It’s very difficult for first time buyers to buy a detached property, so buying a unit has become a popular choice of first home. This is particularly popular with those wishing to live in the hustle and bustle of cities like Melbourne, Brisbane, Perth and of course Sydney. Units are proving more and more popular among younger clients who want to experience city life before they settle down and have a family.
So the best advice when looking for a unit is to find a well maintained block that has a good ratio of owners more than renters. Well looked after blocks will attract buyers so for future capital gains I would also invest in a decent looking building with a structured maintenance program in place. This could also mean less costs for you. The location should be within walking distance of transport, shops, schools, restaurants and recreational amenities.
A quiet street is also a bonus that could possibly be near a park or leafy area. The building itself as mentioned above should be in good condition and not have any distinguishing structural cracks that could develop into a more serious and expensive problem later. Always get a professional inspection.
Another important factor is to choose a unit that does not face a busy road. You want to be able to open windows to create air flow and to receive minimal noise intrusion. Good ventilation will prevent any musty smells and also allow in natural light.
Try to get a unit that is 80 square metres or more in floor space and avoid one bedroom properties as they don’t sell very well. The level is quite important as well, so go for 1st or second floor for security reasons and easy access or the ground floor if you need the outdoor space. Ground floor properties are very popular with the older investor for obvious reasons and those with young children so bear that in mind also.
Always go for a unit with a car space. This is always attractive to all investors and should you wish to rent it later, tenants in cities always ask for a car space.
So there’s just a few tips for those considering a unit to get them on the ladder. At Pierre Finance we are here for all your financial needs and advice.