The median value of apartment or units in Surfers Paradise is under $380,000, whereas detached homes go for almost $1.4 million, according to Residex. Many areas around Surfers show similar price disparities.
For that reason, and many more, an apartment in Surfers Paradise and the surrounding suburbs is a great option as an investment or a place to call home. Here are four tips for picking the right apartment.
1. Look at buying off the plan
Buying off the plan is a great way to secure a property with a small deposit – usually only 10 per cent of the purchase price is required. Plus, if you buy well the value of your apartment could increase while it’s being built, meaning you’ll enjoy instant capital gains upon completion. Having an all new building and chattels under warranty certainly doesn’t hurt either!
If you do decide to buy off the plan, make sure you do your research and only purchase from reputable developers with a long track record of success.
If you buy well apartments can offer a fantastic lifestyle.
2. Consider the apartment’s aspect and design
The design and aspect of an apartment determines livability, which is a huge factor when deciding its value. Look for wide open spaces with several windows, and avoid long, narrow and dark apartments. North facing balconies and windows are preferable, particularly in winter.
High quality finishes and generous spaces can make all the difference, so be sure to inspect thoroughly before buying.
3. Understand the strata or body corporate
Properties which have shared facilities and common areas, like apartments, are often under strata title (this is particularly common in Surfers Paradise, the Gold Coast and surrounding areas). That means that while you own and are responsible for your apartment, all owners in the complex are equally responsible for upkeep of common areas and facilities, and any costs incurred.
Before you buy make sure you fully understand what that means and take time to investigate the history of the owners corporation. You can make this easier by commissioning an expert to provide a strata report.
When you choose an apartment make sure you consider its design and aspect.
4. Transport and location
Because of the smaller size of apartments, a lot of your living will be done outside – in cafes, parks, and other public spaces. That makes it essential that you buy near amenities and transport hubs.
If you’re looking at buying an apartment in Surfers Paradise or nearby, get in touch with the team at your nearest Ray White office to get started.