Buying a home is an exhilarating but often overwhelming experience. With so many factors to consider, such as family size and space needs, it’s easy to become overwhelmed when searching for the perfect home.
To ensure that your investment pays off both financially and personally, it’s important to weigh all of your options before committing to one type of property.
Houses
When it comes to houses, you can expect plenty of space, flexibility and privacy. Three key elements that 82% of Australian owner-occupiers prioritise according to recent census data (2021).
Houses often come with a front and back yard which gives children or pets ample room for playtime outdoors. Plus, since these are stand-alone dwellings on individual blocks with separate titles, you don’t need to worry about being in close proximity to neighbours.
On top of this, renovations or modifications can be done easily since you have full control over the property. Making them great investments in the long run!
Nevertheless, there are advantages and disadvantages associated with buying a house. While they offer more freedom in terms of living arrangements, and typically have higher resale values than other types of properties such as townhouses or apartments. Bills tend to be bigger too plus they require more maintenance work compared to others.
Apartments
Owning an apartment gives you the advantage of owning a strata title. A legal arrangement that marks the property as yours and the common areas, like lobbies, foyers, gardens, gyms and pools, as shared with other owners. As part of this agreement, you’ll become a member of a body corporate or owners corporation. This means that you’ll take part in maintaining common spaces and paying any associated fees.
Apartments are typically cheaper to buy than other housing options and they require minimal upkeep—that’s one less thing on your list!
With more time available to focus on what matters most in life, why not consider all that comes with owning an apartment?
You could have access to amenities like swimming pools, gym facilities and rooftop entertainment; all while enjoying the security system that many complexes offer.
Though apartments may provide less space for living compared to other options, there are advantages over privacy too. And if parking is scarce where you live then it will be something to keep in mind when making your decision!
Townhouse
If you’re looking for an option that offers the best of both apartment and house living, a townhouse is an ideal choice.
They offer many of the benefits of a traditional house but with fewer restrictions, since you still own the dwelling but not the land – though some are freehold and don’t have anybody corporate.
Townhouses also typically come in two or three storey’s, giving you more room than an apartment without costing as much as a full house – making them perfect for families who need space but can’t afford to buy one outright. Plus they’re extremely pet friendly!
The advantages of choosing a townhouse include: More spacious than apartments; Extra privacy compared to apartments; Cheaper than houses. However there are downsides such as smaller land size (than with a house), and if your townhouse is shared title and has owners corporate then there may be additional conditions to consider.
Unit
Semi-detached homes and units offer a great way to gain more space than an apartment while saving on the cost of buying a house. Such properties can have their own individual title or may share one with the adjoining home. With this type of living, you will find your residence offers plenty of outdoor areas and gardens to enjoy.
The benefits include being able to access increased square footage for less than what it would cost to buy a house in many cases.
However, there are also some considerations when it comes to semi-detached dwellings and units such as smaller land size in comparison with a single family dwelling, less privacy, and potentially shared ownership when titles are shared with another homeowner.
Ultimately, if you’re looking for assistance determining which property will best suit your lifestyle choices – there are plenty of resources available at hand!
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