Why You Need A Conveyancer When Buying Your First Apartment
Posted on: 7 March 2022
When buying your first apartment, you might not see the need for a conveyancer. However, these professionals are an essential aspect of your property ownership journey. The extract below details some of the reasons to hire a a professional for conveyancing as you purchase your first apartment.
Apartment Pricing
Most apartments are priced competitively depending on their features and location. Therefore, buyers do not give much thought to the apartment's pricing since most apartments in the area range at a particular price. Your conveyancer conducts due diligence to establish whether your preferred apartment gives you value for money. For example, the conveyancer could give insights into the apartment's functionality. For instance, a narrow staircase means that you could have trouble moving bulky items into your apartment. The conveyancer also examines building inspections to ensure that the property is safe. For example, you could be shocked to find out that the apartment does not have the necessary fire safety measures. Besides, it could have structural defects, low energy efficiency, or a pest infestation.
Ease Of Selling
Changing financial situations could compel you to sell the apartment after a few months. Therefore, you must be sure about the ease of selling from the onset. It prevents you from buying properties that could take months or years to sell. The conveyancer examines the real estate market, the apartment's design and location to determine how quickly the apartment can sell. For instance, if the area has been attracting families for several years, you might experience difficulties selling your one-bedroom apartment. The conveyancer will also check if the apartment's design features are in accordance with the current market trends. For instance, buyers often go for open floor plans and high energy efficiency. Therefore, if the apartment does not meet this criterion, you might have to sell it at a throwaway price. Finally, the conveyancer examines the apartment's location. Typically, it should be close to major highways and amenities such as hospitals, malls, banks and restaurants.
Strata By-Laws
Once you buy an apartment, you automatically join the owners association, an organisation that runs the shared property in the complex. This organisation sets laws on the use of the shared property and how residents should relate. For example, you might need to pay a fee to maintain the staircase, parking, rooftop and parking lot. Besides, the association could prohibit parties at night and the keeping of certain pets. Your conveyancer will acquaint you with these laws to keep you aware of your expectations if you purchase the property.
When buying your first property, a conveyancer will help assess its pricing, establish the ease of selling and the strata by-laws.
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