Buying an Apartment: Smart Tips & Tricks to Avoid Costly Surprises
Apartments can be a great first home — but they come with a few extra moving parts that aren’t always obvious at first glance.
These practical tips and tricks can help you look beyond the paint and floorplan, and make a more confident, informed decision before you buy.
Tip #1: Compare Strata Fees to What You’re Actually Getting
High strata fees aren’t automatically bad — and low fees aren’t always good.
Look at what’s included. Buildings with lifts, pools, gyms, or on-site management naturally cost more to run. The trick is making sure the fees make sense for the building.
Tip #2: Read the Sinking Fund Like a Savings Account
The sinking fund shows how prepared the building is for future repairs.
A healthy balance usually means fewer surprises later. A low balance can signal future special levies — even if everything looks fine today.
Tip #3: Look at the Whole Building, Not Just the Apartment
It’s easy to fall in love with the unit and forget about the rest.
Pay attention to common areas, basements, lifts, and the overall condition of the building — these are shared costs, and they matter just as much as your own space.
Tip #4: Check for Past or Upcoming Special Levies
If special levies have been raised before, ask why.
If major works are planned, find out how they’ll be funded. Knowing this upfront helps you budget realistically.
Tip #5: Understand What Strata Does (and Doesn’t) Cover
Strata usually covers common property — not everything inside your apartment.
You’ll generally be responsible for internal maintenance, appliances, flooring, and fixtures. Planning for this avoids surprises later.
Tip #6: Read the By-Laws With Your Lifestyle in Mind
By-laws aren’t just fine print — they affect daily life.
Check rules around pets, renovations, noise, and short-term rentals to make sure they align with how you plan to live.
Tip #7: Budget for the Full Picture, Not Just the Mortgage
Loan repayments are only part of the cost.
Make sure you’re comfortable with strata fees, rates, water charges, and insurance on top of your mortgage — month in, month out.
Tip #8: Think About Resale, Even If You’re Not Selling Soon
Your first apartment might not be your forever home.
Buildings with good maintenance, reasonable fees, and strong owner-occupier appeal tend to hold their value better over time.
Tip #9: Check Lender-Friendly Features
Some apartments are harder to finance than others.
Very small units, high investor concentration, or unusual layouts can limit lender options — which can affect borrowing power and future refinancing.
Tip #10: Don’t Rush the Paperwork
Most apartment issues don’t show up at inspections — they show up in documents.
Taking the time to review strata records properly is one of the smartest moves you can make.
Want Help Reviewing an Apartment Before You Buy?
If you’re considering an apartment and want help sense-checking the costs, strata, and loan side of things, a quick conversation can help you move forward with confidence.
