Apartment or freestanding home?
Whether you’re buying your first home, downsizing or investing, one of the big questions to consider is what type of property will suit you best – apartment or freestanding home?
And it’s an important question to consider, especially when it comes to factors like security, rates, maintenance, body corporate, and more.
So, let’s look at apartments versus freestanding homes and what you should keep in mind when buying.
Apartments
Whether they’re off the plan, new, or established, apartments often come with a more affordable price point than freestanding homes, while also offering access to a wealth of facilities, such as on-site parking, gyms, pools and more.
And often, apartments are closer to major metropolitan areas, making them suitable for professionals working in the cities.
In the meantime, apartments can come with added bonuses such as increased security, on site facilities and low maintenance living.
In an apartment complex you also have access to these facilities without the cost or time requirements of looking after these things yourself. So, there’s no mowing lawns, no cleaning the pool, and no gardening.
But with those amenities and convenience come a few catches, including body corporate or strata arrangements, building upkeep, and by laws.
There might also be restrictions on the type of alterations you can make to your property.
In apartments and units, the internal area of your specific apartment can be renovated to your liking to a certain degree.
But if you’re looking to make changes that impact areas such as balconies and common walls or affect the structure, you will need the permission of the body corporate first.
Meanwhile, if you’re seriously considering purchasing a specific apartment it pays to carefully research what might be involved, including:
- Body corporate fees
- Building upkeep and scheduled maintenance
- Building age
- Common areas
- Known building issues
- By-laws
- Permitted use (short-term letting etc)
Freestanding home
Whether it’s a modern home or something more traditional, freestanding homes offer the bonus of providing a patch of earth to truly call your own. The property, including the residence and garden are all yours to enjoy, renovate and use as you please.
But with freestanding homes come responsibility, including upkeep of both the property interior and exterior as well as garden maintenance, council rates, water charges and more.
It’s also important to be completely aware of the property’s age, building condition and maintenance needs before purchasing.
As part of your due diligence, you should commission a pest and building inspection and investigate any conditions that might be attached to the property such as heritage status, building restrictions, covenants etc.
It’s about your needs
Deciding which type of property suits you best is about considering your needs and also your financial goals.
For example, what purpose will the property serve? First home? Investment? Family residence? A property for you to downsize to?
How much time will you have for maintenance? Do you want to be able to lock and leave the property? Or do you need proximity to a city, healthcare, shops or educational facilities?
Meanwhile, are you fully aware of the responsibilities or likely costs associated with the property now and into the foreseeable future – whether it’s a house that needs a new roof, or a unit complex where the pool needs resurfacing?
Regardless of what type of property you’re after, the most important thing is to be well-informed and educated prior to signing on the dotted line.
