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<\/p>\nAn apartment is a great option for a first home, but which one is right for you? Picture: Getty<\/p>\n<\/div>\n
The idea of trading a backyard for a balcony is no longer foreign to Australians, with house hunters across the country, especially first-home buyers, now viewing apartments as a viable option. But how do you find a cheap one?<\/strong><\/p>\n Michael Yardney, director of Metropole Property Strategists, says while it\u2019s important to get a foot on the property ladder, buyers need to be realistic about what they can afford, go for smaller, older properties and not get dazzled by shiny, new apartments.<\/p>\n \u201cVery few people can afford their dream home, or anything like their dream home, first up, even when buying an apartment, so buyers, first-home buyers in particular, need to think about the property they\u2019re buying today as a stepping stone towards the future.<\/p>\n Owner-occupiers need to think like investors.<\/p>\n \u201cEven if you want to live in the property for a number of years, you never know what the future holds. You need to understand the property is the first step in your wealth creation strategy for the rest of your life,\u201d Yardney says.<\/span><\/p>\n The secret to getting the right apartment, at the right price, is to start small and go for a \u201crenovators\u2019 delight\u201d in a good location with growth potential, Yardney says.<\/p>\n \u201cStart small, something you can comfortably afford and then build equity through giving it a facelift.<\/p>\n \u201cDefinitely don\u2019t buy something slick and perfect. Put simply, you pay a premium for all that to be done for you. Ignore the \u2018yuck factor\u2019 and buy a renovators\u2019 delight you can do work on at the weekends to improve and drive up the value,\u201d Yardney says.<\/p>\n Location matters<\/a> when buying an apartment, just as it would for a house purchase. Picture: Getty Images<\/p>\n<\/div>\n With 80% of a property\u2019s future performance related to its location and 20% linked\u00a0to the property itself, the importance of location can\u2019t be overstated, he says.<\/p>\n In cities, buyers should generally look within a 15km radius from the CBD, but not in the CBD. Always go for a cheaper house in a better location \u2013 not vice versa.<\/p>\n \u201cIf you buy a more rundown property in a good location, the location will drag the value up,\u201d Yardney says.<\/p>\n Look for suburbs undergoing gentrification, or those nearby, to cash in on the ripple effect. Avoid areas with clear oversupply.<\/p>\n \u201cI would go for what used to be called a flat, a \u2018walk-up\u2019 block with two or three flats, in a good neighbourhood in that inner to middle ring, 2km-15km from the CBD.<\/p>\n \u201cThere was a lot of them built in the 1960s and 70s. You want to be somewhere that the local town planning rules don\u2019t allow for a high-rise next door, to maintain scarcity,\u201d Yardney says.<\/span><\/p>\n Proximity to transport will become increasingly important as Australia\u2019s population continues to grow, Yardney says. A decent-sized balcony and some outdoor space are also important.<\/p>\n
\n <\/p><\/div>\n [ad_2]Find a flat that needs a facelift<\/h2>\n
Location, location<\/h2>\n
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