What type of property should you buy?
Whether you’re seeking a forever home or buying an investment, there’s more than one property type to choose from.
In fact, Australia boasts a number of common property types, all of which have their own pros and cons, depending on what you’re looking for.
So, let’s look at the different options available to help answer the question: what type of property should you buy?
House
This stand-alone structure offers the benefit of privacy and full use, and usually comprises a single dwelling on a block of land.
Of course, houses come in all shapes and sizes, ranging from two-bedroom homes to architect designed mansions.
The benefits of a house include additional space, privacy and outdoor areas, along with a traditionally high resale value.
That said, there are some drawbacks. Depending on the house, its size and age, there’s maintenance to consider, along with council rates, and the cost of purchasing.
As the past couple of years have illustrated, house prices have increased dramatically in both regional and metropolitan locations.
Unit
Also known as an apartment, a unit is a self-contained flat that is part of a larger complex. The size of that complex varies from boutique apartment blocks to major high-rises.
Popular with couples, downsizers and singles, units tend to be more affordable to purchase, involve less maintenance, and often have benefits like common areas including pools, entertaining areas and parking.
As realestate.com.au explains, when you purchase a unit you are on a strata title, which means while you own the apartment, ownership of the common property is shared with the different owners.
That also means you will become part of a body corporate or strata committee, and will be subject to by-laws about what you can and can’t do as a resident and will also help fund the ongoing maintenance of the apartment complex via body corporate fees.
Terrace
Common in places like Sydney and Melbourne, terrace houses are built in a continuous row and share a common wall with the properties next door.
The downside of terraces is that they can have limited parking, particularly when it comes to older, heritage terraces, but on the upside, they often have a small garden at the front and rear.
Townhouse
More affordable than houses, townhouses generally have multiple levels and are designed to mimic a traditional house, except the land they are located on is strata titled.
This means there may be body corporate fees involved, but they also often feature small private gardens. The advantages include less maintenance.
Semi-detached houses and duplexes
A semi-detached house or duplex is a home that shares a common wall with the one next door. These properties might have their own individual title or share a title with the house they adjoin.
Again, they are an affordable alternative to a house and often include outdoor areas and gardens.
Looking to buy or sell?
If you’re considering buying or selling a property, why not chat with one of our friendly Eview agents on 1300 438 439?
You can also view our list of currently available properties here.
