How to: Choose the perfect off the plan apartment

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Choosing an apartment within an off the plan development might seem like a daunting task. However, once you have completed the trickier task of researching the complex that is right for you, finding the right apartment only comes down to a few things.

The number one factor to consider is your price range.

Melbourne Real Estate sales director Georgina Mellick says when potential buyers are choosing between a variety of floor plans within a development, she looks at price range first, and then their wish list.

“First up is the price range and then the outlook, as some people will have a preference for sea views, an easterly view or a garden view,” she says.

“We always have floor plans we prefer and we show those first.”

Property Searchers managing director Scott McGeever says living areas of the unit should be orientated away from the west or south, but Mellick says, come re-sale time, she doesn’t notice a difference with a unit’s aspect.

“I find that when selling them off the plan they tend to be more popular, but in the secondary sales, as long as the outlook is really good, it doesn’t really have an impact whether it’s north or south or west,” she says.

Mellick says higher levels in a complex are always preferred as they have a better outlook, however a lower level is fine if it has a good outdoor area attached.

Research by Brisbane-based property analyst Think Matusik says levels three to eight sell more quickly and are generally held the longest.

Think Matusik says the best value for money in highrises is the level below the sewerage and water pipes – floors seven to eight – as the ceilings height is slightly higher.

Apartments with a better aspect and/or view will most likely attract a higher rental yield than a lower floor apartment, but it comes down to whether you are purchasing as an owner-occupier or an investor.

If you are purchasing as an investor, it’s important to keep in mind tenants expectations, such as a car space, which could increase your asking rent.

If your chosen development is in a busy area where there is limited street parking available, a car space could be a huge draw card as an investor.

Property investor Cameron McEvoy says to ask local agents what the going rental rate is for a unit with parking included compared to one without, and if different parking types attract higher rent.

If you are buying as an owner-occupier and the development is located on a busy road, McEvoy says traffic noise is something to consider in the choosing process.

McEvoy says if double-glazed windows aren’t built in, this should be a negotiation point when buying.

Lastly, Mellick says to avoid apartments that are a ‘dime a dozen’ type.

“The actual development size isn’t really an issue, it’s the quality of the development and whether it has characteristics.

“You want to buy into a development that has a lot of different floor plan options.”

One-bedroom units in high-rise complexes will fall into the trap of competing against a hundred other similar apartments in the same complex, which appeal to the same market.

Remember in order to choose the right apartment, factor in your budget and take the time to write a wish list of things that are important to you. Keep this list with you to ease the confusion in the buying process, and to avoid settling for something you’re not 100% happy with.

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