Ideal Launching Pad
29 September 2013
Look at the future prospects of an apartment and features that will ensure it will appreciate in value
When picking an apartment to live or invest in, make certain it will serve you in the short term as well as being “future-proof”, advises Perth architect and developer Barry Baltinas.
“Very often, people only think about their immediate needs when searching for the perfect apartment, but to help ensure good capital growth and higher rental yields, don’t forget to look for attributes that will mean it continues to be a good property choice into the future,” he says.
“Buying a future-proof apartment means you’ll be more likely to live there long term and get the best price if you do want to upgrade – or downsize – down the track.”
Tips when buying apartments:
- Look for properties with or near lifestyle amenities: Having restaurants, cafes and other entertainment options built into the complex or close by help ensure the vibrancy of the development, making it more likely to be in demand as a place to live in the short and long term.
- Good acoustics: Ensuring that sound will be contained within each apartment is critical. Make sure it has a high acoustic rating and other noise buffering features such as double-glazed windows.
- Close to public transport: Travelling to work easily and affordably will become even more important in the coming years as petrol prices continue to rise. Make sure you are near freeways, rail lines, bus routes and cycleways.
- New or don’t require a great deal of maintenance: Ensure the property is structurally sound and well maintained, if not new, because repairs can be costly and eat into rental yields.
- Includes money-saving features: To help keep strata fees low, look for apartments with features that will reduce costs such as rainwater harvesting tanks to water common gardens, low maintenance building materials and solar panels to generate enough electricity to power services to common areas.
- In sought-after or developing suburbs: Areas that are being developed in ways that will appeal to better tenants and more affluent homeowners make for better long-term investments. Look for developments or upgrades that are revitalising an area.
- Near business districts: Housing that is close to business districts tend to be in higher demand. People increasingly look to live near where they work to avoid the wasted time and costs involved.
- Within smaller complexes: Apartments in large developments may be more difficult to sell down the track. Opting for boutique developments with a more exclusive feel can boost growth and resale opportunities.
Barry’s firm Baltinas Architecture and its property development arm Baltinas Made have begun construction on the $26 million boutique complex Halo on Mount, nestled on Mount St between Kings Park and the CBD. Registrations of interest are also being taken for Barry’s latest creation Velo – a $32 million inner-city boutique apartment project at 89 Aberdeen St in Northbridge. Visit www.velobybaltinas.com for details.