying checklist!

[epoh]

Hi all, Looking to buy an apartment in eden crescent and was just wondering if there's a list of stuff to take note of for purchasing an apartment as it's my first time buying an apartment. Have a short list of stuff currently, but would be great if you've more to add!

1) Get past 3 years of body corp minutes
2) Get a building inspector and watertight check to ensure the building isn't leaky (is this necessary or just sufficient from body corp)
3) Freehold or leasehold check (yes it's freehold)
4) Any clauses we need to take note of to buy an apartment?
5) Get the title and LIM of the apartment
6) Security of the building
7) View and sunlight

[TraceyR]

which building Epoh? I own an investment apartment in Darlinghurst (#50-52 Eden) so can help you if its that one...

[epoh]

Hi Tracey, it's the eden apartments. Anything u know of regarding that building and how's the street generally since your apartment's there as well? Thanks!

[TraceyR]

I don;t know that buiilding as I havn;t research it but others on here may have. As far as Eden Cres goes its a beautiful area, very quiet and leafy but so central. Easily rentable to students, lawyers, high court etc. We have never had a vacancy and the tennants we get are professionals who tend to stay long term. We have parking attached but I understand street parking is a bit of a problem but Eden Apartments have a two level carpark and I know that owner rent out carparks there to otehrs who don;t have carparks. I know the building manager of Eden Apartments as he is the building manager of another apartment I have 3 investment apartments in. Might be worth giving him a call and asking him your questions. He is a really nice guy and extremely helpful. If he manages Eden like he does Century on Anzac it will be well run.

[TraceyR]

sent you a private message with details in it of the phone number

[epoh]

Hi Tracey, yup just seen your PM. Thanks a lot for your help

[eri]

i think you can still call or visit the council "weather-tight?" department

and with the address of the building ask them to check their computer records to see if there are any weather-tight or consent issues on file

there very often are a few things that are noted as being "less than perfect" that are not really concerns

and of course there can be issues with the building that the council files don't show

but forewarned is forearmed

and it may give you a better idea of things you want to ask the building manager

[epoh]

Thanks TraceyR and Eri! You guys have been of great help!

[artemis]

Knock on a few doors in the complex and ask about any issues, especially older people, as they are more likely to be sensitive to noise and neighbour probs, esp if they are owners. We did that once, found neighbour issues agent and vendor had not mentioned. Funny that. Also, ask about BC management, likely to be a company, and do some research into their reputation. Some are not too responsive to anything other than an increase in fees. Plus they usually clip the ticket on any maintenance work they arrange, so ask about the quantum. Might not get an answer to that mind you.

Also request the long term maintenance plan including proposed financing of it.

Sometimes there are water charge issues. I think Zest complex installed a new system which has really high monthly charges.

[klauster]

Apartments are quite tricky and I have been involved a lot. For due diligence on apartments look at these comprehensive guidances with a number of article links. Good luck

[epoh]

Great advice there, thanks!

[absoluteproperty]

I have lived in the area before and liked it (I lived on Emily Pl). As a renter the walk does get to you over time so this is something to consider, if the tenant does not have a car they may get tired of the walk and not renew. But, as others have said it is a quieter area but close to the main streets, very close to the universities and many head offices as you well know.

One of the hallmarks of this area in comparison to say Hobson St area is that the buildings are older builds perhaps may I say from a time when there was more focus on quality rather than cost. This is why some of the apartments in the area (Tower Hill, the Statesman etc) have held better prices. They also tend to have higher owner occupier rates than the newer apartments on the other side of Queen St.

Be aware that because these buildings are older you need to pay attention not only to how the BC is run, but who owns what in the building. You should try to avoid a body corporate which is showing signs of being badly run and has 1 or 2 majority owners in the building.

I love both sides of the CBD, but for different reasons.