24 Nov 15
Apartment Buyers' Guide
A guide for those looking to purchase an apartment in the complex Auckland market.
Advice for buyers is available by emailing email@example.com or visting our contact page
Before buying an apartment it is important to know as much as you can about the market and the factors influencing it. Your City Sales Broker is an expert and can advise you on the supply of new apartments, culture of a building, rental appetite (from our specialist rentals and property management division – and will disclose buildings we have ‘tagged’ because they require remedial maintenance.
Below we detail a few important factors you should consider and understand when looking to buy, further explanation can be given by your City Sales Broker.
WHAT IS THE PURPOSE OF YOUR PURCHASE?
- You will generate a higher return by buying two $250,000 studios than a $500,000+ two bedroom suite and should circumstances change (as they do) City Sales can quickly cash up just one of your studios for you.
- A leasehold investment may not work for you long term – Allow City Sales to explain your options.
- Auckland City is home to a financial precinct, a creative quarter, university precinct, fashion hub, waterfront living and fringe (among others) – each ‘precinct’ features intricacies and complexities of its own, your City Sales Broker will be happy to educate you on these.
- Do you wish to heavily encumber yourself or might a glamorous leasehold suite by the water suit your lifestyle better?
- Perhaps you want to be close to the University – or perhaps you want to live as far away from it as possible? Let your City Sales specialist know because we know the answers.
ARE YOU AVAILABLE TO VIEW THE APARTMENTS?
We’d like to show you a few recommendations, you name the day and time.
If you are based outside of Auckland we will work then with you digitally to communicate our recommendations and facilitate your requirements
Have you decided how much you can spend? We have contacts with the country’s most competent and reliable mortgage brokers, we’d be happy to refer you.
We recommend you attend a City Sales Auction, preferably in person otherwise via our live webcast in order to get an appreciation for values.Please introduce yourself to our Managing Director, Martin Dunn or a Broker at the auction and tell us what you need.
The development potential of adjacent sites should be considered, as such the likely affects it may have on the apartment and its complex. City Sales has been influential in persuading Auckland City planners to require higher standards of apartments and can advise the likelihood of neighbouring developments.
Several types of leasehold land exist in the City. Some are terminating leases. Head over to our Leasehold page to learn more about the different titles or speak to a City Sales Broker.
OCCUPANCY & CULTURE
With a substantial Rental and Property Management division our Agency can keep you immediately abreast of rental values and appetite. We’re also expert on advising on the ‘culture’ of the building you are looking at – if the building comprises 90% small studios expect a different investment result to a complex with a mix of 2 and 3 bedroom suites.
We will identify the Body Corporate Secretary and seek what information you are looking for, including annual fees.
Suites may come fully furnished, partly furnished, whiteware only or unfurnished.
This is important and often overlooked. As a buyer you must determine the cost of all annual and periodic outgoings. Body corporate fees, ground rent (if applicable), provision for a sinking fund and remedial work are all issues that affect value. As Auckland’s leading specialist in the apartment market we are familiar with all of these parameters.