Are you a first-home buyer or an investor? One of your first questions will probably be whether it is better to buy a house or a unit.
Buying a house has some obvious advantages – they are generally bigger, and if you’re concerned with investment return over the long term then a house will usually have a better long term average growth rate than a comparable unit. On the downside, houses cost more to buy and they involve a lot more work to maintain; most units won’t have much of a yard – but you can guarantee that your lawn will be much larger in a freestanding property!
If you’re more focused on convenience and don’t have the time to maintain a property then consider units, apartments, and townhouses. These properties are generally found closer to amenities, are easy to maintain and a lot of maintenance (in communal areas) is taken care of by strata fees. Units are also generally cheaper than houses, but still offer a high rental yield.
One potential downside of unit living is your inability to choose or keep a safe distance from noisy neighbours – you may feel assured when you move in, but your nice, quiet neighbour could just as easily move out!
Unlike a lot of property decisions, there is a major emotional dimension to choosing a house or a unit. If you need your space, and you need to feel like the King of your castle then living in a studio apartment with a shared laundry isn’t for you. If, on the other hand, you like having people close by and don’t consider yourself a homebody then a unit could be a great way to take your first step onto the property ladder without breaking the bank.
In my experience, the buyers that I meet end up buying the home for the future they’re planning; if you’re a young couple looking to start a family, then a home that you can renovate or expand probably won’t come in the shape of a unit of villa. If, however, you’re a couple of young professionals with buzzing careers and no family plans then a unit could be the perfect solution.
One last piece of advice: Once you know what sort of house you want, speak to your realtor about areas that have growth in that property type. Or, if you have a dream suburb, ask them how you can find the home you want in the price range you can afford.
I have plenty of experience finding buyers of all stripes their dream homes; stop into the office or give us a call and we’ll get the ball rolling!
