When it comes to buying a new apartment, which building type do you go for? Do you go for an apartment within a boutique development
or should you go for a high-rise development instead?
Both building types have their pros and cons, but a boutique apartment is a preferable option for many new homebuyers and rental tenants who prefer to live in a smaller apartment development.
Typically, any new apartment development will be situated in a great location, close to all of your core amenities such as transport options, schools, retail and dining. This provides a greater lifestyle appeal with everything you require on your doorstep.
So, why should you consider buying within a boutique apartment development
as your first or next home or an investment property? Here are six reasons to consider.
6 Reasons to buy within a boutique apartment development
1. Faster completion
Firstly, a new boutique apartment development usually has a faster completion time due to being a smaller residential development. This means that if you are looking for a place to move in sooner rather than later then a boutique development is likely to complete faster, usually under 12 months if development approval has been given.
2. Less residents
Another great reason to buy within a boutique apartment development is because there will be less residents within the development. There will be less people using the lifts as well as less noise and foot traffic to worry about, making it a quieter place to live.
3. Lower strata fees
By buying within a smaller boutique apartment development, you will also benefit from paying lower strata fees, making your apartment purchase far more affordable both today and in the future. With less on-site amenities like gyms and swimming pools, you won’t have to worry about any expensive repairs or maintenance work that comes with the age of the building.
4. Less competition to go up against
As the apartment development is smaller in size, there will also be less competition to go up against, as there are only a limited number of apartments available within the same building. If you are buying an apartment as an investor, then try to buy an apartment with the best floorplan and aspect as possible to make it more unique and easier to sell.
5. Leafy views
When you buy within a boutique apartment development, these types of buildings tend to be located along a quieter street which might be tree-lined with a leafy street appeal. In comparison, a high-rise development is more likely to be situated within a city centre, which tends to be busier with traffic and can be less private.
6. Tax advantages
If you are an investor then buying an apartment within a boutique development can be advantageous because it is likely to complete and settle faster, meaning that you can use this property and gain tax advantages sooner such as legal fees, depreciation and negative gearing.
As well as the perks of buying an apartment within a boutique development, there are also a few things you need to take note of too.
1. Less capital growth
Because this is a smaller apartment development and completion time is faster, you will potentially miss out on higher capital growth, due to the settlement being nearer, compared to a larger development which might take over two years to complete.
2. Less lifestyle appeal
Generally, boutique apartment developments will have limited or no resident amenities such as swimming pools or gyms, which will make it harder to attract rental tenants.
At the end of the day, it all comes down to your personal preferences and what you prefer. An apartment within a boutique development can make a great first home and can be more affordable in comparison to an apartment with all the in-house resident facilities to budget for.
Get in Touch
To find out more about buying within a boutique apartment development in Australia
, contact the iBuyNew team today by calling us on 1300 123 463
. Our friendly Property Consultants will be able to assist you with any questions that you might have and can help find a property that suits your budget and lifestyle requirements.
Prefer a high-rise apartment development? Read our article to learn more: 7 Reasons why you should buy in a high-rise development