A walk up apartment is an apartment unit in a low-rise building that has more than one level without any elevators.
As modern developments tend to have lifts for every floor level of the building, walkup apartments are usually at least 30 years old since construction.
Some people see it as a classic type of housing that is more charming than condominiums and high-rise apartments.
Freehold and 999-year leasehold developments are also commonly targeted by builders and developers for en bloc acquisition.
This is actually one factor the buyers of such types of properties take into consideration.
Many investors see the potential for a windfall to be a matter of when it would happen rather than whether it would happen.
It also gives owners an opportunity to cash in on an aging home at prices that are hard to realize in the open market.
The main disadvantage is of course, the lack of elevators. Making residents think twice before bringing stuff up and down their units.
Yet this is also an advantage as with the lack of elevators, doormen, security staff and other facilities, the regular costs of maintenance fees are more affordable compared to condominiums, town houses, and landed property.
Just be mindful that moving day can be a nightmare, especially when the walk-up apartment is on level 5.
