Is an apartment the right choice for first home buyers?

 

 

Building a big home on a quarter acre block in the suburbs has long been an Australian dream, however as property prices escalate around the country that dream is being re-imagined.

Many first home buyers are more interested in location and lifestyle rather than a traditional house and land. This is leading many buyers to choose property types such as apartments over houses where they can stay close to cities and enjoy the many lifestyle benefits on offer.

So why purchase an apartment over a house?

Affordability – Apartments allow first home buyers to stay close to cities at a much more affordable price than houses. There will always be exceptions to the rule but in most areas an apartment is a fraction of the cost of a house. Moreover, with an oversupply of apartments in some areas there may be some wiggle room in negotiations.

Low maintenance – Not interested in mowing lawns on weekends or spending time on other types of house maintenance? Apartments generally don’t require a lot of upkeep, which gives homeowners more free time to spend on other things. In fact a lot of external maintenance tasks at an apartment are likely to be looked after by strata management.

Less ongoing costs – Apartments may be smaller but what they lack in size they make up for in savings. Apartments tend to be cheaper to run than houses and can save owners considerably when it comes to paying for things like electricity, gas and water.

Easier to renovate – It’s rare to find a property that has everything exactly the way that you want it. If you want to make changes to your new home that suits your tastes, it might be more affordable to renovate an apartment rather than a house.

Extra facilities – Most apartment buildings have a range of features that can serve as an added bonus. They may include gyms, pools, entertaining areas or media rooms, or even street level shops and boutiques, just to name a few.

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