Your guide to buying an apartment in Auckland
Apartments can be a great choice, offering security and low maintenance living, usually with great amenities just a short walk away. Check out our comprehensive guide to Auckland's new hot property trend.
Apartment living offers up a plethora of great benefits. For those with a busy lifestyle, apartments can offer a modern and convenient retreat, without the hassle of mowing lawns and DIY on the weekends. But before you head out to your first open home, there are a few things you need to consider when buying an apartment.
Buying an apartment - your checklist
1. Check your bank's lending criteria
You'll want to work closely with your bank during the buying process. They may ask about the apartment's location, size, how many bedrooms it has, how many other apartments are in the complex, whether it is purpose built or refurbished and whether it is leasehold or freehold.
2. Research the area
Are there amenities nearby? Who will your neighbours be? How noisy is it? Remember, you can change your furniture but you can't change the location.
3. Is it leasehold or freehold?
Make sure you understand the difference. If the apartment is leasehold, you may have a ground rent levy to pay.
4. What does the body corporate levy include?
The body corporate levy can be a major outgoing, so make sure you know what it covers and factor this into your budget. Read more about body corporates.
5. Investigate the cladding, earthquake rating and sound-proofing
These are critical to your safety and enjoyment of the space, so make sure you know what you're buying into.
6. Read the body corporate minutes
These can provide valuable insight into the management of the building, as well as how spaces are allowed to be utilised.
7. Do you need parking?
Does the apartment come with car parking? Do you have to pay extra? Make sure it covers your needs now and in the future.
8. Read the pre-contract disclosure statement
This lists the most critical parts of the apartment, what the body corporate levy is and how much money is in the sinking fund.
9. Don't forget your standard due diligence
10. Seek independent legal advice
Before you purchase a property, we recommend you get your own independent legal advice. Your lawyer will check over property reports and make sure that all the legal processes are followed.
Read our step-by-step buying guide for more help on the buying process.
Need help buying an apartment?
Talk to one of our salespeople, they'll be happy to answer any questions you have, and point you in the right direction.