What's the best property type for your first home?
Buying a home is an exciting and a memorable affair. As a first-time home buyer, equipped with enough deposit and a pre-approved loan, you’re eager to see what’s out there. You’ll find that there are so many options in the real estate market nowadays. Homes come in different styles, sizes, and shapes. Weigh the pros and cons of each so you can make a well-informed choice. Here are some property types to consider when buying a home:
- A home on a subdivided lot Looking for a property that’s near the city centre? You can buy a small home on a subdivided lot. It can be a front-and-back or side-by-side duplex. Though it’s a small home, you’ll have your own property in a location that you want, which means less time spent on commuting. Also, buying a home like this is a more affordable way to enter the real estate market in the suburb, plus there are no body corporate fees. The downside is that you may soon outgrow your small home when your family grows. Likewise, since you’re sharing a wall with neighbours, you may have problems when they’re noisy.
- A large house in an outer suburb If you prefer to live in a bigger and more modern house, buying a home in an outer suburb is a good option. The obvious pro is that you will be getting a lot for your money, as 4 or 5 bedrooms with multiple bathrooms and double garages are not out of the norm for houses in outer suburbs. You will get to enjoy a lot more space, both internal and external. However, you need to be willing to spend more commute time getting to your city jobs, and public transport and local amenities might be limited in these suburbs.
- An unit in a small block This is another great option for first-time home buyers who want to live close to the city. Living in a small block means there are no costs in maintaining a garden. There are also several establishments and public transport options. The downside is, you need to pay body corporate fees. Also, you need to share the cost of repairs in the building. Likewise, you may easily outgrow this property when the family grows.
- An apartment in a high-rise building You can also choose a modern apartment in a high-rise block. The good thing about it is, since it’s in the city, you can save time and money in commuting. You’ll also get to enjoy modern fixtures, fittings, and amenities. Potential disadvantages include having to pay body corporate fees. Also, since there are a lot of options available, you may see slower value growth.
- A townhouse This is a great choice for home buyers who are looking for a property with some amenities. When you choose this type of home, you can enjoy the onsite amenities such as the gym, tennis court, and swimming pool. It’s a good-value choice. One of the downsides is there are ongoing body corporate fees aside from your loan repayments and other charges.