Often armed with a lower price tag and a central location, units can be a great way to break into the property market. They can also be a great way to live a low maintenance lifestyle while benefitting from a sense of community. Although there are many great aspects of units, it’s important to fully understand what comes with purchasing a unit:
Is it suitable for your lifestyle?
When purchasing a unit, it’s important to remember that not all units are created equal. There are many different units around to suit your particular lifestyle – it’s just a matter of finding one that fits the bill. If you’re a young professional leading a busy lifestyle, a modern unit with low maintenance can be a great solution for a low-fuss lifestyle. If you’re downsizing for your retirement, you may want to look for a ground floor unit that doesn’t involve stairs and offers a private courtyard.
Body corporate and other fees
The newer and flashier the complex, the higher your body corporate fees will be. Lifestyle features such as swimming pools, elevators and BBQ facilities are great to use, however they require maintenance. Remember to take into consideration what all these extra complex features add to your fees and whether they are amenities you will use. If they provide little to no benefit, it may be wiser to find a more basic complex.
Many body corporates also have a sinking fund. A sinking fund is an allocation of funds that has been put aside for any major complex improvements or maintenance. This could be anything from roof restoration, a new driveway or the repair of shared facilities. Make sure to check there is an adequate sinking fund – the larger the pool of money, the less likely it is you’ll have additional out of pocket expenses.
If you have a furry, four legged member of the family, you may want to check the body corporate’s stance on pet ownership. Some allow pets, others don’t. If you’re hoping to live with your pet, it is vital to check the regulations on doing so.