Many people like living in units in well-conditioned, modern and new apartment blocks, but for those who are considering moving to a block it is important to know that older blocks may have different rules from their modern equivalents. One thing that those who move to an apartment block can expect is strata or body corporate fees.
These fees are for sharing the costs of any repairs that might need to be done to the apartment complex. It is important to do your research and make certain that the fees you will have to pay are sensible and comparable to those charged by other similar places before you sign any contracts. Obviously the cost will be higher if the block offers more amenities, but the upside is that this will also mean that there will be a higher return on a future sale.
It is easy to budget for such fees, which cover everything from exterior maintenance to building insurance. You should also make certain that there is some sort of fund that is designed to cover any maintenance issues in the future. Talk to the other tenants in the complex about the management and what day-to-day life is like in the building.
Listen very closely when you make an inspection of the building before relocation, as one of the main reasons for disputes in such buildings is down to the acoustics. Use the floor plans to work out how the design of the property will work in terms of noise.