The Auckland apartment market is growing, and each month we are offered more options to buy.
Is it time to review the pros and cons of moving into an apartment?
Key Questions You Should Ask Yourself:
- If I was to downsize from the family home and move into an apartment – could I keep the family home and rent it out? What would the rent be and whom should we use to manage the home?
- What if I sold the family home and with those funds could I buy maybe one or two apartments and also have enough to buy another townhouse or apartment for myself?
- Or maybe I move into the holiday bach and rent out my new investment apartments/townhouse or home? What if I sold the family home and with those funds could I buy maybe one or two apartments, and also have enough to buy another townhouse or apartment for myself?
- Location, Location, Location: Apartment living is all about your location – moving into the city or its fringe, will give you easy access to public facilities like libraries, art galleries, town hall, theatre and public transport.
- More Affordable: Your apartment can be more affordable – even with a body corp fee to pay. Gone is the maintenance of the home, gardens, insurance, and maybe the removal of the balance of the mortgage. This can mean you have funds left over to live your life as you desire.
- Lock Up and Leave: Travel is more affordable than ever. With the ability to lock up and leave – you have the opportunity to just leave, knowing there is a building manager you can contact if needed – and who will also take an interest to make sure all is well, whilst you are away. Escape the weekend or head overseas – you have choices, especially if you have downsized and now have some surplus funds.
- Choice Over Facilities: Always wanted a heated pool, spa, sauna or gym? Choose an apartment that will supply what you want – and share the cost of running these facilities with the apartment owners. It’s great when you don’t need to leave home, and have these wonderful facilities on your doorstep.
- Share Costs: Yes you have a body corp which runs the complex and it is wise to be involved and show an interest in how it works. The advantage is you have like-minded people sharing the decision making and who help to keep a well maintained building – your new home.
- Opportunity: Apartment living gives you a chance to review how much of your money will be invested in the family home. Should you take some of that equity and make it work in an investment home/apartment or townhouse – or do you just use it to travel and see the world?
If you are looking at property management of your investment – get in touch with Kerry Kirwan from Quinovic Parnell today on 0220 108 005.