Buying your first home is one of the most exciting things youโll do in life. Itโs right up there with marriage and having children on the major milestones scale.
In the past, young couples would typically buy a house that may have seen better days, located in an area they could afford. Theyโd spend the following few years doing it up or putting their own stamp on it until they could afford something better.
Things have changed and in many of the outer eastern suburbs, older homes are being replaced by modern apartments, townhouses and units, giving young buyers a wider range of choice when it comes to purchasing their first home. And itโs not just couples who are purchasing their first home, there is a rise in the number of singles securing their place in the property market as well.
Deciding on which type of property is right will depend on the person/couple, their circumstances, where they want to live and what their plans for the future are. Each type of property has their pros and cons as you can see by our comparison below.
Apartment, Townhouse, Unit
usually cheaper to buy; you might be able to afford an apartment in a suburb where the house prices are out of your reach
if youโre prepared to buy off the plan you could save money
often easier to maintain โ ie less garden or outdoor space to upkeep
renovation costs may be less because there is less to renovate
typically located in areas that are close to shops and public transport
may come with communal amenities such as a pool, gym, entertaining area, laundry
might be limitations as to what you can do due to body corporate rules ie renovations
noise could be a factor when living in close proximity to others
capital growth of the property might be slow because youโre surrounded by similar properties
may have to pay body corporate fees.
House
you will typically get more for your money, especially if you donโt mind being in the outer suburbs
can extend or add to the dwelling if you want to (subject to council approval)
room to grow should you add to your family eg children, ageing parents
likely to have more outdoor space to enjoy: alfresco area, shed, garage, pool, pizza oven, keep chickens or pets
youโll enjoy more privacy and less neighbourhood noise (usually but not always)
more to maintain ie. cleaning, painting, gardening, repairing