There’s no denying the appeal of apartment living. The lifestyle offers owners’ a life of convenience. Residents can enjoy their time with family, friends or engaging in hobbies, rather than maintaining a property. It also offers many an opportunity to enter the property market, as their lower entry points are more attainable for first-time buyers. If you’ve reached the decision to buy an apartment, but are tossing between a low-rise or high-rise building, read on.
Whilst it may look glamorous having a concierge, pool, sauna, or spa it costs a lot to run. This is because of mandatory body or owners corporation fees. These fees are a yearly levy, paid to a managing body. This body helps to maintain the essential services and maintenance of any common areas within your building. These fees can really be exorbitant if your building features a lot of amenities. A 2 bedroom luxury apartment averages $3,500-8,000 per year in Melbourne. If you’re looking to save money one of the biggest things to avoid is high owners corporation fees. You can get stung with these when buying in an apartment complex that has all these glamorous amenities. If you’re looking to be savvy, only purchase an apartment that has the amenities you need.
More Owner Occupiers
Smaller apartment projects generally attract owners that intend to occupy the residence. This is because apartments attract first-time buyers, who are looking to break into the property market, and downsizers, who are looking for a smaller more manageable property. Owner-occupiers are looking for an apartment that is in a prime location- situated near amenities and transport. A building that predominately has owner-occupiers means fewer tenants moving in and out of the building. There is also the assumption that owner-occupiers have more respect for the building and their neighbours, as they own the property. There is also less probability of having short-term rentals such as Air BnB guests throughout the building.
Easier To Move Around
A low-rise apartment building has up to 5 levels. This means you can take the stairs if you want to as moving up and down floors is more accessible. You also have close street access, making it safer than a high-rise building in the case of an emergency.
Offer More Peace & Privacy
Due to the fact that there is less foot traffic in the building, you can expect the building to be quieter than that of a high-rise building. Also, due to the fact that these buildings a predominately owner-occupied, there are fewer short-term rentals having parties and making noise.
Know Your Neighbours
With fewer people around the building, there is a higher probability that you’ll get to know your neighbours. Due to this, there is also more of a community vibe and atmosphere within the building. You’ll probably bump into a neighbour waiting for a lift or in the car park. Getting to know your neighbours can be a great thing as they can look out for your place when you know home.
Higher Resale Value
Due to the pandemic, there are many vacancies in the city. This is driven by a lack of international students and international travelers. There is also currently an oversupply of high-rise apartments with owners selling them at a 30-40% loss. High-rise buildings dominate these areas and as a result of this, there is a high number of vacancies and a low number of tenants. Whereas, low-rise low-density apartments, in highly sought-after suburbs, have been the desirable option for those looking to downsize and for first home buyers looking to enter the highly competitive property market.
There you have it, some of the reasons why living in a low-rise apartment building are such a great option. If you’ve been thinking about purchasing an off-the-plan low-rise apartment then check out our current projects in Burwood, Malvern East, Carnegie, and the newly released Oakleigh.