Why live in an apartment?
Why live in an apartment?
Holiday apartments have been a large part of the Queenstown property market for a long-time now, and business is once again booming due to the increasing tourism industry. However, apartments for long term rental have been slower to come to the market than in the big cities, and indeed other countries – we’re all familiar with Hollywood blockbusters where the characters live in beautifully restored, industrial chic high-rises with views over a sparkling city.
Queenstown is changing. There are several apartment developments on the cards, in various stages of conception and build, with more expected in the future. For example, Toru Apartments, set against the backdrop of the stunning Remarkables, in the heart of Frankton. Yes, many of these may be purchased for people to live in, but just as many are likely to be purchased as rental investments, especially by the growing number of savvy consumers coming from out of the area. This, combined with changes to short term holiday rental laws, adds up to much greater availability of long term holiday apartments for those of us lucky enough to live in this beautiful town.
So, what are the advantages?
The obvious one is low-maintenance, this is a major plus whether you’re a tenant or an investor. Either way, you have more time on your hands and less expense. Most apartments blocks will be new builds; there’s no existing damage to combat, no hidden ailments waiting in the wings, quite simply no wear and tear has happened yet. It’s much easier to keep a property looking good, with the respect it deserves, when it’s in good condition to start with. Outside of the apartment itself, having no garden to continually weed, prune, mow and think up ways to keep cats, goats, possums and rabbits out, means you can spend your time out and about relaxing instead. Even possums aren’t going to make it up to the sixth floor to nibble on your container of strawberries.
Apartments tend to be built in key locations, close to local amenities including shops, restaurants, schools, sports and medical facilities and transport networks – with everything at hand, great locations open apartment living to becoming a lifestyle choice. On top of this, many apartment complexes in bigger cities come with their own facilities such as gym, swimming pool, postal management, in-house maintenance and security. Roll on progress!
Price is a factor that can’t be ignored; apartments, in general, cost less to purchase than houses, mainly due to a smaller square meterage and no additional land. Who needs all that space to clean anyway? Keep it simple and affordable, with a small footprint (land and carbon) – that’s the future of New Zealand housing. And whilst you’re enjoying your rental property, get to know your neighbours – apartment complexes can become a community – you’re going to see the same people in the car park every day, why not share a glass of wine as you enjoy your view out to the mountains. It can be lonely arriving in our town for the first time, this way you are guaranteed to be surrounded by people who want to live the same lifestyle as you.
Overall, there aren’t many disadvantages, barring rules on pets or if you’re an avid gardener (but then there’s always dog walking, pet sitting and getting involved in community planting projects). Simple, easy, and affordable - apartment living is here to stay. Ask the experts; talk to our Pure Property managers about investing or renting a Queenstown apartment today.