For many people considering apartment living, size is usually the greatest concern. For downsizers moving out of the family home, the restriction on space can be daunting. Buying off the plan and amalgamating apartments is a great option for buyers who like the idea of apartment living, but want more space. Amalgamating apartments refers to the practice of buying two or more apartments side by side and having the plans redesigned so that the apartments become one. By buying something yet to be built – there is the opportunity to have input into the finished product.If you find a development you like, ask if the developer is happy to amalgamate. It is now becoming common practice, with developers aware that there is a market sector more concerned about apartment size than cost.
There is the opportunity to have input into the finished product
It is a relatively new trend, but one that can be a fantastic option for many. Once the developer has agreed, the buyer gets together with the architect to redesign the space. Aside from structural requirements, the buyer generally has a blank canvas to work with inside the space. We have noticed a big increase in the number of retirees buying apartments, many of them taking the opportunity to amalgamate apartments. Apartment living was once only considered a ‘city’ thing. Now the suburbs are embracing apartment living with some fantastic projects on the market.
Innovative: Introducing…the shared guest apartment
For an older couple that have lived much of their lives in a suburb they love, but no longer need the space or can manage the upkeep required of a big home, an apartment nearby is often the perfect solution. Staying close to family and a support network is important, so buying an apartment in the same suburb allows them to enjoy all of this without the concern of security or maintenance.
Staying close to family and a support network is important
Communal areas and facilities in new apartment buildings are also designed with space concerns in mind. By providing great spaces for entertaining and relaxation, residents have options other than their own apartment. A good apartment building will now include as standard a pool, BBQ area and garden, private dining spaces and a gym. You also have the ability to maintain the original separate titles of each apartment, giving you the option of separating the space in the future.
Once you have reinstated the original titled apartments and obtained a certificate of occupancy, you can then sell one or each separately.Plus, the more apartments you join together, the more car parking spaces you accumulate.Buying an apartment off the plan has many benefits; minimal stamp duty, an extended period of time before settlement and (usually) capital growth in the period from purchase to settlement. The ability to amalgamate apartments and customise the layout to suit is yet another one to consider.