Australia’s house prices tend to rise over time, making real estate a popular investment. There are a lot of exciting options in the real estate market for a first-time buyer. Homes come in different forms, with each having its own benefits and limitations.
Here are some basic options and pointers to help you find the property that will best suit you.
A small home on a subdivided lot
If you prefer a location close to the city, and the size of your home is not your main concern, a side-by-side, front-to-back duplex is for you. This type is typically found on suburban blocks that once had a single house before they were divided into two homes due to the value of the land.
A large house in an outer suburb
If you like a bigger, more modern house, a home in an outer suburb is for you. The main advantage is that you get more space for your money. Houses in the outer suburbs normally have several bedrooms, multiple bathrooms, and double garages, so there are a lot of internal and external space for you to enjoy. The disadvantages are that you might have to spend more time on transportation to get to your job in the city, and public transport and local amenities are limited in suburban areas.
A unit in a small block
This is also a great option for home buyers who want to live in the city. There are no costs in maintaining a garden if you live in a small block. There is easy access to facilities and public transport. However, you need to pay body corporate fees, and you also need to share building repair expenses.
An apartment in a high-rise building
The advantage of an apartment in a high-rise block is that it is in the city, so you can save time and money on transportation. This also offers modern fixtures, fittings, and amenities. The downside is, it comes with body corporate fees.
A townhouse or villa unit
If you prefer location and amenities, townhouses or villa units are a good option. Gardens or pools are managed by a strata manager.
Got other ideas on real estate in Australia? Share your insights in the comments section.