5 things to consider when purchasing a unit or apartment

Last updated on November 25th, 2021
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors



Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

At Savvy, our mission is to empower you to make informed financial choices. While we maintain stringent editorial standards, this article may include mentions of products offered by our partners. Here’s how we generate income.

1. The location still counts

When looking for a unit or apartment the location still counts. Your location can mark the difference in you finding your dream place or a nightmare when it comes to travelling and amenities. The same way in which you will compare the location when looking for a house needs to be applied when looking to purchase a unit or apartment. Finding a place that is within a good distance of public transport, schools, medical and recreational facilities can prevent unnecessary stress.

2. Does it have a sound structure?

The last thing you want to invest in is a building that is a ticking bomb in terms of its structural safety. If it seems that things are cracking at the seams when it comes to the walls this could be a bad sign that there are structural problems that could blow up into bigger problems later. Checking the sound proofing between rooms is essential to anyone’s privacy. Hearing your next-door neighbour through the walls can drive anyone crazy.

3. Noise levels

To get peace of mind and a decent night sleep it is vital that you check the noise levels not only from your neighbours, but in the general neighbourhood. If it is possible, try to visit the unit at various times of the day. The demographics of the place will also tell you whether it will be a noisy place or not. Places that are family orientated tend to have low noise levels compared to places that have many young adults and students.

4. Does it come with shared facilities?

Checking to see what shared facilities come with the unit and apartment will help you determined if it is something that will work for your desired features. You can also check if there is enough space or facilities for the number of people who stay in the building. The last thing that you will want is to wait for a whole week to pass to get your share of using a particular facility. Knowing if there is a caretaker to help maintain these facilities is essential, which can save you the drama of having to fight over whose turn it is to maintain these facilities.

5. Is it worth the price?

There will be a few features that you might have on your bucket list when it comes to unit or apartment shopping that you will not negotiate on. However, also keep in mind to see if the actual space that you will be spending your money on or using a loan to pay for is worth every dollar. A place that has a good curb appeal and has tolerable noise levels is an investment.

Did you find this page helpful?

Yes
No
Thanks for your feedback!

This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for home loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

In this article

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on pinterest

Looking for a home loan?

Compare Australia’s reputed home loan lenders with us and save.

* Terms and conditions and lending criteria apply.

Smart money saving tips

Subscribe to our newsletter.

By subscribing you agree to our privacy policy

Related articles

Easily compare home loan options today

We compare home loan options for you so you can be assured you’re seeing the most competitive interest rates available in Australia.