You’ve found the perfect apartment in your ideal location, with a view to die for and it’s in your price range. Whilst you might be tempted to jump in with both feet and make an offer before it gets snapped up by somebody, don’t be too hasty. You see, when you buy an apartment, you’re not only investing in your own space, you’re also committing to shared ownership of the building itself. This means you’re responsible for a share of the maintenance, repairs and long-term upkeep of the entire complex through the body corporate.

The Hidden Cost of Shared Ownership

Don’t get caught out by underestimating the financial obligations that come with owning an apartment in a high rise building. Monthly or quarterly body corporate levies may be just the tip of the iceberg if any significant defects are discovered. In this case, all owners are required to pay special levies to contribute towards major repairs, which can quickly run into tens or even hundreds of thousands of dollars.

So, when you are considering buying an apartment, you need to inspect more than just the kitchen, bedrooms and living areas. A building with deteriorating concrete, façade defects, water ingress, structural issues or ageing infrastructure could end up costing you a significant amount more in the long run.

Disclosure Doesn’t Guarantee Peace of Mind

Whilst it is true that sellers have a legal obligation to disclose known issues, in some cases they may not be aware. In some cases, the problems haven’t yet come to light, and in others, buyers may fail to ask the right questions or review the available records closely enough.

Do Your Due Diligence Before Buying Your Apartment

Doing your due diligence before buying an apartment includes reviewing body corporate records, reading meeting minutes and checking for upcoming special levies. Understanding the building’s maintenance history can provide valuable insight into whether expensive repairs could be on the horizon.

For large high rise buildings, professional rope access building inspections can identify issues on external facades, balconies and other hard to reach areas that may not be visible from the ground. These inspections can provide prospective buyers with a clearer picture of the building’s overall condition before they commit to buying.

High rise building maintenance can be hugely costly so it is worth spending the time and money upfront to do your due diligence, so your investment doesn’t become an ongoing financial burden.