Price is just one consideration when buying an apartment you desire – it’s a combination of prestige, lifestyle, investment potential, choice and taste. ‘Location, location, location’ goes the cliche, and it always rings true – where one chooses to live or invest, or both, is absolutely paramount. Prime areas command higher value and the factors that determine this – exclusivity, security, historic grandeur, architectural wonder, access to cultural and commercial hubs – are worth their weight in gold. But whether it’s a dazzling skyline penthouse, a modern waterfront residence, or an Art Deco mansion block you’re thinking of, there are practical questions to ask when sizing up whether the apartment is right for you.
What Is The Neighbourhood Like?
Not only does a neighbourhood’s reputation matter in terms of holding or gaining value, but it will also affect your enjoyment of the property and its surrounding area. Established luxury districts tend to do better than up-and-coming areas, but if you have any doubts or are unfamiliar with the area in which you are searching, just ask. Even in prime locations, there are nuances: every street and apartment block is a ‘mini-neighbourhood’ in itself, so it’s worth enquiring regardless. An honest answer might best be gleaned when asking directly: “What are the best and worst things about the neighbourhood?” You want to get reassurance on the reputation of the location, its safety, exclusivity, and the local culture.
What Amenities Does The Building Offer?
High-end apartments are often found in buildings with a range of desirable services: doormen, 24/7 security, concierge services, security, valet parking, fitness centres, swimming pools, private lounges, and even spas or wine cellars. Knowing what the apartment entitles you to is critical for understanding whether it will fully suit your needs. In more modern developments, technology can play a huge part – does the apartment offer smart home systems, underfloor heating, and high-speed lifts? If you prefer heritage properties with character and history, it’s worth checking how these features are collectively preserved – who is responsible for their crucial upkeep? Regardless of the style of the apartment, always ask for guarantees on the quality of materials—marble floors, high-end appliances, etc.
Are There Any Future Plans Or Restrictions?
Making sure that the property aligns with your long-term plans is important – you need to know if there are any local planned developments or restrictions that could affect the property, especially if there is a particularly attractive, undisturbed view. If there is a planning application for a new housing development or mansion block, for example, which would ruin the panoramic scene that you desire, then it’s best to find out before you invest. Other legal considerations include the ownership structure of an apartment block – some cities have leaseholds, co-ops, or freeholds, and each of these has different rights and obligations, some of which might deter you from making a short or long-term investment. In London, always check if the property is leasehold or freehold – the former can mean ongoing costs and restrictions; in Paris, be mindful of co-ownership rules and maintenance charges. In New York, condos offer more flexibility than co-ops. Overall, investigating property taxes, the associated fees, and building regulations is essential to making a sound investment.
Why Is The Owner Selling The Property?
This is something of a backstop – trying to find out if there is an undetermined reason as to why the seller is letting go of the apartment. Usually, it’s for family reasons, or a financial movement, but if you’re assured there are no mysterious reasons for the sale, then knowing more context can help in constructing a strategy if you are convinced you want to invest. It is also worth knowing if the seller is keen to do business quickly, and how much interest or how many viewings the property has had. Gauging demand will allow you to determine whether the seller is ready to accept an offer that is under their asking price, or if they're relatively happy to wait indefinitely until they get the price they want, or more. It is also worth asking if the value of the property has changed recently, or if the price has already been reduced, what was the reason? You want to determine if the asking price reflects the value.
What Parking Is Available At The Property?
Parking facilities are essential for convenience, exclusivity, security, and practicality. Often in prime urban locations, space is limited, so dedicated parking is a premium feature that can significantly enhance both property value and desirability. Secure, private parking is a necessity, so it is best to determine whether there is off-road, gated, underground, or valet-serviced parking – and whether it guarantees discretion for the residents and total protection for the vehicles. Future-proofing is important too - with the rise in sustainability and electric vehicles, high-end apartment developments should be integrating EV charging stations and smart parking systems. For buyers, these are critical features to secure longevity in their investment.
