5 essential things to consider before buying an apartment
Apartment living is steadily growing in popularity - and it’s easy to see why. Modern, cost-effective and wonderfully low maintenance, apartments are an attractive option for buyers who demand the very best in comfort and convenience.
Not sure if an apartment or buying off the plans is right for you? To help you make a more informed decision, we’ve rounded up five essential things to consider before you buy an apartment in New Zealand.
1. Where is the apartment located?
It goes without saying that location is one of the most important factors to consider when purchasing a property - and apartments are no exception.
Whereas standalone houses tend to be located in the outer suburbs, apartments are typically situated much closer to the action, allowing you to easily make the most of all the area has to offer. Depending on your circumstances, easy access to the beach, shops, native bush walks, schools, public transport or healthcare facilities might be high on your list of priorities, so take some time to learn about the area - particularly if you’re not a local resident.
Nestled at the northern fringe of Orewa, Kensington Park offers a wonderful balance of urban convenience and natural beauty. Take a stroll through the neighbouring Alice Eaves Scenic Reserve, wander down to Orewa Beach or immerse yourself in the town’s vibrant restaurant scene - whatever the day calls for, everything you need is right on your doorstep.
2. Is the apartment freehold or leasehold?
Before you buy an apartment, it’s important to have a solid understanding of the different property types in New Zealand and how they can impact you as an owner.
Apartments usually fall into one of two property types:
Freehold: Freehold ownership, the most common type of property ownership in New Zealand, gives you total unencumbered ownership of the property and the section it sits on. You can live there, earn income from the property, build on the section, sell, subdivide and more.
Leasehold: Leasehold ownership gives you ownership of the property but not the land it’s on. You purchase an exclusive right to possession of the land and the buildings on it for a specific period of time. When the lease ends, the property is returned to the original freehold owner.
Here at Kensington Park, all of our apartments are freehold, which provides our residents with a greater sense of freedom, financial certainty and exclusive legal rights.
3. What amenities are available?
Many modern apartment complexes offer a variety of communal amenities for residents to enjoy. The quality of these facilities can vary dramatically between complexes, so it’s a good idea to do your homework and visit prospective apartments in person before making any decisions.
Community is at the heart of the Kensington Park experience, which is exactly why we provide a wide range of high-quality facilities for our residents. Whether you want to hit the gym, take a dip in the heated indoor pool, socialise with neighbours in the lake-side barbecue area or get stuck into the community garden, there’s always something happening at Kensington Park.
4. Who is responsible for maintenance?
Forget mowing the lawns and never-ending DIY projects - apartments are all about embracing the low-maintenance lifestyle and having the freedom to focus on the more exciting parts of life.
In most apartment developments, maintenance is handled by a body corporate, a group made up of all of the apartment owners. Body corporates are responsible for the management and maintenance of the property, and periodically hold meetings to discuss issues and vote on them. You automatically become a member of body corporate when you buy an apartment. This involves paying an annual fee, which is used to cover various costs such as insurance, long-term maintenance, management expenses and other property-related expenses like rubbish collection and landscaping.
Body corporate fees and responsibilities can vary significantly, so be sure to ask for more information when visiting a prospective apartment.
5. Who is the developer and who is building it?
This could be one of the biggest purchasing decisions you ever make, and especially when purchasing off the plans you need to know who is going to develop and who is going to build your future home. Have they done it before? Do they have a reliable track record? Can you go look at a similar project? Can you be sure you will get what you’ve paid and it will be delivered on time?
At Kensington Park, we have developed over 400 residential units, with leading industry designers and builders. We have a wide range of one- two- and three-bedroom apartments for sale and a thriving community of happy homeowners who have already taken the plunge. With our next building ‘The Gardens’ our contractor Aspec Construction is already underway on site so get in while you can
If the apartment lifestyle resonates with you, we encourage you to visit us here at Kensington Park. With its stunning location, vibrant community and wide range of communal amenities, our beautiful residential development is a fantastic option for anyone who wants to experience the best in apartment living. To book a private tour or to learn more about Kensington Park, get in touch with the team today on 0800 725 775.