Getting a Home Loan in Australia if you're living overs...
29 Nov 2023
Five questions to ask yourself when buying a townhouse
Buying a townhouse can be a great compromise because it has less maintenance and expense than a free standing home but feels more like living in a house than in an apartment. If you don't want to be bothered by garden maintenance or exterior maintenance issues, then a townhouse is an ideal choice for you.
Before you buy a property like a townhouse, you need to understand if townhouse-living will fit you and your lifestyle, so here are five questions to ask yourself when buying a townhouse:
Some townhouses have restrictions on pets, plants, and renovations you can do inside the property. Make sure to know the all the regulations including whether you can keep all of your pets and if you can place your plant collection outside. Knowing the rules beforehand will save you from problems in the future.
A townhouse is governed by strata title where the common areas in the complex are managed by the Body Corporate. While this means you have less personal obligation when it comes to maintaining the property but you need to pay strata fees. Before buying, find out how much these ongoing fees are so you can factor this into your budget.
Whether or not you own a car, having a parking space is a tremendous asset. If you plan to turn it into an investment property, this can translate into an additional weekly rent of up to $100 depending on the location.
In a townhouse, you will share common walls with your neighbours. Hence, noise might travel very easily from house to house. Ask if the walls are soundproofed, or what the neighbourhood tone is like. You can also observe on the day you’re visiting the house to see or hear how the noise pollution is.
Some strata management will take care of a portion of the home and contents insurance, and some will let you pay the whole amount. Make sure that you know what the insurance policy covers, including natural disasters such as flood and earthquakes. You will want to be protected just in case something awful happens.
Talk to a lender today and see which loan product will suit you the best so you can buy a townhouse.
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