Buying your first property is an exciting time in your life, but it's also a confusing one. There's so much to do and organise that you might find yourself overwhelmed, even after the purchase has been completed and you can move into your new property.
Because houses can be too expensive for a lot of people just starting out, many first-time buyers opt for apartments. Although they're usually smaller than houses, apartments are great for single people or couples without children, and can quickly start to feel like home.
If you buy an apartment in a block, you may find there's an owners corporation in the building. This can be a hugely beneficial thing for first-time buyers, and here are the reasons why.
Support from other residents
Going from renting or living with family to owning your own property can be quite a different experience, so it's good to have a bit of support from people with more experience.
If you get involved with your owners corporation and attend meetings, you'll get to know other people in your block. This is really useful if you need a bit of help or advice from people who have been living in the building for a while.
A clear process for repairs
When you rent a property, you usually get in touch with the landlord if any repairs or maintenance are needed. Owning your own property, on the other hand, it can be a bit more confusing.
In an apartment block without an owners corporation, it's not always clear what to do if any repairs are needed to shared areas. Lifts stop working, paint starts to peel, fixtures and fittings break—and it's not always clear who is responsible. Moving into a building that has an owners corporation means there will always be someone to report problems to, so they can be fixed.
Fewer problems with neighbours
No matter how hard most people try to get along, there are sometimes a few who have little regard for others. Whether it's loud music at night, noisy pets or antisocial behaviour, it's a serious problem when you're sharing a building.
An owners corporation gives you the ability to report any problems so they can be dealt with, which is a huge relief when you're still getting to grips with being a first-time property owner. You're far less likely to have to face people yourself and air your grievances or, in particularly bad situations, involve the police or other officials.