Guide to buying newer apartments

Scared of Opal-like problems? Be prepared to do extra due diligence, pay for a professional inspection and get up close to building to check for signs of defects, writes Nila Sweeney.

 

From water damage and cracking to structural issues, many newly built apartments have been plagued with defects that make them a no-go zone for buyers.

While some home buyers would prefer to buy and older or detached home, the lack of supply and prohibitively high prices for these properties are forcing them into newer apartments.

Capio Property Group chief executive officer Mark Bainey explains that despite the risk of new apartments, there are also distinct benefits.

“If you’re an investor, you get massive depreciation benefits that amount to thousands of dollars in tax savings.’he says. “You don’t have any maintenance costs if it’s a new property. Minor defects are covered by the builder during the first two years…”

 

Thanks to Nick Warland | WA Policy Advisor | Property Council of Australia

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