Buying an apartment in Queenstown, Wānaka or Dunedin

House vs. apartment, it’s an ongoing debate. Apartments are attractive due to the low maintenance nature of living and can prove to be excellent investments in the long term. Read on to learn more about some of the primary benefits of purchasing an apartment.

They’re low maintenance

Apartments are relatively easy-care compared to freestanding houses. Maintenance on shared facilities is covered by the body corporate and in most situations, apartments don’t come with gardens that need weeding and fences that need painting. The upkeep is therefore quite minimal and, given the smaller floor area and lesser bedrooms, cleaning time is also brought down; more free time for residents.

They’re compact

One of the biggest benefits of apartment living is the size. Apartments are generally smaller than houses and have more simplistic layouts. You’re far less likely to clutter the place on the basis there isn’t much space for additional furniture; perfect for minimalist living. There are different configurations to suit your spatial needs, whether that be a studio, single or multiple bedroom option.

They’re affordable

There are also potentially significant financial benefits that come with purchasing an apartment. Due to the size of the space, utility expenses are generally lower than houses.  

The upfront price of purchasing an apartment is comparatively lower than a house and ongoing building/maintenance/insurance costs are generally split between all owners within the body corporate and often include additional amenities.

They’re well-located

Apartment complexes are often situated in more densely populated areas and locations that are near amenities, schools, public transport and more. Apartments are commonly situated within or close to a CBD, offering the perfect location for city and retail workers. Living in the CBD can save big money on transport by being able to walk to work, and the Otago public transport network is well equipped to get you from A to B if you’d prefer to live in an apartment in a quieter neighbourhood.

They’re a smart investment opportunity

Being low maintenance and often in great locations, apartments can be the perfect lock-and-leave or holiday home investment. Do you travel often for business or frequently holiday in one location? A managed apartment may be the perfect option for your needs. As an investment property, apartments are popular Airbnb/holiday rentals, particularly in tourist-driven destinations such as Queenstown. Many investors buy managed apartments with a view to medium to long term capital gains rather than immediate returns, but holiday letting can significantly subsidise mortgage repayments.  

They have outstanding amenities

Depending on the apartment, some complexes offer access to a wide range of amenities including gyms, pool, sauna, barbeque, lift, serviced mail rooms/reception areas, laundry facilities, security, covered parking and more. There are plenty of options out there to suit everyone, so it pays to shop around to see what’s on offer in each complex.   

They’re safe

A lot of apartments come with 24/7 CCTV or video surveillance, giving owners and renters peace of mind when they are not home. Some complexes also have the added benefit of full-time guards or security doors, so only residents of the complex can gain entry to the premises. In other complexes, serviced reception areas provide an additional layer of security and convenience. Neighbours are also great for keeping an eye on things so you can rest assured your property is secure.

Purchasing an apartment is a great option for first time buyers to get a foothold on the property ladder. As an investor, apartments make an excellent addition to a property portfolio. If you’re still unsure whether apartment living is for you or want to know more about the apartment buying process, get in touch with one of our Colliers experts today.