Buying your first home can be an exhilarating experience and while it is exciting, it is equally as daunting. The decision is so large that you want to make sure you make the right one. With the overwhelming number of options available to Australians including houses, apartments and townhouses; many first home buyers are curious about which one is best for them.
Building a house on a nice bit of property has long been the Australian dream, however, a block of land is not everyone’s ideal type of property and many Australians have started to invest their money in apartments.
So why choose apartments?
Apartments make inner city living affordable.
As many Australians enjoy the work and study options available to them in the city, there is an increase in demand for inner city property; Brisbane in particular is in a boom of new property developments. Investing your money in an apartment allows you to be close to the heart of the city for a much more affordable price. You’ll end up saving money and be getting a brand new apartment to boot.
Investment property potential.
The reality is your first home probably won’t be your dream home or the last property purchse you will make. With that in mind, when you’re buying your first home it is important to consider the potential future value. Not only are apartments more affordable, but buying one in an inner-city suburb can be a long-term investment, either as a source of rental income or as a property that will increase in value.
It’s low maintenance.
Mowing the lawn? Pruning hedges? Cleaning out the gutters? These are just some of the tasks that become a regular staple in your life if you own house. Your property may increase in value over the years, but with that comes all the hours of labour you’ll invest in maintaining it. Owning an apartment means that the only thing you’ll have to worry about is the interior and balcony. Compared to houses, your apartment is low maintenance, leaving you with more time to do the things you want to do.