Downsizing to an apartment: what you need to know

Things to consider when downsizing from a family home to an apartment

Location of the apartment

When considering downsizing from a standalone home to an apartment, the property mantra of “location, location, location” is especially relevant.

Close proximity to amenities such as supermarkets, medical facilities, public transport and cafes will make everyday life easier, especially If you have limited mobility or need regular medical care. Being close to family and friends is another consideration. 

If you're accustomed to a backyard or lots of outdoor space, check if the apartment is close to parks and other recreational areas.

Examine how close the apartment is to busy roads or industrial areas, and consider the safety of the neighbourhood and crime rates in the wider area.

Building and construction quality of the apartment

When buying an apartment, the construction and structural integrity of the entire complex is as important as the individual property, and that includes a safe balcony if one is included. Apartments can be noisier than standalone properties because of the shared walls and common areas. Ask about the building's construction and soundproofing materials. 

Consider what amenitites are important to you. New builds often include swimming pools and gyms, while older apartments may have well-established communal gardens. What are your accessibility requirements? Are there steps or elevators? How wide are hallways and doorways? How good is the lighting in common areas? 

Does the apartment come with a car parking space? 

If you have a car, find out if the apartment comes with a designated parking space or if it's an additional cost. Some apartment blocks have underground or covered parking, which can provide security and protection from the elements. In addition, it's worth knowing how to safely store your belongings in an apartment car park. 

How secure is the apartment building? 

Security is paramount when transitioning to apartment living. Along with assessing the security of your potential apartment, inspect the building's security measures as well. This includes entry systems, security lights and cameras, and onsite security staff for bigger complexes. 

It's also helpful to learn who lives in the building. Is it downsizers, families, professionals or students? Is the majority of the building owner-occupied? Learn where your apartment might be at risk of break-in through Neighbourhood Watch and get a report with security tips. 

Who is responsible for the management of the apartment building?

Downsizers should inquire about the building’s management and investigate any history of issues. This could include maintenance and repair issues, pest control problems or disputes between residents.

It’s important to know how the management team handles these issues and whether there’s a clear process for resolving disputes and complaints.

It’s also a good idea to inquire about the frequency of building inspections and maintenance to ensure the building is well-maintained and meets safety standards.

What features make an apartment liveable?

The liveability of the apartment is dependant on its layout, accessibility. and lighting. How much natural light comes into the apartment? 

If you enjoy cooking and entertaining, you may want a kitchen island and alfresco dining area. Do you want two bathrooms, so that guests don't have to use your ensuite? Are you happy with a shower or do you need a bath as well? 

Consider the layout of the apartment and the number of rooms to ensure the property meets your needs. Investigate if it's accessible, both inside and outside, and inquire about any adaptations that could be made to the apartment to suit your future needs. 

Practicalities of moving to an apartment

Like any move, there are many practicalities to consider with downsizing. 

Work out how you'll physically move belongings from one property to another and the cost of using a removalist. Getting utilities, internet and home phone services set up is another task, but can be left to professional moving service providers to save time and effort.

It’s also important to arrange for inspections of the new apartment before finalising the move, to ensure it’s in good condition and meets all safety and health standards.

There are dedicated downsizing services to help manage the whole process.

How to maximise the space in your new apartment

Maximising storage becomes crucial when downsizing to an apartment. With limited space, it's important to make every metre count. Here are some tips to help you optimise your new space. 

Storage options: Look for furniture pieces with built-in storage, such as ottomans with hidden compartments or beds with drawers underneath. Use vertical space efficiently by installing shelves or cabinets that reach up to the ceiling. Utilise storage containers and organisers to keep belongings tidy and easily accessible 

Multi-functional furniture: Assess whether your existing furniture will fit into the new apartment, particularly large or bulky items. You might need to rethink your furniture to maximise your space. Multi-functional furniture is an excellent way to save space. Consider investing in a sofa bed, which can serve as both seating and a guest bed. Opt for a dining table that can be extended or folded when not in use. Look for coffee tables with hidden storage or nesting tables that can be stacked together to save space. 

Future-proofing your apartment 

Accessibility, adaptability and technology can ensure a downsized property works now - and in the future. With future-proofing in mind, it's recommended you look for an apartment that is wheelchair accessible and can be fitted with grab bars. Also consider how the apartment could be adapted if your needs change and a ramp or stairlift is required 

Technology plays an important role when it comes to liveability. Along with checking internet connectivity, look for lighting systems that can be controlled remotely and thermostats that turn off the heater to avoid wasting energy. 

Apartment living comes with potential savings 

Living in an apartment can result in savings in several areas. 

Apartments are typically smaller than standalone properties and require less energy for heating and cooling. Modern apartments often have double-glazed windows, which provide increased insulation and energy efficiency. This can result in lower energy bills and a more comfortable living space 

Ongoing maintenance costs are generally lower in apartments too, as maintenance and repair responsibilities are often shared between multiple residents. 

Some apartment complexes have solar panels, which can provide further cost savings on energy bills, and electric vehicle charging stations conveniently located for EV owners.

Insurance for apartment owners 

In most cases, the apartment you will buy will be on a strata title. Owning an apartment on a strata title means you need to understand the difference between strata insurance and home contents insurance. Statra insurance typically includes:

• Building framework, including walls, cladding, and roofs 
• Shared spaces such as lobbies, hallways, gyms, pools, and gardens 
• Public liability, if someone is injured or their property is damaged in the common areas.

Normally the cost of stata insurance is split between the individual apartment owners and included in your annual levy. However, strata insurance doesn't cover belongings inside your property or anything that is not permanently attached to the building. It is recommended that you protect your own valuable assets with contents insurance. 

^{The information provided is general advice only. Before making any decisions please consider your own circumstances and the Product Disclosure Statement and Target Market Determinations. For copies, visit racv.com.au. As distributor, RACV Insurance Services Pty Ltd AFS Licence No. 230039 receives commission for each policy sold or renewed. Product(s) issued by Insurance Manufacturers of Australia Pty Ltd ABN 93 004 208 084 AFS Licence No. 227678.}