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Tips for buying a luxury apartment

By Andrew Bell

Luxury apartments in Surfers Paradise are a growing market. Whether you are looking for a beach side penthouse to rent in Surfers Paradise or sophisticated holiday accommodation, the sandy strip in Queensland's southeast has has a plethora of glittering apartments ripe for the picking. Between sleek and modern beach side residences, to opulent clubs, there are so many apartment options to choose from.

Picking where to place your dollars can be a difficult task when the choices are never-ending, but it's important that you choose a Surfers Paradise property that works for you. Here are a few tips to help you select the perfect luxury apartment. 

Seasonal taste

One of the great things about owning real estate in Surfers Paradise is the climate. The warm winters and blazing summers make this area a holiday destination year round. You might want an apartment for the summer, where you can laze away the days under the sun – or as a winter getaway.  

Whether you use your apartment complex as a base or treat it as a home, think about what features you want. Surfers Paradise is renowned for its large scale resort precincts, which offer residents a huge variety of activities and services. Tennis courts, swimming pools and fitness clubs are common fixtures, but you also have access to spas and club memberships. This can range from the golf course to a yacht club, with options for marina berth and special privileges.

When you are investing in property for rent, think about current trends or features that could distinguish your property from another. The Australian Luxury Travel Survey 2015 from Qualia and Virtuoso found that more wealthy travellers think about their natural surroundings and environmental footprints than five years ago. Enquire about energy or waste practices during your search and compare results. This will help whittle down the choices. 

Consider what parking facilities are available. Valet parking and covered garages distinguish luxury apartments while protecting your vehicle from the elements. Luxury apartments can also have maintenance amenities like optional room service and house keeping – these can make daily apartment living more convenient and enjoyable, but are excellent services if you are only spending a few weeks or month of the year in Surfers Paradise.

Seek advice from luxury real estate professionals like those at Ray White Surfers Paradise if the choice seems overwhelming. Their wealth of local knowledge will provide a good base to work from throughout your search for the perfect apartment. 

Strata state of mind

Before buying or investing in a luxury apartment in Surfers Paradise, it's important to understand the ins and outs of strata. You can avoid a number of issues by knowing what to expect from this system. In essence, you are not buying a single property – you are buying into a community. Owners have a certain set of shared responsibilities and obligations for communal areas of the strata building.

Buildings with strata schemes usually enforce obligatory strata fees or levies regularly, which cover the cost of building maintenance, administration and the up-keep of utilities. While they can come at a significant cost – particularly if your investment is a holiday property – they also avoid quality issues that arise in freehold apartments. It's best not to think of these fees as a burden – instead, they ensure your apartment building is high quality.

The figures will vary from building to building, depending on its services and the costs of upkeep. The array of features in a luxury property means these fees – on top of rent – will be substantial. Extensive grounds, gardens and entertainment facilities require consistent maintenance. Areas like swimming pools and gyms need daily, even hourly, cleaning. 

Check with your real estate agent before committing to an apartment. They can advise you on comparable strata schemes and how much you will need to pay on an ongoing basis. 

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