When you look at Queensland’s beautiful coastline, you can see why it’s a dream for many to want to live in a resort and mixed-use development that offers the ultimate in convenience. They usually combine residential elements with leisure, retail, healthcare, and commercial elements. In some cases, it means residents don’t have to leave the complex at all except for work.
This is particularly valuable for Australia’s ageing population and it can help environment-conscious people use their cars less or even ditch them altogether.
42% of people live alone in apartments. This type of living environment can help combat the loneliness these people can feel because it creates a sense of community and an opportunity to meet the neighbours in a low-stress way.
If you’re considering buying into a mixed-use development or resort, there are four key factors you need to take into account:
1. Body corporate management
There are unique characteristics of a resort or mixed-use development that many body corporate managers just aren’t equipped to handle. In a resort or mixed use development, effective management is arguably even more important than in a regular apartment building. Residents will need to choose a body corporate manager with a strong track record in managing similar types of developments.
Developers often promise extensive amenities when getting people to buy off the plan, only to scale back their plans later when they run out of funds or decide to put more properties
in place rather than the tennis courts or pool you were expecting. So, it’s important to choose a developer that has the funding to deliver on the project as sold.
3. The development plan
First impressions can be deceiving and a plan that looks attractive at first glance could actually be hiding future additions that are far less attractive. For example, if you’re buying into a master planned community because of the abundance of green space, make sure those spaces aren’t earmarked for future development. As further stages are added, you’ll experience more traffic and more pressure on existing infrastructure and services. This could make the area less appealing, so do your research and find out what’s in store for the future of the area.
By contrast, future plans could make your development even more attractive. For example, people have been promised a Westfield town centre in Coomera, on the Gold Coast, for decades. Now that the town centre is under construction, property values may increase due to the proximity of these facilities.
4. Track record and expertise
Whether you are buying off the plan or buying into an established development, you need to find out as much about the property developer as you can. Information to look for includes whether they’ve successfully completed developments like this in the past, how successful those developments have been since completion, and whether there were any major issues.
The presence of major issues doesn’t necessarily mean you should completely scratch considering purchasing from this developer, as they may have a track record of dealing with issues in a professional and effective manner.