The benefits of investing in a new build apartment

Buying a property is a big decision. For most, it will be the biggest investment in their lifetime — so choosing the right apartment is key.

You might be interested in a home for its location, its amenities or its interiors, but then there’s the question of whether you should be looking at new-build apartments or one that has been around for several years. 

We have a look at the benefits of buying an apartment in a new-build development.

The opportunity to buy off the plan 

There are lots of benefits to buying a new apartment off the plan. One of the most useful is that you get to ultimately have more of a say on the home you’re buying. 

Existing properties have their floorplans already chosen for you, whereas there’s a range of choice when buying off the plan. Most multi-residential buildings are made up of a mix of bedroom configurations and general layouts, so enquire early to get the choice you want.

You also often get to decide on the colour scheme. Many new developments have an option over dark or light tones to choose from. In some instances, the colour options are fairly neutral, giving you the perfect blank canvas to make the place your own.

Less maintenance

Moving into a new build apartment means that everything inside is new. While older properties may require repairs that can be expensive to fork out the money for, particularly when you’ve just spent most of your savings on buying the place.

New properties gives you the peace of mind that its interiors or appliances won’t start falling apart for a few years to come, saving you money and stress. 

Rental returns 

If you’re looking to lease your apartment, then buying a newer build, that has lower maintenance costs, can yield a higher rental return.

Plumbing, fixed appliances and fixtures are all in good order, meaning you can expect less repairs to have to be made between tenants. 

You can also have less of an issue finding new tenant, as renters will find the less problematic and eco-friendly nature of the apartment more appealing — It reduces their own stress and energy bills.

New builds often come with a warranty, while existing properties are sold as-is. This can give you peace of mind if anything did go wrong while renting your property.

Better amenities

Many developments are now focusing on ‘hotel-style amenities’ in order to entice more buyers. This means you can have a gym, spa, swimming pool and communal areas all within your building.

Take Stature Southbank for example. This ideally located project, at the heart of Melbourne, contains a pool, gym, concierge, rooftop garden, and BBQ facilities.

If older properties have these services, they are usually outdated and in need of a revamp, forcing you to go elsewhere for your gym session.

A new-build apartment effectively makes your life easier than buying an older build. There are fewer overheads, better and newer fixtures and better amenities.

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Hero image: The Hawthorne