8 Tips For Apartment Buyers

This post is brought to you by Flo Apartments, 42 Rosedale Rd, Avondale

A new benchmark in cosmopolitan apartment design is seeing an increased number of astute Aucklanders buying apartments, both for affordability and an uplifting community-living experience.

With Flo in Avondale being touted as the best value apartments in the city right now we ask: What should apartment buyers be looking for and how does this development deliver?

Attainable Entry Price

You want to be looking for the best entry price. This keeps any mortgage repayments down and if you’re an investor means rent can realistically cover outgoings. Flo offers an entry point of $375,000, a price not seen in Auckland for new apartments in some time. The apartment option also offers low maintenance costs, a lock-and-leave lifestyle, and less pressure to move away from family, friends and existing infrastructure

Square Metre Rate

Price versus the rate per square metre is the most important consideration. What looks better value at first glance may not be so if you do the maths on price per square metre. Flo offers some of the best value for money in Auckland for new one and two bedroom apartments at $8,048 per m2 (based on net apartment area). By comparison, the CBD average cost per m2 is currently $10,486 and city fringe average cost per m2 is $9,984. These figures are based on new built apartments in Q1 2016.

Gain By Buying Off Plan

The huge advantage of buying off plans is that you can secure an apartment at today’s price with only a 10% deposit. Settlement is typically on completion of the development but with the price agreed upfront, all market gains while the building is being constructed are yours. The time between (usually 12-24 months) also gives you time to save more before commencing mortgage repayments. Pick wisely and you will see profit before you settle.

Location

When buying off plans look for areas that are on the cusp of transformation, where you can see evidence of an uplift and recent capital growth. This is easier to find in cities where there is more pressure on demand for housing. Avondale is the talking point suburb

right now with 32.4% capital growth in the last two years. It’s in the middle of an upswing – positioned on a natural ridge, closer to the CBD than now hot New Lynn and with clear evidence of both Government and developers investing.

Price Versus Quality

With buying off plans, it’s imperative to visit the showroom to see the physical reality and the level of all finishes. This tells you if the apartments will wear well and if there is a commitment to quality from the developer. Flo impressively delivers Young + Richards architectural design, Loft Design interior colour schemes, fully tiled bathrooms, quality kitchens, Fisher & Paykel appliances, and products sourced locally wherever viable – far more than you’d expect at its price point.

Generous Design

A badly designed apartment can feel boxy. Be aware that just looking at its floor plan will not tell you what it feels like to live in. Consider the actual size of rooms with furniture in them, storage options, natural light sources and outlooks. Flo has generously sized bedrooms and spacious open plan living to add to its great value. Its talking point is the centralised open roof garden atrium, with all apartments backing onto this area and presenting elevated views externally. This dual aspect creates a healthy flow of air and light, hence the building’s name. Generosity of design extends to additional storage units, a stylish ground floor cafe, and seating areas alongside ponds, and feature trees in the internal green space.

Transport

Never underestimate the importance of proximity to transport, leisure activities, good schools, and the city.

With the newly upgraded motorway system close by, well established bus routes, cycleways heading west from the city, and its own train station, Avondale ticks all the boxes. Flo’s commitment to healthy city commuting sees it two minutes from the train station and with dedicated bike rooms and rack. The CBD, West Coast beaches, New Lynn’s The Brickworks, Avondale Markets, Hollywood Cinemas, Avondale Primary School, Avondale College, and Unitec are all part of its extended community.

Car Parks

Last but not least – parking the car. With pressure on space, today’s apartments do not always have enough car parks, plus they’re a hidden cost. The average price of CBD and city fringe car parks is around $90,000 and city fringe car parks are not far behind, averaging at approximately $60,000. Most apartments at Flo include car parks in the purchase price, providing secure basement parking with internal building access for almost every apartment, plus the latest in car stacker options available if you need more.

Pressure on Auckland’s housing has definitely led to better apartment design. Stylish, cosmopolitan living and affordable prices are back together, but for how long? The last bit of advice, act now – Auckland moves fast!

This post is brought to you by Flo Apartments, 42 Rosedale Rd, Avondale

A new benchmark in cosmopolitan apartment design is seeing an increased number of astute Aucklanders buying apartments, both for affordability and an uplifting community-living experience.

For more information and to register your interest www.floapartments.co.nz or call on 0800 356 2787 or drop into the display suite at 32 Rosebank Rd, Avondale, open daily 12 – 4pm or by appointment.