Pros & Cons of Buying a 2 Bedroom Apartment
Apartment investments are an increasingly popular option for those looking to grow their real estate portfolio. Inner-city areas of capital cities across Australia are dotted with apartment blocks – those already built, those currently being built and those where the soil has yet to be turned.
Pros of a 2 bedroom apartment
The most obvious “pro” when looking at a 2 bedroom apartment is its size. Obviously a 2 bedroom apartment has more space than a 1 bedroom apartment. This is good for you if you are buying an apartment to live in but can also be appealing to investors.
A larger 2 bedroom apartment gives you a better chance of capital appreciation and means you will have higher resale value if you ever look to sell.
As mentioned in the introduction, most apartment blocks are located in the inner-city. Location is important if you are buying your apartment as an investment as people look to rent close to where they work or study. nThey’ll often also have great access to public transport.
Apartments are often cheaper than an equivalent sized unit or townhouse and they offer a great rental return if you are looking to buy your apartment as an investment.
Cons of a 2 bedroom apartment
You may encounter some downsides when purchasing a 2 bedroom apartment though. Here are some things to consider.
You may purchase an apartment with noisy neighbours. There may be a neighbour that cooks smelly food that permeates the whole building.
You may end up purchasing in an inferior development. (Although you can perhaps mitigate this risk by checking out developments recently done by the builder and how they have performed.
There are also other fees that need to be factored in when buying in an apartment complex. You have rates and body corporate fees to consider.
There are a lot of upsides when buying a 2 bedroom apartment but it is important to also weigh up the “cons.” We hope this article has helped you to consider some of the issues you may face if you are looking at purchasing a 2 bedroom apartment.