G'day Andrew Murray here from the Apartment Specialists, welcome to our channel.
Today we've got Chris here from the team
- How you doing - Cool, and now today,
We're going to be talking about the five major factors when it comes to looking at an apartment,
and what will determine capital gain in the future.
- Okay, so I think we're going to start looking at Building.
- Yeah
- Well then have a look at floor plans
- Cool
- Long term maintenance and finance
- Three
- Ok, location.
- Yeah
- And then we're going to end on future
- Future, nice one
- OK, so I'll start off first my favorite one, Buildings.
Okay
A lot of people don't realize that the buildings, are like buying an apartment in a building is like buying it in its own
individual suburb because you can't change a building okay, we will look at some buildings
We go some look good some don't, you can maybe change the colour of them, but you can't add balconies
You can't change the architectural design of them.
So if you have one building that looks, you look at the building and go, "that's a fantastic looking building"
That's a good one to buy in for future value if you look at another building and go that one looks like a slum
It's always going to look like a slum
So don't just think about how cool the apartment looks look at the whole building okay, number 2.
- Floor plans
- Yep,
- So as well as looking on the outside of the apartment you have to look in the apartment. - Yeah
- That's where you're going to be living and when you come to sell it, that's where people are also going to be purchasing.
So I think the first thing to look at is actual usable floor space
Which is big, because if you walk into 150 meter square apartment, supposedly and it feels like a hundred meters
It doesn't matter. It's a hundred meters.
You know it's about what you feel not necessarily what's on paper, at the same time as well as usable space
You've obviously got to look at things like second and third bedrooms, okay, are they actually bedrooms
Can you fit a double bed in there?
And are people going to maximize the use of what they meant to be built for okay. You've got to remember
whatever
You think is when you come to sell it is likely what the next person is going to think as well
and if you can tick as many boxes in your purchase
It's going to make it easier to get that capital gain in the future
- That's a really good point if you're feeling, if you're seeing things that don't fit, for example if you walk in and
There's enough space to have a living room and watch TV
But there isn't enough space to have a dining table that's going to be someone else's feel
And that's going to affect the price in the future so a cheap apartment now is
going to be a cheap apartment in the future, and you know in reference.
Okay
So the third one then we're going to be talking about is some long term maintenance plans
Body corporates, a lot people see that as a detail, the boring stuff, but it's extremely important
You want to make sure that building is being maintained, a long term maintenance plan is also like an insight into, "how proactive is this Body Corporate?"
Are they going to be painting it? Are they looking after the building? You can also see how long is the actual lifetime of the materials.
No one wants to go into leaky building so that's extremely important number three and then number four
Location. I mean location location everyone says it's the most important, and you can't underestimate it
But it's got its place amongst all these five. You've got to look at well, if I'm purchasing an apartment, okay?
What has it got access to? Has it got access to the transport links? Has it got access to businesses?
Has it got access to schools? and I think location when you talk about apartments is well
They're built for convenience
Yeah, so as a general rule, okay the CBD is always going to be the hot spot, okay?
And within that CBD you'll obviously have micro areas, okay.
But at the same time the further you go out, well the location is going to become a bit more
dependable on what's right next to the apartment
- Yes, exactly, so you know the apartment is great in Remuera, that's probably
The closest suburbs a really big because people like to live in that kind of suburb feel
So I'd say the CBD you're bang on and the fringe suburbs are always going to be huge and the rest is you're looking at
Others, let's say Takapuna is another little city which people want to be close to so the apartments will do well there.
That kind of thing but if you're going out to Papakura, why?
You might as well have the land and the house, all that kind of thing, and the commute is two hours.
OK so the next one is one of my favorites. It's future. - Yeah
- People don't see it, well that's why they call it the future
But this is a tip go into the council see what is the council is actually doing. They actually plan areas.
They go okay, I want more people to live here. So we're going to do this to the area. We're going to put a rail link here
We're going to do a motorway here
We're going to redo all these streets. That is massive.
Okay, and you've got the answers just just do a little bit of legwork and the next one is okay
If you look at the council, then look at the corporate world so the corporate world is
Are their big industries coming and building? like for example
I'll let you talk about Wynyard Quarter, you fire in.
- So Wynyard Quarter is a good example like we're in the west end of the city, so in there, you've got projected ten thousand jobs
I think in the near future
Some are already there as well as obviously the apartments that are getting developed this whole west end of the city
Is all getting developed along side obviously you've got the Sky City convention center up the road as well
It's all just signs for the future of a higher population in this area, more jobs
Okay, more money which leads to capital gain.
- Yeah, big time.
- But I think the biggest thing that you said go to the council and we said obviously do your research
But just walk around the area and if you walk around the area and actually open up your eyes
I think you can achieve a lot yeah, today you really can.
- Yeah, we're very lucky at the moment because you can see the cranes where there is cranes
There is expansion. Thanks Chris for coming in.
- Cheers boss. - I think we sorted that pretty well. Now next week
We're going to be talking about finance. We get it all the time
It's a question because every single bank is different
So what is the difference between getting A: finance between the banks for houses and apartments and nextly what the difference between each bank?
So thanks for coming in any questions about today, please put it in the box below and talk to you soon
- Cheers - Cheers
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