If you know you want to buy a new apartment, but haven’t quite worked out whether this should be within a boutique development or high-rise development
, then it’s important that you decide on this first, to narrow down your options and make choosing a property much easier.
A high-rise apartment development has many advantages, and is a popular choice for buyers and rental tenants who want to soak up the best of urban living, close to the city and everyday amenities.
However, is a high-rise apartment the right property choice for you? With less and less land becoming available, there is likely to become more and more high-rise apartment developments to cater for the growing demand and rising population. This is particular true for cities like Sydney where the land is restricted by the harbour and the mountains.
In order to help you decide, here are seven great reasons why you should buy within a high-rise apartment development
7 Great reasons why you should buy within a high-rise apartment development
1. Fantastic views
One of the main reasons buyers like to purchase within a high-rise apartment development
is due to the fantastic views available. The taller the apartment building, the greater chance you will experience stunning views from your apartment and balcony. And if your new apartment overlooks the water, then you have a greater chance to experience beautiful water views or even skyline city views.
The view can really sell an apartment, so having an apartment that has a cracking view is something worth thinking about. And the taller the development, the less likely another development will block your views in the future, particularly if you purchase higher up.
2. Resident amenities
Another benefit of buying within a high-rise apartment development is the resident amenities. As high-rise developments tend to be larger in size, there is also a greater chance that it will incorporate resident only amenities such as swimming pools, fully equipped gymnasiums, outdoor cinema and rooftop dining and lounges. Some developments are even outdoing each other with Teppanyaki Grills, Lawn Bowls, Libraries, Bars and much more, making a high-rise apartment far more favourable from an owner and rental tenant perspective compared to a development that has no amenities.
Although body corporate will increase by having more amenities, the more apartments there are, the more this cost can be spread out, making an apartment with amenities sometimes far more affordable than you might think.
3. Longer completion – capital growth
As high-rise apartment developments tend to be larger in size, this also means that the completion time will also be generally longer, of at least two years or more. This isn’t necessarily a bad thing, as a longer completion time, will also provide your apartment more time to experience capital growth and might have even increased in value by the time you settle, without you having to start paying a mortgage! It also provides you with more time to save a deposit or emergency buffer, especially if you are a first home buyer.
4. Close to all the action
As high-rise apartment developments are typically found in urban and inner-city areas, this means that residents will also be closer to all of the action including transport, retail, dining and schools. Having all of your everyday amenities close by including employment makes a development far more attractive, especially as people today are seeking more of a lifestyle purchase and want everything close by.
5. Further away from street noise
Another benefit to consider is the higher up you are, the further you are away from street noise such as traffic. However, keep in mind that you are likely to be surrounded by more neighbours, so you might experience more noise this way. Fortunately, technology today means soundproofing homes is far better, helping to reduce noise from next door neighbours.
6. More similar floor plans
A high-rise development is also likely to have multiple floor plans that are the same across each level. This gives buyers more chance to purchase their preferred floor plan.
7. Easier to attract tenants
As a high-rise apartment development tends to have more resident amenities and is well positioned in the inner-city, this will also help make the property easier to rent out to tenants. However, you also need to consider that there are more landlords to go up against, so it could also be harder to rent out your apartment. There are some ways around this, which our Property Consultants at iBuyNew can reveal in more detail.
Get in Touch
To find out more about why you should consider buying within a high-rise apartment development
and whether this type of development best suits your budget and lifestyle requirements, we recommend that you get in touch with the iBuyNew team. We have a whole range of new apartment developments for sale right now across Australia and would love to help.
Give us a call today on 1300 123 463
to learn more.
Interested in a boutique apartment development instead? Be sure to read our article – 6 Reasons why you should buy in a boutique development
Published on 31st of October 2017 by Marty Stanowich