Wellington we believe is truly the best city in the world so well connected yet a very easy pace.
Our City is very unique in a number of ways, but the city living is something we are involved with on an everyday basis. We have run out of space in the city and the topography in outer city make for unique and innovative builds.
Our City is growing and demands on housing is no secret. The trend to apartment living has only just become more of a trend for all buyers whether you are a first home buyer, young professional, family or empty nester.
Wellington has such a mixture of older and new apartment blocks that are developed on very different scales which has caused differing opinions as to what to expect and what to look out for.
Currently buying off-the plan apartment blocks have been a great option for many buyers who are entering the market and those needing to move on from an existing larger home. We have put together a list of things to consider when looking at apartment living:
Off the plan apartment blocks
Benefits include new builds so new building code. Higher earthquake code.
Process for this includes putting a deposit down to confirm your purchase then have longer to save and organise your finance.
Set up to pay for maintenance of the apartment block. Older apartment blocks can generally have higher body corporate fees - something you want to check over especially any extra levies that could be applied.
It is important to check the body corporate minutes and to ensure it is being run correctly.
Long Term Maintenance Plan
All buildings require maintenance over time. It is important a budget and plan is implemented accurately to ensure no outstanding costs have to be applied to apartment owners.
CAPEX - Extra levies
On top of body corporate fees if larger costs come to light that had not budgeted for - examples lift, exterior cladding then you can be given an extra fee to pay on top of your body corporate fee.
Very important part in apartment living in Wellington - when getting out mortgages banks do pay close attention to this. Newer apartment blocks generally provide more details on the earthquake performance.